Water Power Industry Worth $66 Billion by 2038
A new report, “Wave, Tidal and Hydro Power 1W-10MW 2018-2038,” reveals that opportunities and progress in wave power are greater than is commonly portrayed.
Zero emission desalination, aquaculture, ships, seafloor mining, smart buoys, oil and gas subsea without umbilicals, ocean monitoring, microgrids and minigrids are all part of the picture for river and ocean electricity technology and markets. These technologies often need solutions with integral batteries, sonar communications and sensors. Solar and wind power can provide lowest cost zero emission electricity, but they are often unacceptable or need more continuous backup.
The new report forecasts a massive need for electricity far from grids, such as making ice for offshore fish farming and ship and island desalination, and that this need will create many billion-dollar businesses. It also shares insights from companies and projects currently investing in wave power. For example, a recent 10MW project in Bali highlighted the desire for renewable energy sources that don’t come with visual encumbrances like large wind turbines and rows of solar panels: Wave power—like open tidal power—is virtually invisible.
Read more about the report at IDTechEx.