Ocean energy technologies such as wave, tidal, and ocean thermal technologies are gaining a market footing in the US, according to a report entitled “Ocean Energy Technologies and Components Worldwide” by Specialists in Business Information (SBI).

"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."

Europe remains a clear leader in the field of ocean energy. The first grid-connected ocean energy projects in the world are in Portugal and Ireland, which were both deployed in 2008. The world’s leading ocean energy companies, such as OpenHydro, is based in Ireland, and Atlantis Resource Corporation has offices in London, Singapore, and Sydney only, even if one of its shareholders and financial adviser is American financial firm Morgan Stanley. Scotland is also home to the European Marine Energy Centre, which is constructing and testing the Pelamis P2 second-generation tidal generator.

The US is gaining ground in the ocean energy industry. The number of tidal power projects in the US increased 98% over the past five years. There were only four US tidal power projects in 2003, which grew to 162 in 2008. SBI says that the industry may increase exponentially from 2009 to 2013. Companies that had projects in the prototype stage coming into 2009 are expecting to have commercial and grid-connected projects by 2013.

Globally, the ocean energy market got $76 million in investment in 2007, and only $26 million in 2008. In 2009, Atlantis Resources alone received $66.6 million for Norway’s Statkraft. SBI is predicting that markets will continue to grow over the next decade as standard ocean energy technology prototypes emerge and receive more support from the public sector, state agencies, and private investors.

Renewable energy in the US is currently dominated by hydroelectric power and wind energy. Ocean energy is a far more predictable energy source than wind and hydroelectric, which are both dependent on variable environmental conditions. Ocean technology is not as environmentally-damaging as hydroelectric, and it is completely unseen, unlike wind energy.

SBI publishes research reports in industrial, energy, building/construction, automotive/transportation, packaging markets, materials and chemicals, as well as custom research services. The company is headquartered in Rockville, Maryland.


-  Mike R. Lopez

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Sources:

¹ http://www.sbireports.com
² http://www.ecoseed.org