Hydrokinetic and Ocean Energy

• Publication date: February 2012

Renewable Power Generation from Ocean Wave, Tidal Stream, River Hydrokinetic, Ocean Current, and Ocean Thermal Technologies The marine and hydrokinetic industry is slowly progressing as the technologies are improving, major energy companies and utilities are making investments, industry associations are gaining lobbying power, and governments complete or update their country-level deployment targets and roadmaps, enact competitive financia...

Renewable Power Generation from Ocean Wave, Tidal Stream, River Hydrokinetic, Ocean Current, and Ocean Thermal Technologies

The marine and hydrokinetic industry is slowly progressing as the technologies are improving, major energy companies and utilities are making investments, industry associations are gaining lobbying power, and governments complete or update their country-level deployment targets and roadmaps, enact competitive financial incentives, and (in many cases) garner public support. But now the industry stands at a critical point and must deliver on its promise or risk losing investor interest and political support.

There are more than 100 marine and hydrokinetic (MHK) technologies being researched by companies and various organizations, including some strong university-industry partnerships. Sophisticated and well-financed testing centers are accelerating R&D activities and, as the focus now moves to commercialization, are also studying the potential environmental and other impacts of deploying hundreds of devices and transmission lines in areas that are frequented by fishermen, transport vessels, and marine life. Countries that have strong marine resources, such as the United Kingdom, the United States, Australia, South Korea, and Portugal, have committed to supporting the industry in some capacity – with the United Kingdom being the clear leader.

This Pike Research report analyzes the global market opportunities to harness marine and hydrokinetic technologies for power generation. The study examines multiple MHK technologies including ocean wave, tidal stream, river hydrokinetic, ocean current, and ocean thermal technologies, assessing the relative advantages and disadvantages of the various options. Profiles and SWOT analysis are provided for key industry players and detailed market forecasts for installed capacity and revenue extend through 2017.
Key Questions Addressed:

* Which countries will lead in marine and hydrokinetic energy development over the next 6 years – and why?
* How did the global financial crisis and recession affect the marine and hydrokinetic market?
* Which companies are leading the pack for developing and deploying wave, tidal, ocean current, river hydrokinetic, and ocean thermal technologies?
* What countries have the best support for deployment of marine and hydrokinetic technologies?
* What does it cost to deploy and operate marine and hydrokinetic technologies?
* How do the various marine and hydrokinetic technologies compare against other renewable energy options?
* How much revenue will be generated by grid-connected marine and hydrokinetic technologies by 2017?

Who needs this report?

* Marine and hydrokinetic technology component manufacturers
* Marine and hydrokinetic technology service providers
* Economic development agencies
* Industry associations
* Government agencies
* Utilities
* Investor community

