Wave power could provide a tenth of global electricity demand by 2050.
That’s according to UK wave technology firm Marine Power Systems (MPS), which suggests with the right support, global capacity could rise to 337GW and hold a market value of £76 billion.
The firm says it would provide an estimated 4,000TWh of electricity per year, which would make up a significant proportion of the 42,000TWh needed for predicted global electricity consumption.
MPS notes 45% of wave energy companies are based in Europe, a market it suggests could become worth £46 billion – the UK currently leads the sector with more than a third of Europe’s wave energy potential.
The firm suggests more information is needed for investors, government and the public to understand how wave power works so the discussion around the technology can move away from short term concerns, embrace new low cost technologies and focus on its long term potential.
Dr Gareth Stockman, Managing Director of MPS: “The world is rapidly transitioning to a low carbon future. Our vision is for wave power to provide 10% of the world’s electricity by 2050.
“With stable government policy, steady investment and joined up communications from industry partners, the wave energy industry can become an economic success story, following in the footsteps of more mature renewable technologies such as wind and solar to become a source of reliable, affordable, clean energy.”
A Finnish marine technology firm is lending its expertise to a new wave energy project.