BOULDER, Colo.--(BUSINESS WIRE)-- The world's oceans represent a vast untapped resource for renewable energy generation, and a host of technology companies are emerging to pursue the great frontier of hydrokinetic power. According to a recent report from Pike Research, if ocean energy trial projects are successful in the next few years, this new industry could represent a significant new source of electricity, reaching up to 200 gigawatts (GW) of installed generation capacity by 2025.
"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.
Pike Research's study, "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 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 of the report is available for free download on the firm's website.