Marine energy companies have invested more than £30 million in Scotland in the past 12 months and injected more than £200m into the Scottish economy.
A 'Marine Milestones' report by trade body Scottish Renewables, to be launched at an Inverness conference today, surveyed 17 firms last month and found £31.8m had been invested in the sector since August, 2013, and £217m to date.
A report earlier this year from the Marine Energy Programme Board found that every £1 of public support for the sector was typically leveraging £6 of private sector investment.
"Importantly, the research also showed that on average 62 per cent of the companies' supply chain is Scottish," Scottish Renewables said.
"This is a significant level of investment from a young industry and demonstrates an economic impact that can only grow as we move ever closer to the commercialisation of these technologies.
"However, the sector still faces a number of challenges which must be overcome if we are to maximise these economic opportunities."
"The member organisation said securing affordable grid connections and creating long-term market stability were two such challenges.
"Concerted effort is required from both industry and government to address these issues and unlock the huge potential presented to Scotland by our outstanding wave and tidal energy assets."
Marine energy - in which Scotland is seen as world leader - has been forecast to be worth £50 billion by 2050. Highlands & Islands Enterprise says Orkney's European Marine Energy Centre had delivered almost £150m of economic benefit by the end of 2011 for £33m of public investment.
Lindsay Leask, senior policy manager for offshore renewables at Scottish Renewables, said: "Wave and tidal energy is still very much the renewables' new kid on the block, but the opportunities it presents are enormous, particularly for Scotland. "
The report says several key developments have taken off in the past 12 months.
FloWave TT, the only test centre of its kind in the world, opened in Edinburgh, the Crown Estate released four new sites for commercial and demonstration projects, and MeyGen, the world's largest tidal stream development, secured a funding package to construct the first phase of a ground-breaking project.
MeyGen also achieved onshore and offshore planning consent during the year.
Other milestones saw Aquamarine Power's Oyster 800 device clocking up three full winters at sea, braving waves of more than 60ft - a world first - and Pelamis' two P2 machines delivering wave power to the grid for 10,000 hours, or nearly 59 weeks.
Ms Leask said: "Scotland already leads the world in the development of these audacious, innovative machines, and maintaining that position at the front of the global pack is something we believe is worthy of continued government support."
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