The marine renewables sector will generate more than 5,750 new jobs and inject an estimated £4.8bn into the South West economy from 2015 onwards, according to a new report commissioned by the South West RDA.

This relatively new sector is set to play a major role in the region’s economic future, the agency said.

The South West is capable of generating 9220 MW of electricity from various marine sources according to recent research, enough power for more than double the current domestic electricity needs of the whole of the South West.

Once installation of the technology takes place most of the work will be in ongoing operations and maintenance, with more than 5,000 people involved in this by 2030, according to the ORRAD (Offshore Renewables Resource and Development – South West Economic Impact Assessment) report, commissioned by the South West RDA.

The industry will represent about 0.2 per cent of the future total employment in the South West, making it one of the most important future employers, alongside more mature sectors such as aerospace (0.79 per cent).

The £4.8bn boost to the economy will come significantly from offshore wind technology being deployed, but wave and tidal technologies also make substantial contributions. This level of activity will require significant investment in the region.

Claire Gibson, director of sustainable resources at the South West RDA said: “The ORRAD report’s findings highlight the significance of the marine renewables sector to the future of the region – not just through environmentally friendly electricity production, but also to the future employment and economic growth of the South West.

“These findings also reinforce the work and funding we have put into projects such as the Wave Hub and the research of Peninsula Research Institute for marine Renewable Energy. Hopefully this mantle will be taken up by successor agencies in the future and our commitment to renewable energy in the South West continued.”

Nick Ames, managing director at Devon-based military vehicle manufactuer Supacat, said: “The ORRAD project confirms the South West has exciting potential for offshore renewables development over the next 20 years. At Supacat, we have been actively examining how we use our ‘hostile environment’ engineering skills in this industry over the last year. We are now working on a project to develop a device in the wave sector and looking at a solution for improving access to offshore wind turbines.”