Wales could attract a £47 billion investment opportunity from renewables by 2035.
The new analysis was shared on November 12 at Wales' largest renewable energy conference.
The research, conducted by BiGGAR Economics and commissioned by RenewableUK Cymru, Solar Energy UK, and Marine Energy Wales, maps out the potential economic impact of hitting Wales's renewable energy targets for onshore wind, offshore wind, solar, and tidal power.
The analysis estimates an annual average investment of almost £4 billion, peaking at £7 billion in 2028.
Offshore wind, forecasted to account for £32.4 billion of this total, could become the backbone of Welsh economic growth by 2035.
However, to secure thousands of new, well-paid jobs and capture the maximum local investment, an effective industrial strategy and port infrastructure upgrades are urgently needed.
Onshore wind represents Wales’s fastest path to growth, with a projected £4.5 billion in investment that could enable onshore wind capacity to reach just over 3 GW by 2035, provided planning and grid capacity issues are swiftly addressed.
While the recently released NESO 2030 Clean Power report outlines ambitious plans for grid reform to accelerate renewable energy delivery across the UK, Wales’ progress remains constrained by immediate resource shortages in planning.
Jess Hooper, RenewableUK Cymru director, said: "Wales stands at the threshold of a historic opportunity.
"By harnessing this renewable investment potential, we can secure Welsh jobs and build a secure, long-term local economy across all parts of the country."
Nikki Keddie, BiGGAR Economics director, said: "The size of the renewables opportunity in Wales is immense.
"To put it into perspective, the £47 billion private investment needed to meet our targets is equivalent to the cost of building 208 Principality Stadiums."
The 2024 Welsh wind power report shows interest in developing renewable energy in Wales has surged, with the Welsh pipeline of projects up by 18 per cent this year.
However, with delays in consenting and a constrained grid network, the Welsh wind portfolio is forecast to make up only five per cent of the UK's total capacity by 2035—lagging far behind Scotland’s ambitious 64 GW projection.
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