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The UK, which is a leader in the marine energy sector, accordig to analyst Frost & Sullivan, possesses 50 per cent of Europe's wave power potential.
In the marine energy sector, which could be worth up to £190 billion a year in revenues, the UK has established itself as a leader in terms of activity and support, it claimed.
Marine power, which includes wave and tidal power could meet 20 per cent of the UK's energy needs, while worldwide it could meet ten per cent of electricity demand.
And, this potential could become lucrative because of the focus on climate change, energy security and rising oil prices.
"After the loss of interest in the sector following the fall in oil prices in the 70s, marine energy has now been given a new lease of life," said Frost & Sullivan research analyst Gouri Nambudripad.
Frost & Sullivan warns that the marine sector could be held back because other renewable energy sources already have mature technology in place.
The government has committed the UK to meeting 15 per cent of energy needs from renewable sources by 2020.
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