Marine- and hydrokinetic-generated power from the world's oceans could grow
to provide 2.7 gigawatts (GW) of power generation capacity by 2015, up
from just 264 megawatts (MW) in 2008, according to a new report. But
the future of ocean energy beyond this initial phase is highly
uncertain, analysts at Pike Research said.
If the sector really
takes off, Pike Research estimates it has the potential to provide up
to 200 GW of generation capacity by 2025. But if key challenges are not
faced successfully, marine renewable power could be relegated to niche
status.
More than 300 projects are currently in the pipeline around the world and some of the key players to watch include: Aquantis, Marine Current
Turbines, Ocean Power Technologies (Nasdaq: OPTT), Ocean Renewable Power Company,
Oceanlinx, OpenHydro, Pelamis Wave Power, and Verdant Power.
“The next five years will be ‘make or break’ for the ocean energy
business,” says industry analyst Peter Asmus. “Each of the five major
marine energy technologies remains unproven beyond small pilot
projects. Other challenges include regulatory uncertainty, shortage of
capital for project development, and lingering environmental concerns.”
The five main types of marine and hydrokinetic
energy technologies are ocean wave, tidal stream, river hydrokinetic,
ocean current, and ocean thermal.
An Executive Summary of “Hydrokinetic and Ocean Energy” is
available for free download on the firm’s website.
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The Obama administration has proposed a 25% cut in the research and development budget appropriated by Congress for wave and tidal power.
Read the McClatchy Newspapers report at the link below.
