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Ocean energy is back on track
Ocean energy deployments are back to pre-pandemic levels, with Europe installing over ten times as much tidal energy capacity and three times as much wave energy compared to 2020, according to a new report released by Ocean Energy Europe (OEE).
Both the wave and tidal energy sectors installed significantly more capacity in 2021 than the previous year, adding 1.39MW and 3.12MW respectively worldwide, according to the statistics report published on March 10, 2022. While Europe still dominates global tidal stream activity, more and more wave capacity is being installed outside Europe, often driven by significant government support. Aside from increase in deployments, investment interest in the sector also
rose, with a slew of announcements by large industrial players and public authorities. The statistics report has also shown that ocean energy is back on track, despite Covid-19 restrictions still affecting activity last year. Private investment An increase in private investment and the entrance of important industrial players into the sector reflect the growing appeal of ocean energy to investors, power producers and manufacturers, the industry body OEE said.
In 2021, the sector signed deals with GE Renewable Energy, Kawasaki Kisen Kaisha (K-Line), Chubu Electric Power, TechnipFMC and Schneider Electric. Governments in the UK, Italy, Spain and the USA also committed significant new funding to ocean energy and innovative renewables. Machines hit the water across all European sea basins, as well as in Asia, Australasia, and North and South America, bringing global cumulative capacity additions to nearly 65MW since 2010.
