The global wave power market could be worth £76 billion by 2050 and supply 10% of global energy demand, a report has estimated.

Wave technology development company Marine Power Systems (MPS) has calculated that waves could supply 4,000TWh of electricity each year, with a generating capacity of 337GW.

Gareth Stockman, Managing Director at MPS, said: “The world is rapidly transitioning to a low-carbon future.

“With stable government policy, steady investment and joined up communications from industry partners, the wave energy industry can become an economic success story, following in the footsteps of more mature renewable technologies such as wind and solar to become a source of reliable, affordable, clean energy.”

Subsidies needed

The report noted that the UK had already invested £450 million into developing wave power.

It also highlighted that Europe holds one-third of global wave energy capacity.

With 45% of global wave energy companies based in the EU, the report suggested that Europe will be able to exploit an annual market worth €53 billion (£46bn) if the right support is put in place.

> Download the report