A Global Underwater Hub (GUH) has been launched today at Subsea Expo, aiming to transform the industry into one that will deliver thousands of jobs and help with the green recovery.
Backed by the Scottish and UK governments with £13m in funding, but led and governed by industry, the GUH will support growth in exports in line with net zero targets.
The UK’s underwater industry, currently valued at £8bn, with a third of the global market share, has the potential to grow to £45bn by 2035, creating an estimated 180,000 new jobs and around £20bn or more in exports for the UK.
A recent survey of the sector by the GUH revealed that almost 90% of subsea companies expect to recruit in the next 12 months, with a longer-term outlook already suggesting an additional 8,000 jobs over the next three years.
Neil Gordon, chief executive of the GUH, said: “The exponential growth of the blue economy presents an unprecedented scale of opportunity on which the UK’s underwater industry can capitalise.
“As the industry emerges from the uncertain and challenging pandemic period with a degree of optimism fuelled by opportunities in the energy transition and blue economy, the GUH will provide the specific market intelligence and support to help companies make informed decisions on which markets and sectors to target to deliver a step-change in growth.
“Already expanding on a global level, with multi-billion opportunities in emerging sectors where skills and technology are eminently transferable, such as floating offshore wind, wave and tidal energy and hydrogen, the industry is also buoyed by the growth potential in aquaculture, oceanology, defence and the continuing evolution of the oil and gas sector.
“The UK’s current position can be strengthened by bringing together existing skills and knowledge to develop technology and services for use in multiple sectors,” he added. “As the single authoritative body for the underwater industry, the GUH will provide the necessary leadership and strategic direction in navigating the future landscape of its market sectors.”
The GUH currently employs 15 staff in Aberdeen, with a view to reaching around 30 in total across the organisation. Two further hubs in the South and North of England are due to be launched in the next 12 months to ensure that specialist, sector specific support is available the length and breadth of the country.
The GUH aims to promote greater cross-sector collaboration, fast-tracking service and technological innovation to solve challenges in multiple underwater sectors.
Commercially focused market intelligence gathered by the GUH should give companies clear routes to market that inform strategic decision-making within the supply chain.
Through specialist support, it should also help companies scale-up and develop the skills and capability that will drive the UK’s competitive advantage.
Gordon concluded: “The GUH will play a pivotal role in delivering transformational change and exponential growth in this highly important industry.
“Unlocking the depth of opportunity under the oceans is key to meeting the long-term shift towards a low carbon society and sustainable use of the oceans’ resources and, in turn, to creating significant additional revenues, jobs, technology and exports for the UK.”
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