A report by the Energy and Climate Change select committee suggested that energy generated from waves and the movement of tides could supply a fifth of the UK's power.
The MPs said the UK could lead on developing the technology, which would boost manufacturing and jobs and allow Britain to export equipment and skills to other countries looking to make use of marine resources for power.
The industry could directly provide 10,000 jobs by the end of the decade and as many as 68,000 by mid-century, when the sector could be worth £76 billion in the UK alone.
The UK is currently the leader on wave and tidal stream power, which are more reliable than some other renewables such as wind, and seven of the eight prototype devices installed around the world are in British waters.
But the report from the MPs warned that an "overly cautious approach may allow other countries to steal the UK's lead", highlighting that the UK was once a leader in wind turbines but failed to establish a domestic manufacturing industry. Read the full report here.
Source: The Press Association, Google.com.