Global Renewable Energy Industry

Table of Contents

1. Executive Summary
1.1 Introduction
1.2 MHK Market Potential
1.3 MHK Landscape
1.4 MHK Market Forecast
2. Market Issues
2.1 Water Power: World’s Largest Renewable Electricity Source
2.1.1 Measuring Water Power
2.1.2 Opportunity for Water Power
2.1.3 Types of Water Power: Advantages and Disadvantages
2.1.4 Renewed U.S. Interest in MHK as a Scalable Source of Non-Polluting Electricity
2.2 Current Status of Marine and Hydrokinetic Energy and Key Trends
2.2.1 MHK Landscape
2.2.2 The Wide Application and Scale of MHK Technologies
2.2.3 Governments Will Dictate the Pace of MHK Deployment
2.2.4 Marine Testing Centers Growing in Number and Sophistication
2.2.5 Corporate and Utility Engagement
2.3 Current Market Opportunities and Challenges
2.3.1 Climate Change Regulations
2.3.2 The Green Economy and Manufacturing near End Use
2.3.3 The Variability of Existing Renewable Resources & the Predictability of Marine & Hydrokinetic Technologies
2.3.4 Superior Energy Content Profiles
2.4 Industry Growth Drivers
2.4.1 Global Renewable Energy Generation Trends
2.4.2 Legislative and Regulatory Activities, Incentives, and Subsidies
2.4.3 Improvements to Water Power Technologies& Parallels to Wind Energy Technology
2.4.4 Economics Overview
2.4.4.1 Cost of Conventional Energy Source Trends
2.4.4.2 Net Cost of Wave, Tidal, River Kinetic, Ocean Current, and Ocean Thermal Technologies
2.5 Implementation Issues
2.5.1 Lack of Commercial or Mature Product Offerings
2.5.2 The Long Road Transitioning from Demonstration Sites to Commercial Viability
2.5.3 Lack of Early-Stage Investor Interest Compared to Other Renewables
2.5.4 Unknown Environmental Permitting Issues
2.5.5 Transmission and Distribution Grid Interconnection Questions
2.5.5.1 Remote versus Load Center Plant Locations
2.5.5.2 Grid Interconnection Issues
2.5.5.2.1. Integration with Wholesale Grid Operators
2.5.5.2.2. Integration with Emerging Green Power Portfolios
2.5.6 Lack of Standards and Certifications
3. Technology Issues
3.1 Overview
3.2 Ocean Wave Energy Technologies
3.2.1 History
3.2.2 Basic Principles
3.2.3 Strengths and Weaknesses
3.2.4 Turbine Types
3.2.5 Commercial Time Horizon
3.2.5.1 Cost
3.2.5.2 Efficiency
3.2.5.3 Reliability
3.2.5.4 Scalability
3.2.5.5 Availability
3.3 Tidal Stream Turbines
3.3.1 Basic Principles
3.3.2 Strengths and Weaknesses
3.3.3 Turbine Types
3.3.4 Commercialization Time Horizon
3.3.4.1 Cost
3.3.4.2 Efficiency
3.3.4.3 Reliability
3.3.4.4 Scalability
3.3.4.5 Availability
3.4 River Hydrokinetic Technologies
3.4.1 History
3.4.2 Basic Principles
3.4.3 Strengths and Weaknesses
3.4.4 Turbine Types
3.4.5 Commercialization Time Horizon
3.4.5.1 Cost
3.4.5.2 Efficiency
3.4.5.3 Reliability
3.4.5.4 Scalability
3.4.5.5 Availability
3.5 Ocean Current Technologies
3.5.1 History
3.5.2 Basic Principles
3.5.3 Strengths and Weaknesses
3.5.4 Turbine Types
3.5.5 Commercial Time Horizon
3.5.5.1 Cost
3.5.5.2 Efficiency
3.5.5.3 Reliability
3.5.5.4 Scalability
3.5.5.5 Availability
3.6 Ocean Thermal Energy Technologies
3.6.1 History
3.6.2 Basic Principles
3.6.3 Strengths and Weaknesses
3.6.4 Turbine Types
3.6.5 Commercial Time Horizon
3.6.5.1 Cost
3.6.5.2 Efficiency
3.6.5.3 Reliability
3.6.5.4 Scalability
3.6.5.5 Availability
4. Key Industry Players
4.1 Wave Energy Technology Companies
4.1.1 Pelamis Wave Power
4.1.2 Ocean Power Technology
4.1.3 Wave Dragon
4.1.4 Wavegen
4.1.5 Oceanlinx
4.1.6 Carnegie Wave Energy
4.2 Tidal Stream Turbines
4.2.1 Marine Current Turbines
4.2.2 OpenHydro
4.2.3 Atlantis Resources Corporation
4.2.4 Hammerfest Strom
4.2.5 Lunar Energy
4.3 River Hydrokinetic Technologies
4.3.1 Verdant Power
4.3.2 Ocean Renewable Power Company
4.3.3 Hydrovolts
4.4 Ocean Current Technologies
4.4.1 Aquantis, LLC
4.5 Ocean Thermal Energy Conversion Technologies
4.5.1 Ocean Thermal Energy Corp.
4.5.2 Xenesys, Inc.
5. Market Forecasts
5.1 Overview
5.2 Wave Energy Capacity
5.2.1 North America
5.2.2 Europe
5.2.3 Asia Pacific
5.2.4 Other Regions
5.3 Tidal Stream Capacity
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Other Regions
5.4 River Hydrokinetic Capacity
5.4.1 North America
5.4.2 Other Regions
5.5 Ocean Current Capacity
5.5.1 North America
5.6 Ocean Thermal Energy Conversion Capacity
5.6.1 North America
5.6.2 Asia Pacific/Other Regions
6. Company Directory
7. Acronym and Abbreviation List
8. Table of Contents
9. Table of Charts and Figures
10. Scope of Study, Sources and Methodology, Notes

