Like wind and solar, ocean power has the potential to grow into a billion-dollar industry. While these markets have yet to be fully defined, there are many indicators of the potential for rapid market expansion following introduction of commercial technologies. Indications of a looming global ocean power market (combined wave and tidal current) include the following:
- Demonstrable significant investment in ocean power development, both in the private sector and in public R&D and policy making
- A growing number of development and demonstration initiatives by government departments and credible large power authorities
- Documented research output on ocean power by private and public institutions
- Growing levels of government funding and policy support
- A growing number of annual international conferences that are concerned specifically with ocean power.
BioPower Systems will initially target markets that are receptive to rapid and widespread development of ocean power resources. These specific market regions include:
- Western Europe, particularly the UK, Spain and Portugal
- Western Canada
- Oceania (Australia, NZ, and the Pacific)
Other markets that are expected to develop in the medium-term include:
- USA, Mexico
- Mediterranean
- South America, particularly Chile
- Asia, particularly Japan, China, India
BioPower Systems intends to leverage technologies into both wave and tidal current equipment markets.