Recent progress in offshore renewable energy technology development

International treaties related to climate control have triggered a resurgence in development of renewable ocean energy technologies. Several demonstration projects in tidal power are scheduled to capture the tidal-generated coastal currents. Commercial-scale wave power stations exist and are delivering power to national grids. Offshore wind farms are delivering energy to shore. As government policies shift towards inclusion of renewable sources, the nearshore ocean resources have tremendous potential. Worldwide investments in renewable energy technologies reveals that offshore wind energy is the fastest growing sectors. Strong growth in offshore wind power installations is anticipated over the next decade. In 2000, development of systems to capture wave energy reached a milestone with the commissioning of the first commercial-scale power facility in Scotland. Technical capabilities, both engineering and management, exist in the offshore sector to undertake the size of projects envisioned. Harnessing the untapped potential of ocean energy has commenced.

I. Introduction

INTEREST in marine renewable energy is at an all-time high, and prospects for ocean-based renewable energy development look brighter all the time. This paper examines the recent progress in offshore renewable energy technology development and considers potential markets for tidal power, wave energy conversion, and offshore wind, all of which are expected to show considerable growth over the next few years. The analysis of market potentials for offshore renewable technology is based solely on identified projects. Therefore, the forecasts are relatively conservative, as the prospective markets could expand as technological advances are achieved and as regulatory environments improve.