State of the Sector 2019 – Economic benefits for Wales
Marine Energy Wales authored the report “State of the Sector 2019 – Economic benefits for Wales in 2019”, where they summarized the contribution of the marine energy industry to the Welsh economy.
The Welsh government has stimulated the progression of the offshore renewable energy industry in the last years. Both supportive marine energy landscapes and new policy structures have encouraged the development of this industry.
The industry has delivered positive results to Wales.
- £96.2 million has been spent on the development of the marine energy industry. Tidal stream energy developers have contributed a total of £46.8 million of direct investment. Wave energy developers have contributed £12.5 million of direct investment and tidal range energy developers have contributed £6.2 million of direct investment to the Welsh economy to date.
- Wave and tidal energy companies have relocated their headquarters to Wales.
- The sector has created skilled employment for 566 persons in coastal areas.
- The local supply chain has been diversified and stimulated to deliver high-quality products and services for marine energy projects.
- Energy developers, such as Minesto, Nova Innovation, Bombora Wave power, and another 13 companies have advanced in projects with seabed agreements in place for over 362 MW of marine energy sites. Several sites have been identified as having the potential to generate almost 3.5 GW.
- Wales is adding value to the research and development network of the UK by developing a wide range of marine energy test and demonstration facilities. Wave, tidal stream and floating offshore wind developers will be able to test ideas and prototypes, reducing time, the risk and the cost of developing new technologies.
Wales is engaged with keeping the UK at the forefront of the global ocean energy sector. Exports from marine energy technologies, skills, knowledge, and intellectual property may allow Wales to be an early mover that achieves an export market worth around £76 billion by 2050.