More than 5,000 jobs could be created in south-west England through renewable energy by 2030, says a report.
The study was commissioned by the South West Regional Development Agency (RDA).
It also says offshore wind technology and wave and tidal resources could generate millions of pounds for the local economy.
But the Offshore Renewables Resource and Development (ORRAD) report said "significant investment" would be required before the jobs were created.
The report said that wind farms, tidal and wave power could generate £48bn for the local economy.
Most of the jobs would be in operating and maintaining offshore wind farms, tidal and wave power stations.
Projects in the pipeline include 350 turbines in the so-called Atlantic Array wind farm off the north Devon coast.
The RDA, which will be replaced by Local Economic Partnerships by 2012, has managed the installation of a £42m wave energy testing station, called the Wave Hub, off north Cornwall.
The RDA has also helped create the Peninsula Research Institute for marine Renewable Energy (PRIMaRE), which brings together researchers from the University of Plymouth and the University of Exeter.
Claire Gibson, director of sustainable resources at the RDA said: "The findings of the ORRAD report highlight the significance of the marine renewables sector to the future of the region.
"These findings also reinforce the work and funding we have put into projects such as the Wave Hub and PRIMaRE.
"Hopefully this mantle will be taken up by successor agencies in the future and our commitment to renewable energy in the South West continued."