A recent estimation of the potential of the subsea industry in the UK reveals that it stands at a market value of £7.5billion in 2017 as against a figure of £8.9billion in 2014. On the front of employment generation, the sector currently reaps 45,000 jobs in the UK compared to 53,000 in 2014. The steep decline the oil and gas sector has caused disruptions in the industry but it continues to maintain a respectable position in the economy of UK.
Contemporary and Historic Data
Offshore wind has been a bright domain wherein the sales have escalated to £1.3billion in the contemporary times from £770million in 2014. The annual revenues generated from exports by the UK account for 55% of annual revenues, and the renewables are also expected to experience 20% growth over the coming years. In terms of exports, 80% of huge players are expected to elevate their exports out of which a third of companies believe that the sales would increase by 10 to 20%. Furthermore, majority of SME’s are also anticipated to bid on increasing their exports to gain similar growth in sales.
Dynamics Assisting the Industry
The subsea sector in the UK has been evolving over the past years and is now one of the largest industry sectors of the region. The development of underwater technology along with the rampant advancements in manufacturing and engineering have led to this propulsion. The subsea industry has subsequently extended its roots to the domain of oceanology, defense, and now offshore wind.
Experts believe that the UK can continue to maintain its prestige in the subsea sector by placing it at the helm of industrial development and considering it as a fruitful sector that offers great growth opportunities.