Ocean’s 11: Is tidal power finally catching up with wind and solar?

Tidal energy market value could hit US$11b in 2024.

When Tim Cornelius, CEO of Atlantis Resources, recalled how wind and solar energy were 15 years ago, he realised that it is the exact same spot tidal energy is sitting in right now.

When harnessed effectively, the ocean stands to be one of the largest reserves of clean and sustainable energy. A report from Transparency Market Research points out that wave and tidal energy are the two major forms of harnessing ocean energy.

According to Cornelius, there have been significant developments across the Asian region in relation to wave and tidal energy.

“The industry is in very strong financial shape. Renewable energy development is booming globally, and tidal power is where wind and solar was 15 years ago,” he says. For instance, the Philippines has huge aspirations for tidal power and aims to install 71 megawatts by 2030 at a cost of $2.5 billion, according to recent figures.

Currently, the country has zero megawatts so this aspiration suggests there will be rapid growth in tidal generation over the next decade. A remarkable addition yo the list is the Sihwa Lake Tidal Power Station with 254 MW capacity in South Korea which replaced France’s Rance Tidal Power Station as the largest tidal power plant in the world.

“All of the best sites in the world are yet to be built out. We are about to see billions of pounds of investment pour into the UK tidal energy sector, and we expect this to catalyse investment in large scale projects across China, South Korea, Japan, India, the Philippines and Indonesia,” continues Cornelius. Further, the global wave and tidal energy market was valued at US$497.7 million in 2014 and is anticipated to reach US$11,345 million in 2024, expanding at a CAGR of 23.2% from 2016 to 2024.

Tidal stream power plants are a relatively new technology with ample scope for development, and wave energy is a relatively new concept.

These sectors are likely to see significant market growth in terms of installed capacity and investments in the near future, it continues. There are over 200 companies operating in the wave and tidal energy sector at present.