The Irish marine renewable energy sector could be valued as high as $10.1 billion by 2030, the country's energy minister said at a Friday investment conference.

"The development of Ireland's marine renewable energy sector will contribute to the generation of carbon-free renewable electricity," Irish Energy Minister Alex White said in his address. "In the process, it will enhance the security of Ireland's energy supply, deliver green growth, and add to the 47,000 jobs already supported by Ireland's energy sector."

White said the government aims to back the emerging industry with as much as $29 million in research and development support through 2016. With a maritime acreage ten times the size of its land mass, White said the Irish islands offer some of the best offshore renewable energy prospects in the world.

Onshore, Ireland since 2003 has installed approximately 150 wind farms with a total electricity capacity of 1,738 megawatts. The government has said there might be enough wind energy on the electrical grid to meet 40 percent of the country's annual energy needs by 2020.

The government last year said sustainability, security and competition will be the cornerstones of a new energy policy meant to respond to the energy price impact of the North American shale boom and mounting concerns over the climate impacts of fossil fuels

"Over time, the introduction of ocean energy into Ireland's renewables portfolio will result in an indigenous ocean sector with significant economic and employment benefits," White said.