Increasing Environmental and Cost Concerns on Fossil Fuels to spur the Demand of Wave & Tidal Energy

Published On: February 2018

Oceans to Power Wave & Tidal Energy Market:

The oceans cover more than 70% of the earth's surface and has the ability to produce two types of energy and they are thermal energy from the sun's heat, and mechanical energy from the waves and tides. Wave power devices extract energy directly from the surface motion of ocean waves or from pressure fluctuations below the surface. Tidal energy is a form of hydropower that derives its energy from the motion of large bodies of water that make up the tides.

The ocean is an enormous source of renewable energy, which currently remains, largely untapped. Wave & tidal energy is one of the important contributors of ocean energy. This marine energy maintains unique advantages when compared to alternative clean energy sources in terms of predictability and more consistent activity cycles. The waves and tides that flow around our coastline have a great potential as a source of renewable energy. Wave & tidal energy has great potential for the future as wave and tides can be predicted more accurately than wind or sun and due to massive size of oceans. Though it available in plenty, it involves huge investment and limits availability of sites, where it can be captured.

Increasing concerns about the environmental, economic, and strategic costs of relying on fossil fuels, coupled with the widespread success of wind and solar power, are giving hopes of capturing energy from the oceans. Effective policies and measures can greatly improve the investment environment for domestic and international, as well as public and private, particularly, given a market that is distorted due to both direct and indirect subsidies for fossil fuels. Wide number of support mechanisms implemented at national and regional levels are currently supporting the development of ocean energy, from research and development through demonstration. Global wave & tidal energy market has a very broad market in coming recent years. MRFR analysts have predicted that wave & tidal energy is about to grow at a rapid pace. Moreover, the economic growth with emissions reduction have given the growth, momentum.

Opportunity in Development of Wave & Tidal Energy

Most governments have introduced schemes to encourage the development and uptake of renewable energy, either through direct grants or favorable tariffs for electricity generated from renewable sources. While the majority of work is focused on the wind and solar sectors, the generation of electricity from waves, tidal currents and tides has received renewed interest. As some of the complexities of practically harnessing other forms of renewable energy.

There is a great potential for wave energy to become a major renewable energy source in the future.  Though the development of the tidal power is at the promising stage, it is estimated to have a high potential, globally. It is generated from converting energy from the force tides into power. Future research and development is needed to improve the technology and durability of the equipment, as well as to identify, reduce, and potentially mitigate the negative impacts of this technology upon marine life. However, recent innovations in design and turbine technology for tidal power, are expected to influence and increase the installed capacity of tidal plants.

 Europe Makes Promising Growth on Wave and Tidal Energy:

The world is transitioning to a low carbon future in which clean, affordable, renewable electricity powers. Already many countries source at least more than 50% of their electricity from renewables. With the right technology, investment and policy in place, majority of the world will be powered by renewable energy by 2050.

The ocean can be used as one of the inexhaustible and largest source for sustainable power generation. Waves & tides are used to harness energy from the ocean. They are relatively new forms of power generation and are at its promising stage when it comes to the technology and penetration in the market. It is estimated that the market will expand at a promising pace, owing to the increased global focus on the development of cleaner power generation technologies which will have less impact on the environment. Some of the prominent trends in the market include, cost reduction opportunities which shifts from grant financing to private equity and debt financing, recent technological developments of wave and tidal energy and growth opportunities/investment opportunities.

 Solar and wind power are presently the UK’s main renewable energy sources. Waves is an untapped resource but have potential to become one of the renewable energy. This report outlines how the ocean energy holds the power to become an important part of the UK’s low carbon future, and generate renewable electricity for communities, towns and cities, across the world. An increased number of projects are being announced in Europe such as the Brims Tidal Array Phase 1, Brough Ness Tidal Farm. They are in planning stage and will be completed in 2020, fuelling the growth of wave & tidal energy. Europe is anticipated to observe rising growth in the market due to the old and new projects, encouraging regulatory frame work, and potential sites creating scope for small & large plants.

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