Marine Power Systems (MPS) has published a report outlining the potential for wave power to contribute to 10% of global electricity demand by 2050.
The report titled Making Wave Power Work provides an analysis of the economic and environmental potential that wave power offers both the UK and the rest of the world.
It calls on industry and trade bodies to join up their communications around the 10% target, and businesses and governments to ramp up steady financial support and policy stability.
In the light of Paris Agreement commitments, the report explains the potential of an estimated exploitable global wave resource of 4,000TWh per year and urges the industry to embrace this currently underexploited resource.
Gareth Stockman, Managing Director of MPS, said: “The world is rapidly transitioning to a low carbon future. Our vision is for wave power to provide 10% of the world’s electricity by 2050. With stable government policy, steady investment and joined up communications from industry partners, the wave energy industry can become an economic success story, following in the footsteps of more mature renewable technologies such as wind and solar to become a source of reliable, affordable, clean energy.”
Looking first at the global potential for wave energy of 337GW by 2050 with a market value of £76 billion, the report goes on to examine the strength of the European market.
With 45% of wave energy companies based in the EU, the report suggests that subject to the right support over the coming decades, Europe will be able to exploit an annual market worth of €53 billion.
Within the European market, the UK is the marine energy leader, according to MPS, holding over a third of Europe’s wave energy generation potential, and over £450 million already invested in the sector.
The report also suggests a lack of information for investors, government and the public on how wave power works needs to be addressed and that discussion must move away from short-term concerns, embrace new low cost technologies and focus on its long-term potential.
MPS is a Swansea-based wave energy company which has been developing a wave energy device called the WaveSub over the last nine years.
WaveSub device is currently in phase three of its development, with plans to launch a 1:4 scale device for 12 months of operational sea-testing off Cornwall this fall.