UK Department for Business, Innovation and Skills has released ‘The Size and Performance of the UK Low Carbon Economy’ report that covers the time period from 2010 to 2013. The report states the rates of employment in marine technologies industry was the lowest out of all in low carbon electricity sector.
The industries analyzed include onshore wind, offshore wind, nuclear energy, hydroelectric energy, solar photovoltaic, carbon capture and storage, and marine energy – incorporating wave and tidal stream, tidal range and wave power.
The report states that marine technologies and carbon capture and storage have experienced the lowest rates of employment growth over 2010-2013 time period.
Marine low carbon technology employment data for 2010 was 3.000, compared to 2013 where it amounted to 3.100, which represents the growth rate of 1.5 percent.
Marine technologies demonstrate 5.5 percent positive growth rate in turnover.
The report indicates that even though marine is still in the development phase, the commercialization of the sector is beginning to show an impact on its performance with 13.3 percent GVA (gross value added) compound growth rate. GVA is a measure of net output that is calculated by adding employment costs, depreciation and amortization, and gross profit.
The report also states that the limited growth of the sector is in proportion with limited business investments which amount to GBP 30 mln.
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Source/Charts: BIS