A new study has projected that 86 MW of wave and tidal current stream capacity will be installed worldwide in the 2009 to 2013 period.
The study, titled The World Wave & Tidal Market Report 2009-2013, has been published by Douglas-Westwood.
Adam Westwood, renewable energy manager, Douglas-Westwood said both the wave power and tidal current stream energy sectors are emerging industries, with commercialisation of leading technologies in both sectors is only just beginning.
"The past five years have been characterised by small-scale and full-scale deployments from a wide number of technology developers. The next five years will, however, see commercial-scale activity increasing significantly. A total of 135 units are forecast for deployment over the next five years. Of these, 74 are commercial-scale units –55 percent of the total," said Westwood.
The UK is expected to be the biggest market, and is expected to install 51 MW of the total capacity (60 percent).
Westwood said the UK is so dominant due to three main factors. Firstly, the excellent wave and tidal resources that exist around the coastline; secondly, the market mechanisms and funding in place, which are comparatively strong and give more investor confidence than in other countries; and thirdly, the UK is home to a large number of wave & tidal device developers, including some of the early market leaders.
"The USA is expected to be the second largest market, with 11 MW (12 percent) of overall capacity. Portugal with 9 MW (10 percent) and Canada with 6 MW (7 percent) are the other most significant countries. The industry faces many challenges, however. Examples given by Westwood include survivability and reliability, cost reduction, attracting private investment, supply chain stimulation, and development of market mechanisms to support deployment and development activities," he added.
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