Tidal stream and wave energy projects in the UK have the potential to deliver more than £8 billion in economic benefits to the Scottish economy by 2050, according to a new report from the University of Edinburgh. The study, commissioned by Scottish Enterprise (SE) and Wave Energy Scotland (WES), outlines the significant economic opportunities for Scotland if it continues to position itself as a world leader in marine energy development.
The “Future Economic Potential of Tidal Stream and Wave Energy in Scotland” report estimates a market for up to 8.8GW of marine energy in Scotland by 2050, with the UK potentially deploying 12.6GW and a global market reaching up to 300GW. This growth could support as many as 62,000 jobs in Scotland, including 15,600 within the UK and an additional 46,000 through worldwide exports.
The global export market for marine energy could be worth up to £28 billion to Scotland’s economy by 2050. The report combines findings from separate studies on tidal stream and wave energy, both commissioned by SE and WES, to highlight the opportunities ahead.
Scotland is well-positioned to capitalize on this potential, benefiting from abundant natural resources and the support of agencies like SE and Highlands and Islands Enterprise (HIE), which have expertise in growing the sector. Additionally, Scotland is home to the European Marine Energy Centre (EMEC), the world’s first and leading facility for testing wave and tidal energy converters.
The report recommends that policymakers focus on further investment in the supply chain, sustained market support for marine companies, continued backing for innovation organizations, and the development of critical infrastructure, such as grid capacity, to maintain Scotland’s global leadership in marine energy.
Key supply chain opportunities identified include areas where Scotland is already ahead of the market, such as device development and testing, installation, operations, maintenance, and subsystem integration.
Suzanne Sosna, Director of Energy Transition at Scottish Enterprise, emphasized the need for immediate action to realize these economic benefits: “These findings really drive home the need to take action now if we want to reap the potentially sizeable economic benefits of remaining a world leader in marine energy.
Tim Hurst, Managing Director of Wave Energy Scotland, echoed Sosna’s sentiment, noting, “This report clearly demonstrates the huge economic and societal benefits of continuing Scotland’s commitment and investment in marine energy to ensure it remains a global leader – using our natural resources for national benefit.” He also highlighted the synergies with other sectors, such as offshore wind, which could lead to shared infrastructure and skills in the future.
