Innovative marine energy technologies could unlock tens of billions of pounds for the UK economy and support hundreds of thousands of jobs by 2050.
That’s according to a new study by the University of Edinburgh’s Policy and Innovation Group.
The report, which models deployment scenarios for floating offshore wind, tidal stream and wave energy, finds that these emerging renewables could deliver between £21bn and £86bn in gross value added (GVA), depending on how much of the supply chain is retained within the country.
At the heart of the study is a clear message: bold investment in offshore renewable energy (ORE) could cement Britain’s leadership in clean energy innovation, while creating significant economic and employment returns.
If the UK backs its ambitions with targeted policy and supply chain development, marine renewables could support nearly 68,000 full-time jobs by 2040, rising to 166,000 by 2050.
Over the period from 2025 to 2050, that equates to 750,000 job-years—almost half of them in domestic projects.
The export potential is equally significant, with higher-ambition scenarios pointing to £45bn in GVA and up to 850,000 job-years from international deployments.
Manufacturing is expected to provide the lion’s share of both GVA and employment, especially the production of floating foundations for offshore wind.
Operations and maintenance will also become an increasingly important economic driver over time, particularly as capacity expands.
However, the report is unequivocal: these benefits are not guaranteed.
Achieving them depends on meeting cost and performance milestones set out in Strategic Energy Technology Plans (SET Plans), through R&D-led cost reduction and successive project deployments.
Crucially, government backing—especially for the domestic supply chain—is essential to realise this potential.
The report recommends urgent policy action to scale up UK content across the ORE value chain, from manufacturing to deployment and export.
It also calls for greater investment certainty and a long-term policy framework that ensures these technologies play a central role in meeting the UK’s Clean Power 2030 and Net Zero targets.
Without coordinated intervention, the report authors say we will miss out on both the economic prize and the chance to lead in the next generation of renewable energy.
