Offshore renewables could boost the economy by almost £6.7 billion and help support 150,000 jobs by 2020, a new report has found.
This could be achieved if UK companies can "seize the opportunity" and put the industry on an accelerated growth path.
This would see total capacity of wind power projects in UK waters reaching 15GW (gigawatts), with 34,000 people employed directly in the industry.
The report was published by the Offshore Renewable Energy (ORE) Catapult, a UK body supporting innovation and rapid commercialisation for offshore wind, wave and tidal technologies.
It showed that if growth in offshore renewables was more "gradual" the sector could be worth £2.3 billion to the economy by 2020, supporting 50,000 jobs.
This would be the case if installed capacity reached 8GW by then, the research found.
Offshore wind power provided 3.6% of the UK's electricity supply in 2013, contributing £1 billion to the economy and supporting 20,000 jobs, including 5,000 in the sector itself.
But the report said that could increase dramatically in the next six years.
This could see turbine manufacturing worth £2.1 billion to the UK by then, while operations and maintenance work could contribute £1.4 billion to the economy, according to the report.
Under the "gradual growth path to 8GW installed in 2020, GVA can reach £2.3bn in 2020, with just under 12,000 direct jobs and 50,000 jobs supported in total".
The report added that by developing an "internationally competitive offshore renewable energy industry, the UK will benefit from investment in strategically important technologies and markets, economic diversification, increased international trade and greater economic competitiveness".
It also said the economic benefits of a larger offshore renewables sector could be spread throughout the country.
"The UK economic benefits generated in terms of wealth and employment creation will not be concentrated in one or two regions but will be dispersed across many local economies in the UK," it stated.
"This distribution of economic benefits will promote regional growth and greater economic parity across regions."
ORE Catapult chief executive Andrew Jamieson said: "The UK is in a strong position today, leading the world in both deployment and ambition for offshore renewable energy. We have the industrial base, research capability, regulatory framework and supply chain to continue to prosper and lead.
"This report clearly demonstrates the significant potential economic value of offshore renewables and why it is worth the investment now to develop and grow sustainable industries delivering energy from our offshore natural resources."
Jennifer Webber, of the industry body RenewableUK, said the report "makes a cast-iron case for maximum political support and investment in the offshore wind and marine energy sector".
Ms Webber said that the potential "jobs and the UK-wide economic reboot" highlighted in the report "won't happen to the full unless Government policy is 100% supportive".
She said: "To make the most of our world-beating resources, the offshore renewables sector needs certainty on policy, with Government standing four-square behind us to achieve growth at a brisk pace. We can't risk confidence melting away, or other European countries will leap in and grab as many of the manufacturing opportunities as they can.
"In particular, we're hoping the Chancellor George Osborne will make his support clear in his Budget Speech next week."
WWF Scotland director Lang Banks said: "This report underlines just how important offshore wind could be to Scotland's economy. In addition to thousands of green jobs, offshore wind would enable Scotland to cut climate change emissions and decarbonise its energy sector.
"However, if Scotland is to reap all the benefits offshore wind could provide then we urgently need to see the go-ahead given for some of the proposed developments in and around our coastline."