U.K. To Lead in Global Offshore Wind and Wave Power Market

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Researched by Industrial Info Resources (Sugar Land, Texas)--The U.K. is well positioned to carve out the lion's share of the global offshore wind and wave power market, generating up to £70 billion ($113 billion) and more than 220,000 jobs. The bold claim comes from the Carbon Trust, the independent company set up in 2001 by the U.K. government to help companies lower emissions, accelerate the development of low-carbon technologies and invest in renewable power ventures.

Launching its "Clean Tech Revolution" campaign, the Carbon Trust says that with the right planning, the U.K. could seize 45% of the global offshore wind market by 2020, delivering more than £65 billion of net economic value and 220,000 total jobs by 2050. To get there, though, the U.K. will need to ditch "technology neutrality" and begin making smart investments through greater technology prioritization. Offshore wind and wave power can provide at least 15% of the total carbon savings required by the U.K. to meet the country's 2050 targets.

To get things off the ground, the U.K. has to take a much more commercial approach to developing the offshore wind and wave power sectors, the Carbon Trust claims. This will include investments of up to £600 million in research and development, the removal of regulatory barriers and new incentive mechanisms. The Carbon Trust said it is confident that two thirds of the economic value will come from the fast-growing, low-carbon technology export market, but only if investment into the U.K. is made attractive.

The Carbon Trust estimates that 25% of the world's wave technologies are already being developed in the U.K., making the country the potential "natural owner" of the global wave power market, generating revenues worth £2 billion per year by 2050 and sustaining up to 16,000 direct jobs.

"These technologies are not green 'nice to haves' but are critical to the economic recovery of the U.K.," said Tom Delay, CEO of the Carbon Trust. "To reap the significant rewards from their successful development we must prioritize and comprehensively back the technologies that offer the best chance of securing long-term carbon savings, jobs and revenue for Britain. We have known for a while that the U.K. has an important role to play in the Clean Tech Revolution. But, rather than following in the footsteps of others, this new analysis shows it is an economic no brainer to be leading from the front. The global race is clearly on and the clock is ticking."

The Carbon Trust's proposals have been greeted with enthusiasm from different parts of the energy market. Maria McCaffery, Chief Executive of the British Wind Energy Association (BWEA) said: "We believe that this report is a benchmark step in terms of joined-up thinking for R&D in the U.K.'s 'Clean Tech Revolution,' something the offshore wind, wave and tidal industries have been pressing on for some time. Tailoring U.K. financial support to specific technology groups by addressing their entire funding landscape, integrating innovation and business, will allow the U.K. to cement its position as global market leaders in the green technologies identified.

"BWEA are confident that the offshore wind, wave and tidal industries will rank highly in the assessment procedure outlined in this report, as the U.K. will require rapid deployment of all three technologies if it is to meet its future renewable energy and carbon-reduction targets."

IIR's Renewable Energy Database provides extensive coverage on the Wind Energy, Geothermal, Hydroelectric, Landfill Gas-to-Energy and Utility-Scale Solar power plants throughout North America, and now expanding coverage across the world.

Industrial Info Resources (IIR) is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy related markets. For more than 26 years, Industrial Info has provided plant and project opportunity databases, market forecasts, high resolution maps, and daily industry news.