Ocean Energy Industry Forecast Published
Just last week, UK based energy business analysts Douglas-Westwood published a new study entitled "The World Wave & Tidal Market Report 2009-2013". Media accounts have summarized the forecast as follows:
- 86 MW of wave and tidal current stream capacity will be installed worldwide in the 2009 to 2013 period
- with over 200 concept technologies, commercialization of leading technologies in both sectors is only just beginning
- the industry faces many challenges, including survivability and reliability, cost reduction, attracting private investment, supply chain stimulation, and development of market mechanisms to support deployment and development activities
- A total of 135 units are forecast for deployment over the next five years. Of these, 74 are commercial-scale units – 55% of the total
- the UK is leading the way with 60% of the total ocean energy capacity - about 51MW. The reasons for the UK's prominence can be summarized as:
- excellent physical conditions for ocean energy generation;
- market mechanisms and funding is in place; and
- the UK is home to many leading ocean energy companies (this is likely as a result of the first two factors...)
Canada is reported to have capacity of 6MW coming on stream during this period.
This report appears to be a good "state of the industry" report and is therefore a good starting point for further discussions and action on the development of Ocean Energy globally, but in particular in Canada and, with the right programs and leadership, in British Columbia.
