“Ocean energy has the potential to play a significant role in the future energy system, whilst contributing to the reduction of carbon emissions and stimulating economic growth”
The competition in the ocean energy business is always developing and increasing. With technology making energy growth and development possible for cheaper prices the competition is expected to skyrocket in the upcoming decade. There are slight barriers still hindering the sector’s ability for major progress. However, when these barriers are conquered the possibilities are endless. It is predicted that in Europe by 2050 the energy created by several different tactics of ocean energy will contribute to roughly 15% of European demands. Given the location and oceans surrounding Europe, companies based there are the major contributors and investors in the always-developing ocean energy business. Currently, over 50% of global investments in the ocean industry take place in the European Union. These investments largely contribute to Tidal Energy, Wave Energy and Ocean Thermal Energy conversion’s each of these sectors have increased in the past 5 years in both development and use; they are also predicted to be the frontrunners of development while the ocean energy business grows. The Ocean Energy Business only have a bright future ahead of itself, it is cost competitive in the short term and with global warming becoming a world wide accepted issue the investments and potential for carbon free energy is limitless. Although the technology and development in this industry is nowhere near perfected, it will certainly be at the top of importance from the investors that have decided to contribute to this industry.