IEA (2020), Ocean Power, IEA, Paris https://www.iea.org/reports/ocean-power
Electricity generation from marine technologies increased an estimated 13% in 2019, which is significantly above the levels of the previous three years. Nevertheless, this technology needs to be deployed even more rapidly to get on track with the SDS, which requires much higher annual growth of 23% through 2030. Policies promoting R&D are needed to achieve further cost reductions and large-scale development.
Electricity generation from marine technologies increased an estimated 13% in 2019. However, the tracking status of marine power remains “not on track” because it is far from being aligned with the Sustainable Development Scenario (SDS), which requires much higher annual growth of 23% through 2030.
Advanced marine projects for power generation ranging from 10 kW to 1 MW have been deployed mostly in the United Kingdom, Canada, Australia and China. However, these demonstration and small commercial projects remain expensive and have not yet achieved the economies of scale necessary for significant cost reductions.
Marine technologies hold great potential, but additional policy support is needed for RD&D to enable the cost reductions that come with the commissioning of larger commercial plants.