Global Underwater Hub, the leading trade and industry development body for the UK’s underwater sectors, has launched its annual Business Survey to gauge the capability, capacity and confidence of the UK’s £8billion underwater industry.

The underwater industry membership organisation, which represents companies working across the oil and gas, offshore wind, marine renewables, hydrogen, CCUS, decommissioning, aquaculture, defence, telecoms and seabed minerals sectors, aims to establish the readiness of the supply chain to deliver upcoming projects.

Major investment is planned across the underwater sectors in the coming decades, both in the UK and overseas, to help address macroeconomic issues, including security of energy supply, enhancing a globally connected world, and improving food security for an increasing global population.

As part of energy transition plans globally, billions of pounds of investment will continue to be made into oil and gas production by 2030, while an estimated £625bn is expected to be spent increasing the generating capacity of offshore wind farms within the same time frame.

Featuring a comprehensive series of questions, the survey sets out to be a definitive voice of the supply chain. It aims to build a picture of its capability and capacity to supply the expected market opportunities, and what business confidence companies have in these new markets, both from a sectoral and geographic perspective.

Global Underwater Hub is keen that its research has insight from all sections of the supply chain, both in terms of business size and primary market sectors. The results will provide industry with a comprehensive review of supply chain capability in the subsea and underwater sectors.

The survey launched today [Tuesday, 27 June] and will be open for responses for eight weeks, closing on Friday, 18 August.  Results of the Business Survey will be published in a report in the autumn and unveiled at a dedicated event. Findings will be used to inform, influence and assist decision making across the broad spectrum of stakeholders involved in the underwater sectors, including government, investors, technology developers and the supply chain itself.

Steve Fernie, strategic programme manager at Global Underwater Hub, who is overseeing the business survey, said:
“This is an important piece of research for Global Underwater Hub and the wider underwater industry. To unlock its full future market potential, we need to get below the detail of the market value and understand the capacity, capability and confidence of companies working in the wide range of underwater sectors.

“We are aware that there is significant demand coming, but it is far too simplistic to assume that the supply chain simply needs demand to succeed. The reality is that there is investment, some upskilling, substantial reskilling and adjustment required to be well positioned for these new requirements.

“Over the coming weeks I’d encourage Global Underwater Hub member companies and all the businesses working in the underwater supply chain to take time to contribute to the survey so that we can build as clear and informed a view as possible.”

Further information on the Global Underwater Hub Business Survey 2023 can be found here. 

KeyFacts Energy Industry Directory: Global Underwater Hub