The value of worldwide electricity revenues from wave and tidal stream projects could ultimately be between £60 billion and £190 billion per year. The UK is a clear leader both in terms of activity and in terms of support to the sector, according to Frost & Sullivan.
"After the loss of interest in the sector following the fall in oil prices in the 70s, marine energy has now been given a new lease of life," said Frost & Sullivan research analyst Gouri Nambudripad.
Highlighting that global warming, energy security and rising oil prices have resuscitated the marine energy sector, the report says one of the biggest barriers to the growth of the industry is the competition it is facing from other renewable energy sources that are both mature, such as wind, and growing, such as solar.
"The marine energy sector has a number of technological hurdles to overcome, with the most significant being the ability to survive the harshness of the ocean environment," said Nambudripad. "While marine energy currently lags behind many other renewable energy technologies, it is, over time, poised to catch up and provide meaningful amounts of electricity."
Considering 25 percent of Europe's tidal resources are found in Scotland, it is estimated that Scotland has the resource potential to install 1.3GW of capacity from marine energy by 2020.
With steep learning curves, government support and private funding, the sector is set to contribute significantly in the next 5-10 years.
