Marine energy could deliver £8bn and 15,000 jobs, report finds

The marine energy sector could bring in more than £8 billion to Scotland’s economy and support 15,000 UK jobs by 2050, according to a new report.

Coastline

The analysis reveals the economic potential of tidal stream and wave energy if steps are taken to ensure the country remains a world-leading destination for developing marine energy.

It highlights Scotland’s advantages in marine energy – including abundant natural resources and world-leading engineering expertise – but also identifies what is needed to reap these benefits. 

Economic potential

The report – produced by the University’s School of Engineering – shows that marine energy projects could deliver more than £8bn in direct economic benefits to the Scottish economy by 2050.

Over the same period, the global export market for marine energy could be worth as much as £28bn to the country, the authors say.

The analysis also shows that the marine energy sector could create up to 62,000 jobs in Scottish companies by 2050. Of these, more than 15,000 jobs would be in the UK with a further 46,000 worldwide. 

Scotland is already home to the world’s largest and most powerful operational tidal stream projects and has been a frontrunner in wave energy development for the last two decades – and this, coupled with our abundant natural resources, expertise and forward-looking policy approach – means our country is ideally-placed to harness the enormous global market for marine energy whilst helping deliver our net zero economy.

Gillian Martin MSP Acting Cabinet Secretary for Net Zero and Energy, Scottish Government

Worldwide impact

The new analysis was commissioned by Scottish Enterprise and Wave Energy Scotland, and it combines previous reports on the potential of tidal stream and wave energy.

It shows that by retaining a global leadership position over the next 25 years Scotland could also support the growth of offshore renewable power in the wider UK and other parts of the world. 

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.

Suzanne Sosna Director of Energy Transition, Scottish Enterprise

Key actions

The report outlines a series of recommendations to ensure Scotland remains a world leader in marine energy. These include more investment in supply chains, greater support for marine companies and further development of key infrastructure.

It pinpoints areas where Scotland currently leads the way internationally, such as the development and testing of devices, installation, and operations and maintenance.

The report also highlights that supporting the marine energy sector will help advance Scotland’s net zero goals and strengthen UK energy security. 

This report clearly outlines not only the significant potential deployments of tidal stream and wave energy devices in Scottish waters and their role in helping to achieve our net zero targets, but also highlights the associated economic benefits and jobs that will provide a meaningful contribution towards the just transition.

Professor Henry Jeffrey Chair of Renewable Energy Technology and Policy Innovation at the School of Engineering

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