According to the Energy Market Update from Frost & Sullivan, the marine energy market of Europe is still working hard to settle down the economic storms caused by the global economic recession. The marine energy market was very badly affected by the recession as it was wholly depended on venture capitals and private equity investments.
Energy market update reports say that UK government and EU are planning to help marine energy companies in developing marine energy resource abundantly, as this energy resource is capable of providing 10% of the electric energy that the world needs. According to reports from Frost and Sullivan the new investments and ample government support have catalyzed in creating the sudden advancement in marine energy market.
If ocean energy research gets this support is delivered continuously so as to achieve their expected potential, about 3 GW installed capacity can be made available for EU alone, by 2020.
The recession had badly affected the marine energy market investments, slowing down the development in ocean energy investments. UK government has announced a handful of rescue measures to revive ocean energy market.
UK Carbon trust has agreed that it will give £250,000 & £150,000 to the companies Pelamis and MCT respectively so as to focus on the installation and maintenance.
Marine Renewables Deployment Fund of UK has also agreed to provide helps, which include a £22 million grant for ocean energy developers.
EU has also agreed to help marine energy investors. A marine energy research company recently signed a 3 million agreement with the EU in October 2009.
Experts say that a constant government involvement is necessary to improve the situation prevailing in marine energy market. The other factors necessary are venture capital, private equity or government grants, as the global financial recession has literally sunk helps from the private investors.