The global marine power industry could be worth as much as 460 billion pounds (US$760 billion) by 2050, with the U.K. comprising a sizable share of the market, the London-based Carbon Trust reported in a new analysis.
According to the trust, Britain is capable of capturing about one-fourth of the global wave and tidal power market if the country builds on its existing lead. This, in turn, could support up to 68,000 jobs by 2050, reports indicate.
The U.K. is home to 35 of the world's 120 to 130 companies developing wave and tidal power, according to the Carbon Trust.
The Carbon Trust estimated the potential energy production at 27,500 MW in the U.K. by 2050, which would be sufficient to power more than 20 percent of the current electricity demand of the country.
The Carbon Trust is a not-for-profit company providing specialist support to help business and the public sector boost business returns by cutting carbon emissions, saving energy and commercializing low carbon technologies.
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