The year 2050 could see one-tenth of the world’s electricity demands being met by wave power. That is according to Marine Power Systems’ (MPS) recently released Making Wave Power Work report. MPS is a wave power technology development company based in Swansea, South Wales.
“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,” stated Dr. Gareth Stockman, Managing Director of Marine Power Systems.
The report states global wave resources could potentially reach 4,000TWh annually. In comparison, current global electricity consumption sits at around 21,000TWh and is expected to double by 2050. It also points out that 45% of wave energy companies are currently based in the European Union (including the UK), and with the right financial and policy support over the coming decades, Europe could exploit an annual market in the range of $60 billion.
The report suggests more information is needed for investors, government and the public to understand how wave power works so the discussion around the technology can move away from short term concerns, embrace new low cost technologies and focus on its long term potential.