UK marine energy market estimated at at £76 billion

According to The Carbon Trust, the UK could capture a quarter of the global marine energy market, which could add £76 billion to the UK economy and generate over 68,000 jobs.

In a new analysis the trust released, total marine energy capacity of the UK has been estimated at 27.5GW by 2050.

This would be able to contribute to around a fifth of current UK electricity demand, to the grid.

According to the research conducted by the Trust, the UK hosts around 35 of the world's 120-130 wave energy and tidal stream device developers. Half of Europe's wave resources and over a quarter of its tidal energy resources are to be found off the British coastline.

The trust however, points out that there are a number of challenges that the industry needs to overcome. It says thte industry needs to continue to innovate and push technologies towards commercial deployment.

It  supports targeted research and development funds for the industry to allow the industry to compete with other low carbon technologies. It also points out that grid upgrades, the development of a manufacturing supply chain would also be critical to success.