By 2050, a British government think tank estimated that local wave and tidal industry could seize up to £76 billion ($112.9 billion) of the market, bringing in £15 billion earnings ($22.28 billion) and 68,000 jobs to the economy.
The analysis, recently released by Carbon Trust, found that up to 240 gigawatts of wave and tidal energy could be deployed globally by 2050, with deployments ramping up in the next decade for a global market worth up to £460 billion.
Three-fourths of the total estimated capacity is forecasted to come from wave and the remainder from tidal.
Wave energy is derived from the movement of ocean and sea surface waves transformed into electricity using conversion devices. Tidal stream energy is extracted from the movement of the flow of water due to the movement of the tides and is similarly converted into useful energies.
In total, Britain’s potential market is worth three-fourths of the world’s potential global market value. As Carbon Trust’s director of innovations Benj Sykes said, “Marine energy could be a major ‘made in Britain’ success.”