A new report from the University of Edinburgh and the Supergen ORE Hub has shed light on the size of the prize lying just off our coast. According to the study, emerging offshore renewable energy (ORE) technologies – including wave, tidal stream and floating wind – could support 160,000 jobs and add between £21billion and £86billion to the UK economy by 2050.

Figures of this magnitude don’t come around very often. What we’re looking at is a once-in-a-generation opportunity for the UK to lead the world in marine energy, but only if it invests strategically in the supply chain today.

At Mocean Energy, we welcome this timely and robust analysis. The findings underline what we’ve long known; that wave and tidal energy are major engines of economic growth, exports and job creation, as well as being vital to achieving net zero in a timely and orderly manner.

Wave and tidal: the UK’s global advantage

While floating wind has been widely championed by both the UK and Scottish governments, the report makes a compelling case that wave and tidal technologies offer greater export potential.

Under a ‘high ambition’ scenario, where the UK develops a strong, modernised domestic supply chain and leads in global deployments, wave energy could deliver over £30billion in Gross Value Added (GVA) to the UK economy. Taken with tidal stream, which could contribute more than £20billion, it could support over 80,000 jobs.

Moreover, wave energy could account for more than half of the total economic value from emerging ORE technologies by 2050, with tidal stream contributing nearly a third.

Combined, wave, tidal, and floating wind technologies could deliver over 57 GW of renewable capacity by 2050.

Why supply chain investment matters

The report compares two possible futures; a ‘high ambition’ scenario in which the UK retains a significant share of the value chain for both domestic and export markets, and a ‘low ambition’ scenario where the UK misses the opportunity to build local capacity and forfeits leadership to overseas competitors.

The difference in economic return between these paths is staggering – as much as £65billion.

Therefore, the message is clear. If we want to capture the full potential of marine energy, we need to invest now in supply chain development, innovation and long-term market support.

In support of this aim, the report has outlined three critical actions the UK Government must take:

• Firstly, the study states continuation and expansion of mechanisms like the Contracts for Difference (CfD) scheme – combined with clear deployment targets – are essential. They send a strong signal to investors and developers alike that the UK is serious about scaling these technologies.
• To stay at the cutting edge of device, subsystem and component development, innovation funding must also be strategic and long-term. Public funding should catalyse private finance, especially for projects nearing commercial deployment.
• And finally, the UK must upgrade its supply chain capabilities – adopting digitalisation, automation, and advanced manufacturing – alongside focused workforce development. These investments will not only strengthen domestic projects but also position the UK as a global exporter of high-value marine energy systems.

Unlocking a £50billion+ opportunity

Wave and tidal technologies are proven, predictable and ready to scale – the economic and environmental case for marine energy has never been clearer. With the right decisions, they can add more than £50billion in GVA by 2050, support 80,000+ skilled jobs, anchor a thriving export market and deliver a clean, resilient energy system

Mocean Energy is proud to be part of a pioneering UK sector that’s poised for global impact. But to realise this potential, we need targeted action now.