Ocean Power Could Provide 200GW by 2025 – Report

Hydrokinetic power could reach an installed capacity of 200 gigawatts by 2025, according to a new market report. 

The world’s oceans represent a vast untapped resource for renewable energy generation, and a host of technology companies are emerging to pursue the frontier of hydrokinetic power, Pke Research says.

But much relies on the success of ocean energy trial projects in the next few years.

“The ocean energy business is right on the cusp,” says managing director Clint Wheelock. “The industry is still in a proof-of-concept phase for several key technologies, and the outcome of early pilot projects will determine whether wave energy, tidal energy, and other technologies are ready for prime time.”

Wheelock adds that more than 300 hydrokinetic projects are already in the works around the world.

According to Pike Research’s scenario-based forecasting model for the ocean energy industry, technological success and the right regulatory environment could yield global power generation capacity of up to 200 GW by 2025. On the other hand, if early projects have limited success, are too costly, or do not enjoy a favorable public policy regime, the marine renewable sector could be relegated to niche status, reaching no more than 25 GW in global capacity by 2025.

The report, “Hydrokinetic and Ocean Energy”, assesses the market opportunity for five main types of marine and hydrokinetic energy technologies: ocean wave, tidal stream, river hydrokinetic, ocean current, and ocean thermal. The report also includes an examination of business drivers, regulatory issues, implementation challenges, and the competitive landscape, along with detailed market forecasts for each technology through 2025. An Executive Summary is available at the link below.