Wave Power Opportunity
Global population is forecasted to increase by 34% to 9,5 billion by 2050, mainly in urban areas close to coast lines. This will bring growing energy demand, requiring increased efforts to reduce greenhouse gas emissions. The renewable energy market has seen 30-40% growth in recent years, mainly in solar and wind energy.
It is believed that ocean energy may experience similar rates of rapid growth, reaching 300 GW installed capacity and generating more than 2000 TWh annual energy to the grid by 2050, with 75% coming from wave energy. This corresponds to more than 10% of the global electricity consumption, which is of a similar magnitude as the global installed base of hydro power. Read more
The market for wave power will be utility scale grid connected electricity generation. Niche markets with possibility to generate earlier and higher revenues from sold electricity include islands, other off-grid communities and commercial installations such as fish farms and oil & gas platforms.