Offshore renewables could boost the economy by almost £6.7billion and help support 150,000 jobs by 2020, a new report has predicted.
This could be achieved if UK companies can “seize the opportunity” and put the industry, which includes wind as well as wave and tidal energy, on an “accelerated growth path”.
The most optimistic scenario in the report, published by the Offshore Renewable Energy (ORE) Catapult, relies on the UK being able to produce 15gigawatts (GW) of energy from offshore renewables.
But even a more modest scenario of 8GW would contribute £2.3billion to the economy and support around 50,000 jobs – 12,000 of those directly, the researchers said.
Wind turbine manufacturing could be the largest contributor to the economy, making up £2.1billion at the upper end of the prediction range, with operations and maintenance set to add £1.4billion.
Marine energy is not expected to reach large commercial scale deployment by 2020, but as much as £110million could potentially be realised from tidal stream demonstration projects, the report added.
The impact study, conducted by the Fraser of Allander Institute at Strathclyde University and BVG Associates, said the “accumulation of know-how in the effective operation and maintenance of assets will provide an exportable service industry similar to that achieved by the oil and gas industry over recent decades”.
ORE Catapult chief executive Andrew Jamieson said: “The UK is in a strong position today, leading the world in both deployment and ambition for offshore renewable energy.
“We have the industrial base, research capability, regulatory framework and supply chain to continue to prosper and lead.
“This report clearly demonstrates the significant potential economic value of offshore renewables and why it is worth the investment now to develop and grow sustainable industries delivering energy from our offshore natural resources.”
Jennifer Webber, of the industry body RenewableUK, said the report “makes a cast-iron case for maximum political support and investment in the offshore wind and marine energy sector”.
Ms Webber said: “To make the most of our world-beating resources, the offshore renewables sector needs certainty on policy, with government standing four-square behind us to achieve growth at a brisk pace.
“We can’t risk confidence melting away, or other European countries will leap in and grab as many of the manufacturing opportunities as they can.
“In particular, we’re hoping the Chancellor George Osborne will make his support clear in his Budget speech next week.”