Wave and tidal energy may provide 2,000MW of power to the UK by 2020, according to the government.

At present, wave power and tidal industries generate 2.4MW of power. The new target is 800 times bigger than the current capacity, reports Bloomberg.

Germany’s Siemens and Vattenfall of Sweden are moving into the area as it grows, RenewableUK offshore power head Peter Madigan told Bloomberg.

The government should invest £150m to £200m by 2020 and move towards a billion-pound industry by 2030, Madigan said.

The marine power sector with an installed capacity of 2.4MW has another 27MW of projects in the planning consent stage as well as 77.5MW being planned.

The UK plans to generate 30% of its power from renewable energy sources by 2020, up from the current 5.5%.