That growth is dependent on two major projects, however – a 14 GW tidal barrage in the UK and a 2.2 GW tidal fence in the Philippines.
In the European Union alone, it’s estimated that up to 10,000 megawatts in capacity could come to market by 2020, with the amount to grow to 200,000 MW by 2050.
In the U.S., by 2025 it is feasible to add 23,000 MW in hydropower resources, with the bulk coming in the oceans and tidal streams.
The report suggests that ocean hydrokinetic energy is 50 to 100 times more cost-efficient than wind or solar.
Assuming carbon regulations are put in place in 2010 in the U.S. and that the EU sets marine renewable energy targets, Pike Research projects the following output by 2025:
Wave energy – 115 GW
Tidal stream – 57 GW
Tidal barrage – 20 gw
Ocean current – 4 GW
River hydrokinetic – 3 GW