Wave and Tidal Energy: The Potential Economic Value
Wave and Tidal Energy: The Potential Economic Value is a study created by The University of Edinburgh’s Policy and Innovation Group in collaboration with Energy Systems Catapult and supported by Wave Energy Scotland.
Technological breakthroughs are very significant for the development and expansion of wave and tidal sectors
Governmental and private support can propel the expansion of these two industries from 2030 to the highest potential in 2050.
According to the study, the UK could see over 1300TWh of clean, secure, sustainable electricity produced and over £100bn net GVA created by the marine energy sector from 2030 to 2050.
By 2050, 14% of the electricity supply in the UK will be covered by clean, secure, and sustainable tidal and wave energy sources.
Significant economic contribution
The economic results might provide a NET GVA of £64.6bn for wave energy and NET GVA of £41.5bn for tidal stream between 2030 and 2050.
Two models were used to estimate the size of the domestic (UK) and global wave and tidal markets: Energy Systems Catapult ESME model and the International Energy Agency TIMES Regional model.