Ocean power market to reach $500m by 2015

Less than 10 MW of ocean power capacity has been installed to date worldwide, as per the findings of a report by The Prometheus Institute for Sustainable Development and Greentech Media.

The research report, Forecasting the Future of Ocean Power, has projected that the market will grow two orders of magnitude to reach 1 GW of installed capacity at an annual market size of $500 million by 2015.

Even as the market is in its early stages, it is poised for significant growth. Although investment to date in the ocean power market -- just over $500 million since 2001 -- is relatively small compared to other renewable energy market segments, the report finds that more than $2 billion will be invested to build commercial ocean wave power farms.

Another $2 billion will go towards research and development globally over the next six years.

"Venture capitalists have made and will continue to make bets on ocean power even though the market is nascent, and the variety of solutions provides risk given a lack of industry standards," said Rob Day, Principal at @Ventures.