An analysis of the market potential for ocean renewable energy in industrial maritime sectors of Australia’s Blue Economy.

Abstract

The energy system in Australia is dominated by fossil fuels and is slowly adopting renewable energy sources for power generation. As the national economy relies in large part on coal and natural gas export earnings, Australia is lagging behind more climate-conscious countries in the implementation of policies to promote energy efficiency and emissions reductions.

Global and internal pressures are challenging the future of Australia’s energy system and throwing into question the bases for the country’s economic wellbeing. Yet, Australia is one of the largest offshore coastal territories, classified as the Blue Economy, where its infinite marine resource area offers a sizable opportunity for adopting ocean renewable energy (ORE) as an alternative low carbon source input for large scale industrial sectors.

The scope of the research follows a mixed-methods approach to identify the market potential for tidal and wave technology in three marine sectors. The thesis carries out a technical and economic potential analysis for ORE power capacity in marine sectors and subsequent emission abatement. Additionally, a review of the current legislative framework is made with direct opinions from interviews in order to propose ways to overcome policy and financial barriers.

Preliminary results show that there is high market opportunity to integrate ocean energy for Aquaculture and Ports activities, and a low market potential for Oil & Gas industries. The increasing contribution of innovation and scientific research from interdisciplinary actors and organisations, presents a case for integrating tidal turbines and wave energy converters in marine sectors with economic importance in an international and significant way that can contribute to the sustainable energy transition in Australia.