UK could take one quarter of the global marine energy market

 

New analysis conducted by the Carbon Trust suggests the UK could secure around one quarter of the global market in marine energy. This would have an equivalent value of £76bn to the UK economy by 2050 and generate around 68,000 UK jobs. For this to be achieved the UK would need to build on its existing market lead through further technological development and international deployment. The analysis suggests that the growth would come from expanding exports markets in countries like Chile, Korea and America. Benj Sykes, Director of innovations at the Carbon Trust, said, “Marine energy could be a major ‘made in Britain’ success.  By cementing our early mover advantage, the UK could develop a significant export market, generate thousands of jobs and meet our own demand for clean, home-grown electricity”. At present the UK hosts 35 of the world’s 120 wave energy and tidal stream device developers, with British companies such as Pelamis, Aquamarine Power and Marine Current Turbines leading the way in deploying their technologies in UK waters. Almost half of Europe’s wave and a quarter of its tidal energy resources are found off the British coastline.

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