Global Information, Inc. would like to present a new market research report, "GLOBAL OCEAN ENERGY MARKETS AND STRATEGIES: 2010-2030" by IHS Emerging Energy Research.
The global ocean energy sector is at a turning point, with over 45 wave and tidal prototypes expected to be ocean tested in 2010 and 2011, after only a dozen were installed in 2009, according to a new IHS Emerging Energy Research market study. If these initial projects are successful, the global ocean energy project pipeline is poised to begin scaling. IHS estimates that more than 1.8 GW of ocean projects in 16 countries are currently in the pipeline.
The ocean energy industrys recent development has attracted a slew of established energy companies with renewable growth ambitions, including leading European utilities and global technology suppliers--many with hydro and offshore wind experience. Boosted by government and policy support, the U.K. is currently the worlds leading market for ocean energy, with 300 MW of projects in the pipeline seeking to be installed over the next five years. The U.K. government hopes to add 1.3 GW by 2020, driven by its need to meet legally binding 2020 renewable targets. Ireland, France, Portugal, South Korea and Australia are also key ocean energy markets and will remain the industrys primary focus for the next decade, according to the study.
Of the various forms of ocean energy, tidal energy is poised to mature first, with the promise of providing predictable, lower-cost electricity and a standard design. Tidal is attracting major original equipment manufacturers (OEMs) into the ocean energy industrys supply side.
Exhibit: Global Wave and Tidal Pipeline Capacity in Key Markets 2010-2015 (MW)
Source: IHS Emerging Energy Research, Global Ocean Energy Markets and Strategies: 2010-2030