The State could become a world leader in marine renewable energy, which is set to grow by 987 per cent globally over the next four years, according to a report for the Marine Institute.

The report, by consultants Douglas-Westwood, says that the Republic's "outstanding wind, wave and tidal regime" offers very high growth prospects and a large return for investments over the next four years.

Low international awareness of Irish marine activities should be addressed by initiating an Irish "maritime brand", underpinned by "high visibility, long-term Government support", the study says.

The study, which was commissioned as part of preparation for the State's marine research programme to 2009, recommends that the Republic's strategy in attracting high-tech firms in software and pharmaceuticals should be mirrored in the marine sector.

It identifies aquaculture, maritime commerce, marine technology and biotechnology, marine education, ocean surveying and tourism as significant growth areas.

The report estimates the value of the global maritime sector at €3,850 billion, employing 1.5 million people in Europe. It notes that small states such as Denmark, Greece and the Netherlands have developed major marine industries.

Offshore oil and gas is the world's largest marine industry in terms of value of output, the report says, and is benefiting from a long-term growth in demand, increased oil and gas prices, and the growing importance of gas as a fuel.

It says that the State's potential lies in "internationally mobile" sectors which are receptive to advantageous tax regimes, would benefit from new technology and would be particularly suited to Ireland's natural environment. The report cites aquaculture as an example where the State can be promoted as a "green and clean" producer.

It says that maritime commerce focused around Dublin's shipping and financial community offers potential but requires an attractive taxation environment.

The State's expertise in relation to the national seabed survey should also be marketed and tourism is a significant sector.

Marine renewable energy displays the largest growth area of any sector, and should increase to nearly €6 billion by 2009 - with a 131 per cent annual growth rate amounting to 987 per cent between now and 2009. Most of the expenditure will be on wind farms, while there is also "embryonic" wave and tidal activity, the report says.