The contribution of ocean energy to the global energy mix now and in the next five years remains very small, with technologies still in the development and demonstration phases. Member states of the International Renewable Energy Agency (IRENA) have mandated the agency to make the credible case for the widespread adoption and sustainable use of all forms of renewable energy. Over the years the agency has received several requests on ocean energy from policy makers in member states on a range of issues including: resource availability; the status and outlook for the various forms of ocean energy conversion technologies; deployment viability of each technology type; capital and operational costs and cost reduction potential; operation and maintenance aspect, particularly in the case of island states; which policies and support mechanisms to apply in support of ocean energy technology development and deployment; what sources of funding and finance models exist; barriers to ocean energy deployment; and opportunities for cooperation on ocean energy. Similarly, the agency receives on a regular basis requests from ocean energy technology developers and potential project developers seeking current information on ocean energy and opportunities worldwide.
This report aims to accelerate and promote the widespread sustainable deployment of ocean energy technologies worldwide by providing a robust, accurate and up to date analysis of ocean energy, focussing on the readiness of the various technologies involved, their deployment status and trends, patent activities in the sector, and market outlook as well as the barriers to ocean energy deployment. The objective is to provide information that can (i) help to identify emerging technologies approaching commercialisation, and (ii) assist policy makers in their medium- and long-term energy technology planning and strategic options.
The report builds on analysis of current understanding of ocean energy using (i) information and data published in the literature, (ii) data compiled from public sources by Det Norske Veritas and Germanischer Lloyd (DNV GL) of ocean energy technologies and projects, and (iii) ocean energy technology related international Patent Cooperation Treaty (PCT) publications