The UK government must set more ambitious targets for the fledgling wave and tidal power sector and give greater certainty in terms of financial support to take advantage of potentially lucrative power export markets, a cross-party parliamentary committee said in a report at the weekend.
The UK is currently a world leader in the development of marine power, with seven of the eight full-scale prototype devices installed world-wide deployed around the country, the select committee on energy and climate change said.
But it warned that unless the government adopted a less cautious approach, commercial development of these devices could move to other countries.
"Britannia really could rule the waves when it comes to marine renewable energy," said committee chairman Tim Yeo. "A more visionary approach from the Department of Energy and Climate Change could help to boost confidence and drive the pace of development."
The report highlighted the need for investor confidence, policy certainty, public-private risk sharing, improved grid connections and a workforce with the necessary engineering skills.
"In the eighties, the UK squandered the lead it had in wind power development and now Denmark has a large share of the worldwide market in turbine manufacturing," said Yeo.
"It should be a priority for the Government to ensure that the UK remains at the cutting edge of developments in this technology and does not allow our lead to slip," he added.
DECC welcomed the report, "Future of marine renewables in the UK" published Sunday, saying it was fully committed to promoting the growth of the sector.
Renewable energy association RenewableUK estimates that by 2020 the industry could be worth GBP3.2 billion ($5.1 billion).
"The marine energy industry is now on the threshold of commercial viability, and the committee's report contains important recommendations which, if implemented, will help to push it towards becoming a major part of our electricity generation system," said Gordon Edge, RenewableUK 's director of policy.
He said certainty was key in the development of the sector but noted that current government proposals for support of the industry do not look beyond 2017.
"We don't yet have the certainty, and the committee's call for long-term clarity on government support for marine energy is timely," he said.
UK climate change minister Greg Barker said late last month that the country's first marine energy park would be developed along the south west coastal region of the country.
It was announced last week that Scotland's wave and tidal energy sector is set to receive a further GBP6 million as part of a second-round investment plan in development and testing of new technology.
