[The Vector] Harnessing the Ocean for Energy: the New Frontier?
The world’s oceans are a new frontier in the renewable energy world. Ocean energy is emerging and will be ‘make or break’ in the next five years, says the firm Pike Research that focuses on research and analysis of renewable energies. “The ocean energy business is right on the cusp,” says Pike’s managing director Clint Wheelock. He says more than 300 projects and tests are in the works around the world. (Press release, Pike Research. “Ocean Energy Could Reach up to 200 Gigawatts of Power Generation by 2025.” January 19, 2010.)
A researcher at Frost and Sullivan, another market research firm, agrees. “It is projected that commercialization of wave and tidal energy will take place in the next 5-10 years as the technology evolves and production costs decline,” notes Frost’s Technical Research Associate Chin Wai Loon. “Wave and tidal energy are expected to be deployed on a commercial (more…)