This week has had some great announcements in the Marine Energy sector globally, with significant investment publicised in the UK(1,2) and USA(3). The interesting thing about these investments is the broad spectrum of technologies and product maturity that is being invested in – from government funding early stage R&D activities through to public debenture funding the manufacture/installation of a commercial tidal generator. Whilst still in its infancy the opportunity of marine energy to grow is clear, with one report recently predicting the wave and tidal market could exceed $10bn USD by 2024(4).
Those involved in the sector are well aware of the harsh environment it operates in, and the significant consequence of failures, so it is encouraging to see the continued development of technical standards against which designs can be analysed(5) – these give all parties guidance – engineers to validate designs against, financiers to mitigate risks of new products. The continued maturing of the sector will only help to increase the chances of success in this exciting field.
Canada has a significant marine energy resource, in tidal, wave and run-of-river, and we see marine energy playing a significant part in Canada’s renewable energy future. Therefore, it was perhaps fitting that Canada finally became a member of the International Renewable Energy Agency (IRENA) this week(6). IRENA is an organisation with over 150 country members who share best practices in policy, technology and financing of renewable energy solutions.
Contact us at Venn Design Solutions if you’d like to talk more on renewable energy in Canada.