Economy & Industry
Marine renewable technologies are rapidly moving towards commercialization with the demonstration of technologies before ramping up into commercial arrays. At this turning point, development strategies must follow an economic approach, focusing on industrialization, reduction of costs and improvement of performance and reliability.
However, this young market has not yet converged into standardized solutions and offers a range of different technologies and scarcity of reliable information. To respond to this need, WavEC created its Economy and Industry department in 2011, which since then has rendered services to leading developers, utilities and governmental bodies and participated in national and EU projects.
Our Economy and Industry team counts on experienced professionals with engineering and economic backgrounds that have consolidated WavEC’s know-how into a range of products and services adding value to our clients and associates. Built on our comprehensive database, our team has developed several techno-economic tools to support different areas such as technology development, project feasibility analysis, market analysis or macro-economic impact assessment.
WavEC support in the development of a large number of marine and offshore wind technologies over the years has led to the construction of detailed techno-economic tools for the analysis and optimization of offshore renewable energy technologies. WavEC techno-economic analysis approach couples our hydrodynamic Wave-to-Wire model with engineering and economic models and data. Besides allowing the assessment of the actual levelized cost of energy (LCOE) and potential future evolution, WavEC’s models allow to understand which are the most critical design parameters and cost factors that drive the LCOE. WavEC has already performed analysis on several different wave energy converters as well as floating structures, each assessment contributing to the update and improvement of the tool.
Built on our experience in marine renewable energy projects, WavEC analyses supply chain needs, capacities, constraints and opportunities in the different stages of the value chain: from project development, procurement & manufacturing, assembly and installation and O&M of offshore wind and marine renewables, at project or regional scale. WavEC has developed an extensive database of suppliers and marine infra-structures across the EU and works in the development of decision tools to support developers in critical areas of the supply chain, such as marine operations or assembly and construction at industrial scale.
WavEC in-depth information from years of experience in the sector has been packed in an extensive database covering detailed information on several areas: technologies, projects, actors, components, costs, resource assessment, existing policies, etc. The database includes detailed technical specifications, project development history data, technology and component costs, financial information, etc. While maintaining confidential information rigorously classified with a strict non-disclosure policy, WavEC is able to provide critical market analysis, perform comparative analyses, model realistic market development scenarios, and search for market opportunities in the different stages of the value chain for our partners.
Socio-economic Impact Assessment
WavEC helps authorities, associations and companies worldwide with the assessment of socio-economic impacts of marine renewables at regional or project level such as the assessment of the value added and job creation. Our team works with available data and macroeconomic models for the assessment of the impact of policies in regional economies.