Marine Power Generation Market Report Published

Friday, October 12, 2012

'Wave & Tidal Energy Analysis to 2030 for US, Canada, the UK, Portugal, Australia and Republic of Korea (South Korea)' report issued.

This excerpt from the market report promulgated by ReportsnReports.com focuses on the UK sector:

Governments are embracing marine power as they attempt to combat climate change & an increasing dependence on fossil fuel and the UK has huge potential for marine power and is considered the most attractive destination to develop marine projects in Europe. Development in the ocean energy sector could significantly reduce greenhouse gas emissions and pollution, create direct and indirect employment, and lead to the economic development of coastal areas. It shows that the marine energy industry is in the emerging stages of development, and the UK is home to the R&D resources needed to further develop these power generation technologies. However, the industry will have to find ways to cut costs in order to win the world over.

Energy from the ocean could play a vital role in the UK’s ambition to achieve an 80% cut in carbon emissions by 2050, with the UK government setting a target to develop 2,000 megawatts (MW) of marine installed capacity by 2020. It was estimated by the Department of Energy and Climate Change that the country has wave energy potential of approximately 50 terawatt-hours(TWh) per year and tidal energy potential of approximately 17 TWh/year, which represents an enormous 50% share of Europe’s marine potential.

Thanks to this capacity, the UK has become a hub for marine research centers and leading marine energy companies, and boasts the world’s second largest tidal range in the Severn Estuary. The country is testing a large number of wave and tidal technologies with the support of the European Marine Energy Centre, which has 14 full-scale testing berths in the Orkneys region. As a result of this, the UK is heading the innovation race in marine energy technology, boasting the highest number of projects in a single country currently being actively demonstrated.

The full report can be ordered here.

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