Ocean waters cover over 70% of the earth and present significant opportunities for renewable energy systems. Ocean Energy Technologies and Components Worldwide contains comprehensive data on the U.S. and world market for the three primary Ocean Energy Technology systems: Tide Energy, Wave Energy and Ocean Thermal Energy. The report also addresses the emerging potential of Salinity Gradient systems. The report identifies key trends affecting the marketplace, along with trends driving growth, and also profiles major domestic and global marketers and geographic hot spots for ocean energy technology implementation.
This SBI study presents a comprehensive overview of the growing market for ocean energy technologies in the United States and throughout the world. Falling within the parameters of this study are all ocean energy technology systems and products. This study includes both public and privately funded systems that are in development or have already been installed. This study also includes emerging systems that are in the early development stages.
Global energy consumption amounts to over 17,400 Terawatt hours per year, with United States’ use alone accounting for approximately11,200 Terawatt hours per year. Ocean energy technology has the potential to generate over 93,100 terawatt hours/year with the two most viable options being wave technology and thermal gradient technology. Wave Energy technology alone has the potential to produce up to 80,000 TWH/year, while OTEC could produce up to 10,000 TWH/year. Salinity Gradient technology, still an emerging science, has the potential to produce 2000 TWH/year. Given the Obama administration’s commitment to green technology and renewable energy alternatives, the outlook for 2009-2010 is very positive for increased investment in both domestic and global ocean energy developments.
In September 2008, New York City installed the first Tidal-Power Turbine system in the United States. As part of a plan for New York to generate up to 80% of the city’s power from renewable energy sources, the completed Tidal-Power Plant is expected to provide power for up to 10,000 households. New York’s Tidal-Power program shows how ocean energy technology is quickly catching up to the more familiar renewable wind and solar power sources.
In Aguçadoura, Portugal, the successful installation of the world’s first multi-unit wave farm will generate 2.5 MW, enough to power 1500 homes. The wave tidal energy market alone could be worth over $280 billion per year. In Hawaii, Taiwan Industrial Technology has entered into collaboration with Lockheed Martin to develop a 10MW Ocean Thermal Energy Conversion (OTEC) pilot plant.
Within the United States, Maine and Alaska offer the best conditions for tidal power plants, while Hawaii and the Atlantic coast have the tropical conditions required for Ocean Thermal Energy Conversion. Recent tests along northern California’s Redwood Coast indicate that the west coast could be an ideal area for testing wave energy systems. While the U.S. is among the global leaders in Ocean Wave and Tidal Current developments, the U.K. dominates the field as of 2008. India and Japan are the global leaders in Ocean Thermal Energy Conversion, while Mexico and Norway are among the initial investors in Salinity Gradient systems.
The information in Ocean Energy Technologies and Components Worldwide is based on primary and secondary data from the U.S. Energy Information Administration, the European Ocean Energy Association, the International Energy Agency and the Sustainable Energy Coalition, along with information from trade associations such as the Ocean Renewable Energy Coalition and business journals, company literature and websites, and research services such as Simmons Market Research Bureau.
What You’ll Get in This Report
Ocean Energy Technologies and Components Worldwide makes important predictions and recommendations regarding the future of this market, and pinpoints ways current and prospective players can capitalize on current trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data that Ocean Energy Technologies and Components Worldwide offers. Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.
How You’ll Benefit from This Report
If your company is already doing business in the Ocean Energy Technology market, or is considering taking the plunge, you will find this report invaluable as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current market for four types of ocean energy technology, as well as projected markets and trends through 2013.
This report will help:
Market Insights: A Selection From The Report
Study Focus Primarily Tidal, Wave, and Thermal
This study discusses the three ocean energy technologies that have received the most funding and undergone the most advanced testing and implementation. These ocean technologies are: wave power, tidal (current) power and ocean thermal energy conversion. Wave power is the largest segment of marine power technology, though tidal power has seen a significant increase in development in the last five years. Ocean Thermal Energy Conversion has been in development for at least thirty years; however, it has not experienced the market growth seen in wave and tidal power.
Growth in World Tidal/Current-Energy Market
According to the U.S. DOE, there have been 46 tidal-energy projects under development outside the United States from 2001 to 2009. While the UK continues to be a leader in tidal-power projects, one of the largest projects in Scotland in from the Norway-based Hammerfest Strom AS. Hammerfest Strom has begun the construction of their new HS1000 turbine which will be installed off the coast of Scotland in 2010. Should the full-scale model prove viable, there are negotiations in place for five to 20 additional turbines, which could generate up to 60MW of power, enough for roughly 40,000 homes. Prior to moving toward their new HS1000 model, Hammerfest Strom had already tested a grid-connected prototype from 2003 to 2007. The Scotland project would be the largest grid-connection tidal energy project in the world.
Other companies that are approaching the commercial demonstration stage include: Lucid Technology (Indiana, USA), New Energy Corporation (Canada), Tidal Energy Pty, Ltd. (Australia), and Marine Current Turbines (UK).In the News
Ocean Energy Technology Market Gains Footing
New York, April 30, 2009 - Efforts are underway to establish ocean energy technology as a vital component of the global renewable energy agenda.
According to Ocean Energy Technologies and Components Worldwide, a new report from leading industrial market research publisher SBI, the global recession has slowed investment in renewable energy, but Europe, Australia, the UK and the United States are continuing to offer funding and incentives for ocean energy technology. The number of tidal power projects in the U.S. increased 98% over the past five years, from 4 in 2003 to 162 in 2008; and, the first grid-connected ocean energy projects in the world were deployed in Portugal and Ireland in 2008.
Globally, the ocean energy market started taking off in 2004 and grew through the next two years. The market maintained healthy investment in 2007 with $76 million, before dropping off by $26 million in 2008. SBI projects the market will continue to grow over the next decade, as standard ocean energy technology prototypes emerge and receive the most support from the public sector, state agencies, and private investors.
“Scotland holds the lead in world ocean energy technology development,” says Shelley Carr, associate publisher of SBI. “But America is gaining ground. The Obama administration’s commitment to green technology and renewable energy alternatives means the immediate outlook for 2009-2010 is strong for increased investment in both domestic and global ocean energy developments.”
The amount of power generated through ocean energy technology in the U.S. could increase exponentially from 2009-2013. Many of the companies that have had projects in a prototype stage leading into 2009 expect to launch full-scale commercial and grid-connected projects by 2013.
The majority of the U.S.’s renewable energy is currently from hydroelectric power and wind energy, which respectively account for 36% and just above 5% of the renewable energy used. Both wind and hydroelectric power are susceptible to environmental conditions that can reduce their available energy. Ocean energy, however, is far more predictable than wind power and far less environmentally damaging than conventional hydroelectric power.
Ocean Energy Technologies and Components Worldwide contains comprehensive data on the U.S. and world market for the three primary Ocean Energy Technology systems: Tide Energy, Wave Energy and Ocean Thermal Energy. Important predictions and recommendations regarding the future of the market are provided, alongside ways current and prospective players can capitalize on current trends and spearhead new ones. The report also analyzes key trends affecting the marketplace and trends driving growth. Major domestic and global marketers and geographic hot spots for ocean energy technology implementation are profiled and identified.
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