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Former Energy Minister Charles Hendry has made 30 recommendations in his report, stating the evidence is clear that tidal lagoons can play a "cost effective role" in the UK's energy mix.
Developer Tidal Lagoon Power, which plans to build the 320MW Swansea Bay scheme, gained planning consent for the scheme in 2015.
The Government ordered a review after raising concerns over the cost and level of subsidies it would take to make the energy method viable.
In his report, Mr Hendry stated: "I conclude that tidal lagoons would help deliver security of supply; they would assist in delivering our decarbonisation commitments; and they would bring real and substantial opportunities for the UK supply chain."
However, he added smaller 'pathfinder' projects (less than 500MW) would need to developed before moving onto larger scale projects.
"This means that a clear long-term Government strategy in favour of tidal lagoons will be required if the full supply chain and cost reduction opportunities are to be realised.
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"Tidal lagoons can be an important and exciting new industry for the United Kingdom. We are blessed with some of the best resources in the world, which puts us in a unique position to be world leaders," he continued.
It is estimated a pathfinder project would cost about 30p per household per year over the first 30 years, while a large scale scheme would be less than 50p over the first 60 years.
Out of 30 recommendations made in the report, key highlights include:
• An allocation by a competitive tender process for large scale tidal lagoons
• Informing the consenting process with a National Policy Statement for tidal lagoons similar to Nuclear new build, where specific sites are designated by the Government as being suitable for development
• The establishment of a new body (Tidal Power Authority) at arms-length from Government with the goal to maximise UK advantage from a tidal lagoon programme.
Mark Shorrock, Chief Executive at Tidal Lagoon Power, welcomed the findings.
He said: "With the publication of the Hendry Review we've hit peak consensus. Home-grown power from the tides, starting at Swansea Bay, is something we can all agree on: communities and investors, conservationists and industrialists, politicians of all persuasions and now an independent government review, all singing from the same hymn sheet.
"The Hendry Review has set the final piece of the jigsaw in place: a watershed moment for British energy, British manufacturing, British productivity and our coastal communities. We look forward to working with Ministers and Officials to bring this new industry to life."
Energy Secretary Greg Clark added: "The Government's energy planning is focused on ensuring affordable, secure, low-carbon energy. We will now consider recommendations and determine what decision is in the best interests of the UK energy in the long term."
Image: CGI of Swansea Bay Tidal Lagoon scheme.
(LM/JP)
