LONDON, November 10 /PRNewswire/ --
Global warming, energy security and rising oil prices have resuscitated the marine energy sector. Ocean energy is a predictable and abundant source of energy with the ability to supply approximately 10% of the world's electricity needs.
The value of worldwide electricity revenues from wave and tidal stream projects could ultimately be between pounds sterling 60bn (euro 77.40bn) and pounds sterling 190bn (euro 245.10bn) per year. The United Kingdom is a clear leader both in terms of activity and in terms of support to the sector. It possesses 50% of Europe's wave energy potential.
Like all renewable energy technologies, the marine energy sector is now trying to reduce costs and reach grid parity. Support from the government, private investor interest and the relatively untapped resource will spur expansion.
After the loss of interest in the sector following the fall in oil prices in the 70s, marine energy has now been given a new lease of life, notes Frost Sullivan (http://www.energy.frost.com) Research Analyst Gouri Nambudripad. Countries in Europe that are rich in marine resources, both wave and tidal, such as the United Kingdom, Ireland and Portugal are investing in and supporting this technology.
As mentioned, within Europe the UK is a front-runner in the marine energy industry. According to estimates, 20% of UK's total electricity requirement can be harnessed from ocean energy. The Carbon Trust has also predicted that marine energy could contribute up to one sixth of the UK's '20% renewable energy by 2020' target. Scotland with its rich ocean energy resources plays an important role. In fact, 25% of Europe's tidal resources and 10% of Europe's wave energy resources are found in Scotland. One-fifth of UK's electricity needs could be fulfilled by marine energy production in Scottish waters. Estimates show that Scotland has the resource potential to install 1.3GW of capacity from marine energy by 2020.
One of the biggest barriers to the growth of the industry is the competition it is facing from other renewable energy sources that are both mature, such as wind, and growing, such as solar. The renewable energy sector is currently very dependent on support from the government and there is only a limited amount of funding that the government can provide. This situation is dampening the prospects of the European marine energy sector.
The marine energy sector has a number of technological hurdles to overcome, with the most significant being the ability to survive the harshness of the ocean environment, adds Nambudripad. While marine energy currently lags behind many other renewable energy technologies, it is, over time, poised to catch up and provide meaningful amounts of electricity.
Promisingly, private investors are showing considerable interest in the sector. These range from private equity and venture capitalists to utilities who are partnering with device developers to assist them in taking their devices from pre-commercial and testing phase to full-scale commercialisation. With steep learning curves, government support and private funding, the sector is set to contribute significantly in the next five to ten years.
There have been estimates that investments of over pounds sterling 500bn (euro 645bn) would be necessary for wave energy to contribute 2000 terawatt hours per year (TWh/y) worldwide. At the same time, it has been estimated that if ocean energy technologies continue to be supported and achieve their predicted potential, approximately 3 gigawatts (GW) of installed capacity could be available in the EU by 2020.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the marine energy in Europe, then send an e-mail to Chiara Carella, Corporate Communications, at chiara.carella@frost.com, with your full name, company name, title, telephone number, company e-mail address and website, city, and country. Upon receipt of the above information, an overview will be sent to you by e-mail.
Marine Energy in Europe is part of the Energy Power Growth Partnership Service Programme, which also includes research in the following markets: European Wind Service Markets, Western European Wind Power Markets and Strategic Assessment for European Biomass Energy Markets. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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Marine Energy in Europe Contact: Chiara Carella Corporate Communications - Europe P: +44(0)20-7343-8314 M: +44(0)753-3017689 E: chiara.carella@frost.com Patrick Cairns Corporate Communications - Africa P: +27-18-468-2315 E: patrick.cairns@frost.com Johanna Haynes Corporate Communications - North America P: +1-210-247-3870 F: +1-210-348-1003 E: johanna.haynes@frost.com Donna Jeremiah Corporate Communications - Southeast Asia P: +603-6304-5832 F: +603-6201-7402 E: djeremiah@frost.com Ravinder Kaur Corporate Communications - South Asia P: +91-44-42044760 F: +91-44-24314264 E: ravinder.kaur@frost.com Nimisha Iyer Corporate Communications - Middle East P: +91-22-4001-3404 F: +91-22-2832-4713 E: niyer@frost.com Jose Maria Jantus Corporate Communications - Latin America P: +54-11-4777-9951 F: +54-11-4777-0071 E: jose.jantus@frost.com Amelia Wong Corporate Communications - China P: +86-21-5407-5783 Ext 8669 M: +86-13621724823 E: amelia.wong@frost.com http://www.frost.com
Chiara Carella, Corporate Communications - Europe, +44(0)20-7343-8314, cell, +44(0)753-3017689, chiara.carella@frost.com, or Patrick Cairns, Corporate Communications - Africa, +27-18-468-2315, patrick.cairns@frost.com, or Johanna Haynes, Corporate Communications - North America, +1-210-247-3870, fax, +1-210-348-1003, johanna.haynes@frost.com, or Donna Jeremiah, Corporate Communications - Southeast Asia, +603-6304-5832, fax, +603-6201-7402, djeremiah@frost.com, or Ravinder Kaur, Corporate Communications - South Asia, +91-44-42044760, fax, +91-44-24314264, ravinder.kaur@frost.com, or Nimisha Iyer, Corporate Communications - Middle East, +91-22-4001-3404, fax, +91-22-2832-4713, niyer@frost.com, or Jose Maria Jantus, Corporate Communications - Latin America, +54-11-4777- 9951, +54-11-4777-0071, jose.jantus@frost.com, Amelia Wong, Corporate Communications - China, +86-21-5407-5783, ext. 8669, cell, +86-13621724823, amelia.wong@frost.com, all of Frost Sullivan
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