For nearly a decade, Marine Energy Wales has been dedicated to establishing Wales as the premier destination for developing sustainable marine energy.
Our annual State of the Sector report is a testament to this commitment, providing a comprehensive overview of the industry’s progress and potential.
As we release this year’s report, the findings underscore an industry not only growing but thriving, with promising prospects on the horizon.
The State of the Sector report is a compilation of data and narratives. Each year, we reach out to our members, gathering detailed information on their expenditures in Wales. We analyse regional statistics, employment figures, and diversity metrics, presenting a holistic view of the industry's health. But the report is more than just numbers; it’s a story. We feature interviews with industry leaders, capturing the voices and visions of those driving marine energy forward.
This year's findings are particularly encouraging. The marine energy sector in Wales saw an expenditure of £29.9 million, marking it as the second-highest year of spending to date. This level of investment reflects a robust and growing industry, signalling continued confidence and interest in Wales as a hub for marine renewable energy.
One of the most exciting aspects of our current landscape is the ripe opportunity for private investment. Projects with secured Contracts for Difference (CfDs) offer guaranteed prices, ensuring stable and attractive returns over the next 10-15 years. Investors who enter the market now stand to benefit significantly as these projects move from the planning stages to operational reality.
Many of these initiatives are at the cutting edge of technology, with the potential for global impact. Tidal stream devices developed and manufactured in Wales are not just for local deployment but can be exported worldwide. This positions Wales as a leader in the tidal stream sector, with the capacity to influence the global market significantly.
The recognition of Wales as a leader in marine energy is growing. Our innovative projects and the success of our developers in securing CfDs demonstrate our capability to not only develop but also commercialise marine energy technologies. This positions Wales as a strategic player in the global marine energy market, offering a competitive edge to investors and stakeholders.
Looking forward, the marine energy sector in Wales is set to continue its upward trajectory. With ongoing support from both public and private sectors, the foundations laid today will support sustainable growth and innovation for years to come.
The latest State of the Sector report highlights not only the significant achievements of the past year but also the vast potential that lies ahead. For investors, stakeholders, and the broader community, now is the time to engage, invest, and support this transformative industry.
For more detailed insights, download the full report from the Marine Energy Wales website
