State of the Sector 2019: Economic Benefits for Wales

In 2019 Marine Energy Wales launched a new ‘State of the Sector’ report which summarises the positive contribution marine renewable energy is making to the Welsh economy.

The report highlights the findings of an industry survey conducted by Marine Energy Wales and provides information on wave, tidal stream and tidal range energy projects.

Highlights include:

• £96.2 million has been spent to date in Wales on the development of the sector, an increase of £27.9 million over the last 2 years. The sector is playing a key role in driving inward investment into Wales, with a number of international wave and tidal developers relocating their headquarters to Wales.
• 566 person years of employment have been created to date, particularly in coastal regions which are benefitting from well paid, highly skilled jobs. Wales’ peripheral economies are experiencing low carbon economic growth as result of this innovative industry.
• There are currently 16 marine energy developers actively progressing projects in Wales and strategic developments are taking place across the country to ensure that infrastructure, testing and demonstration facilities are in place to support the sector.
• Wales has the potential to establish an early mover advantage in an export market worth an estimated £76 billion by 2050, exporting marine energy technologies, skills, knowledge and intellectual property across the globe. The Welsh supply chain has the capability and ambition to deliver marine energy projects, and the sector is providing diversification opportunities to encourage supply chain resilience.