The tidal lagoon energy sector could be worth more than £70 billion to UK industry.

Tidal Lagoon Power has released a report exploring the opportunities the growing sector could present to British industry. The group also launched a tender for the design and construction of a new £22m turbine factory in Swansea Bay.

The report suggests Britain is well placed to become a global leader in both the generation of tidal lagoon energy and the manufacture of turbines, generators and turbine housings. This is thanks to a head-start in adopting the technology as well as strong, reliable tides.

It suggests the domestic market for “made in Britain” tidal lagoon equipment could total £41 billion. Exports to the global market could add to this figure by roughly another £30 billion.

Mark Shorrock, Tidal Lagoon Power’s Chief Executive, said: “This report captures the hard work of today’s industrialists to ensure tidal lagoons are British engineered, that the manufacturing supply chain is British, and that we seize and own what can be a £70 billion sector for this nation. It is an extraordinary opportunity.”

The 100m long Turbine Manufacturing & Pre-Assembly Plant is to be built between the Kings and Queens Dock at Swansea Bay.