The report – 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. It includes an examination of business drivers, regulatory issues, implementation challenges, and the competitive landscape, along with detailed market forecasts for each technology.

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 200GW by 2025. On the other hand, if early projects have limited success, are too costly, or do not enjoy a favourable public policy regime, the marine renewable sector could be relegated to niche status, reaching no more than 25GW in global capacity by 2025.

“The ocean energy business is right on the cusp,” said Pike Research 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.

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