GUH Business Survey 2024 | Enabling Commitment
In 2024, Global Underwater Hub once again gathered the views and opinions of companies working in the underwater industry. The results of the 2024 Business Survey offer insight into the scale of the market, where firms anticipate opportunities for growth and the level of confidence they have in projects moving from initial planning to installation.
Analysis of the survey carried out by Global Underwater Hub’s Market Intelligence team outlined that the UK’s underwater industry’s importance to the country had grown. The sector now contributes around £9.2 billion to the nation’s economy, a 15% rise compared to 2019. With world leading capabilities, belief that their organisations have the capacity to meet current objectives and strong confidence around market prospects the supply chain has a positive mindset, but one that is tempered with concerns around commitment.
Market Opportunities
The report, which is free to download, paints the picture of a supply chain and energy industry in transition. While the oil and gas industry continues to be the dominant sector of focus for companies in the short-term, 92% of respondents consider offshore wind to be their primary or secondary market of focus. Market opportunities across other underwater sectors are also being noted, but with a degree of caution that is reflective of their earlier stages of development.
For the underwater industry and its supply chain to flourish and thrive it needs commitment. Commitment around policy, timeframes, consenting, government support and investment. Only with these will the full potential of substantial pipeline of opportunities in the UK be unlocked for the country’s supply chain.
With its decades of expertise, the UK underwater supply chain is in demand internationally. Nearly two-thirds of industry’s revenue is generated through exports as a result. Overseas markets offer opportunities for growth and to further build exports for the UK economy, but allied to this is the need to keep the UK supply chain firmly rooted in the country in order to continue supporting new developments, retaining skills and general capability.
Recommendations
The report also outlines a series of recommendations that Global Underwater Hub believes are critical to unlocking the full potential of UK’s world leading underwater sector.
The organisation is calling for:
- The introduction of a national industrial strategy
- Targeted investment, support and policy in areas of genuine international competitiveness
- Initiatives to address concerns around project surety
- Development of a sustainable skills economy
To read the recommendations in full and download a complimentary copy of the complete report, click here.
The results of the survey will again inform, influence and assist decision making across the spectrum of underwater industry stakeholders, which includes government, investors, technology developers, training providers and industry.
READ AND DOWNLOAD
A digital copy of our Business Survey 2024 can be downloaded for free using the link below.
Hard copies of the report will also be available from Global Underwater Hub offices throughout the UK and at upcoming events.
FURTHER INFORMATION
For further information about the survey, please email us at BusinessSurvey@theguh.co.uk