In many ways marine and hydrokinetic power systems offer one of
the most promising areas for renewable energy development. Marine and
hydrokinetic resources – including ocean waves, tidal streams, river
flows, ocean currents, and ocean thermal differences – are abundant, the
technology is improving rapidly, and countries that have strong marine
resources, such as the United Kingdom, United States, Australia, South
Korea, Spain, and Portugal, have committed to supporting the industry.
Marine energy, however, still faces significant technology, policy, and
financing challenges. According to a recent report from Pike
Research, marine energy will require the participation
of large corporations that have the experience in project development,
the tax appetite, and the sophistication to pull off large-scale
projects in the 100 MW to 500 megawatt (MW) range.
“Examples of big companies, from major utilities to defense
contractors, moving into marine and hydrokinetic energy are not hard to
find,” says research analyst Dexter Gauntlett. “But interest among
these larger companies will continue only to the extent that
commercially viable technologies exist, can be smoothly permitted, and
are cost-effective. Perhaps more importantly, long-term price supports
must also exist, as they do in the United Kingdom.”
In Europe, E.ON and ScottishPower Renewables have jumped into the
marine energy sector by partnering with early innovator companies.
Morgan Stanley is the majority shareholder of Atlantis Resources
Corporation, while Swedish power giant Vattenfall is investing in marine
and transmission projects in the North Sea. Defense contractor Lockheed
Martin has partnered on projects with a number of wave and tidal power
companies, and ABB, Bosch & Rexroth, and Kawasaki Heavy Industries are
all testing the waters as well. Only a small handful of companies,
though, can claim they have products on the verge of commercialization.
Pike Research’s report, “Hydrokinetic
and Ocean Energy”, analyzes the global market
opportunities to harness marine and hydrokinetic technologies for power
generation. The study examines multiple MHK technologies including
ocean wave, tidal stream, river hydrokinetic, ocean current, and ocean
thermal technologies, assessing the relative advantages and
disadvantages of the various options. Profiles and SWOT analysis are
provided for key industry players and detailed market forecasts for
installed capacity and revenue extend through 2017. An Executive
Summary of the report is available for free download on the firm’s website.
Pike Research is a market research and consulting firm that
provides in-depth analysis of global clean technology markets. The
company’s research methodology combines supply-side industry analysis,
end-user primary research and demand assessment, and deep examination of
technology trends to provide a comprehensive view of the Smart Energy,
Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings
sectors. For more information, visit www.pikeresearch.com
or call +1-303-997-7609.
