UK could corner 25% of world's marine energy market

Marine energy technology could pump £76 billion into the UK economy by 2050 — that’s one-fourth of the global marine energy market — according to a new Carbon Trust Green Growth report on marine renewables.

The report, focused on demonstrating the potential of marine energy in the UK, concludes this growing sector could also generate more than 68,000 jobs in Britain alone if the technology is successfully developed and deployed internationally, and if the UK builds on its existing lead … that is, the best-case scenario. This could bolster the country’s manufacturing industry through increased exports to potential markets like Chile, South Korea and the US, which have extensive marine energy potential.

The total potential capacity from marine energy in the UK could reach 27.5 gigawatts (GW) by 2050, enough to meet more than one-fifth of current UK electricity demand. With total energy demand expected to decrease by 2050 as energy efficiency improves, this means marine power could become a significant player in the nation’s energy mix.

“Marine energy could be a major ‘made in Britain’ success,” said Benj Sykes, director of innovations at the Carbon Trust. “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.”

This is a big deal, considering the UK has lagged behind other countries such as Germany for solar photovoltaics (PV) and Denmark for wind. Could marine technology be the one to give Britain the lead?

Possibly.

Certainly the technological base is there, with the UK already a world leader in offshore wind technologies, as well as in offshore gas and oil. To make even more of its potential, the nation’s marine energy industry needs to focus on three main challenges:

• Technology verification – The industry must continually innovate to push technologies along the path to commercial deployment. Wave and tidal technologies are moving into full-scale demonstration, but this will need to be followed by deployment of the first multiple-megawatt arrays.
• Costs – These must be reduced so marine energy can compete with other low-carbon technologies.  Targeted R&D will be required for this to happen.
• Wider support – Public approval, grid upgrades to transfer electricity to areas of demand and the development of a manufacturing supply chain will also be critical.

While obstacles remain, the UK is in a good position, with almost half of Europe’s wave resources and over a quarter of its tidal energy resources found off the British coastline. It appears likely the success of renewable energy in the UK may lie in the treasures of the sea.