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World wave and tidal market worth US $1.2 Billion
 A new report on the offshore renewable energy market suggests spending on the wave and tidal sector could hit US $1.2 Billion worldwide in the next five years.
After annual capital expenditure put a $52 million last year, the figure is set to rise to $500 million by 2015, according to new research.
“Installations in 2011 are more than double those in 2010 and a total of 150MW of wave and tidal current stream capacity is forecast to be installed between 2011-2015,” the World Wave and Tidal Market Report 2011-2015 report by Canterbury, UK-based Douglas Westwood suggests.
Currently the UK is leading the world in the level of installed capacity in the wave and tidal sector, with a total of 110 Megawatts of generating capacity installed.
Within the UK, the level of capital expenditure is likely to hit $900 million by 2015 while annual expenditure is forecast to hit $500 million by 2015.
“An excellent wave and tidal resource, together with encouraging levels of government funding, market mechanisms and site licensing make the country the strongest market for both wave and tidal,” notes lead analyst Ian Jones.
The other two biggest markets for this type of energy technology are said to be the US and Canada, the report says.Advertisement
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Aker group grows value Norwegian industrial group Aker ASA says it value rose 16% in the first quarter to NOK 22.5 billion (US $3.74 bn) as its investments – mainly in oil and gas operations rose in value.
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