List of Charts and Figures

• Cumulative MHK Installed Capacity Forecasts by Technology, World Markets: 2008-2017
• Cumulative MHK Installed Capacity Forecasts by Technology, World Markets: 2008-2017
• Hydrologic Cycle
• Lunar and Solar Tides by Seasonal Cycle
• Wave and Tidal Energy Potential, North America
• Estimated Water Power Capacity Potential and Realized Gains: 2008-2025
• Global Distribution of Ocean Power Technologies
• Marine Power Projects Identified in South Korea
• Renewable Energy Share of Global Electricity Production: 2010
• Renewable Power Capacities*, Developing World, EU, and Top Five Countries: 2010
• Forecasted Global Energy Use by Fuel Type through 2035
• EIA Global Forecasts of Electricity Generation Fuels by 2035
• Renewable Portfolio Standards, Goals, United States
• Average Energy Cost per Kilowatt-Hour by World Region: 1999-2007
• Marine Renewable Energy Costs and Capabilities by Technology
• Marine Renewable Energy Technologies Cost Reduction Diagram
• EPRI Alaska River Hydrokinetic Resource Evaluation Sites
• Estimated Breakdown of Capital Costs for Wave Farm if Built Today
• Estimated Breakdown of Capital Costs for Tidal Stream Farm if Built Today
• Estimated Breakdown of Operations and Maintenance Costs for Wave Farm if Built Today
• Estimated Cost of Energy at 10 MW, Wave and Tidal Stream Energy
• Capital Costs of First Prototypes and First Production Models, Wave and Tidal Stream Energy
• Timeline for an Average MHK Project in Pentland Firth and Orkney Waters
• Global Wave Power Density Distribution
• Types of Wave Energy Conversion (WEC) Devices
• Distribution of Major Wave Technology Types
• Prime Tidal Resource Regions Around the World
• Basic Designs of Wind/Water Turbines
• Major North American Rivers and Their Yearly Discharges in Cubic km/Year
• Image of a Typical Hydrokinetic Turbine
• World Ocean Current Resources
• Horizontal Axis Ocean Current Turbine
• Schematic of Ocean Thermal Energy System
• Map of Ocean Temperature Differences Between Surface and Depth of 1,000 Meters
• Image of Pelamis Wave Power Device
• Image of Ocean Power Technology PowerBuoy
• Image of Marine Current Turbines Tidal Stream Turbine
• Image of OpenHydro Tidal Stream Turbine
• Image of Verdant Power River Hydrokinetic Turbine
• Schematic of Ocean Renewable Power Company Cross-Flow Turbine
• Artist Depiction of Aquantis C-Plane Technology
• Onshore OTE Corp. Plant Diagram

List of Tables

• Marine & Hydrokinetic Technologies Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of Hydrokinetic Technologies, World Markets: 2009-2017
• Ocean Wave Energy Technologies Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of Ocean Wave Power Capacity, World Markets: 2009-2017
• Tidal Stream Turbine Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of Tidal Power Capacity, World Markets: 2009-2017
• Tidal Barrage Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of Tidal Barrage Capacity, World Markets: 2009-2017
• River Hydrokinetic Technologies Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of River Hydrokinetic Capacity, World Markets: 2009-2017
• Ocean Current Technologies Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of Ocean Current Technologies Capacity, World Markets: 2009-2017
• Ocean Thermal Energy Conversion Technologies Cumulative Installed Capacity, World Markets: 2008-2017
• Annual Growth of OTEC Capacity, World Markets: 2009-2017
• Wave System Installed Price, United States: 2008-2017
• Wave System Production Revenue, United States: 2008-2017
• Tidal Installed Price, North America: 2008-2017
• Tidal System Production Revenue, North America: 2008-2017
• Hydrokinetic Technologies Production Revenue, North America: 2008-2017
• Database of Hydrokinetic and Ocean Energy Projects, World Markets (including demonstration and pilot projects, planned and deployed)
• Database of Government Incentives for Marine Renewables, World Markets
• Summary, Levelized Real COE Chart for Marine Renewables
• Marine Renewable Energy Government Subsidies, Key European Markets
• Summary Levelized Real Cost of Energy Chart for Marine Renewables
• Pelamis SWOT Analysis
• Ocean Power Technology SWOT Analysis
• Wave Dragon SWOT Analysis
• Wavegen SWOT Analysis
• Oceanlinx SWOT Analysis
• Carnegie Wave Energy SWOT Analysis
• Marine Current Turbines SWOT Analysis
• OpenHydro SWOT Analysis
• Hammerfest Strom Energy SWOT Analysis
• Lunar Energy SWOT Analysis
• Verdant Power SWOT Analysis
• Ocean Renewable Power Company SWOT Analysis
• Xenesys SWOT Analysis