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Socio-economic Finance Progress report

Marine Energy Wales 2022 State of the Sector

The 2022 State of the Sector report from Marine Energy Wales shows that wave and tidal stream continue to grow in Wales.

Despite a slight slowdown in growth rate compared to previous years, supply chain investment saw a rapid increase – a probable response to the project pipeline supported by the Contract for Difference scheme in the UK. This demonstrates increased confidence in the sector, with companies seeing a clear business case to invest.

Socioeconomic benefits can already be seen in the region, and a large supply chain cluster has been established around the Port of Milford Haven. Construction represents the most employment within the sector, highlighting the jobs benefit of establishing Wales as a manufacturing hub for wave and tidal energy as more projects in regional, national and international waters are deployed.

Key findings

Research across Wales’s universities and academic institutions accounts for a combined spend of £4.6 million.

Supply chain net spend was £3.7 million.

Tidal stream saw a combined total spend of £3.8 million.

Wave & Floating Platform Technologies saw a total spend of £1 million.

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