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Legal insights & industry updates

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"The Blue Opportunity" and the incredible growth potential for the UK subsea sector

This week, the Global Underwater Hub ("GUH") (a new trade and marketing body launched at the Subsea Expo in Aberdeen) has published a white paper (The Blue Opportunity: unlocking a depth of sustainable wealth under the ocean), highlighting the potential for huge growth within the UK's underwater industry.     

As the successor to Subsea UK, GHU has been set up with the goal to transform the UK's underwater industry and accelerate the energy transition.  In pursuit of this aim, the GHU hopes to create high value, sustainable jobs, technology and exports for the UK, and to cement and grow the UK's world-leading reputation in the underwater industry.         

According to GUH, the underwater industry comprises several key market sectors, and includes (to name a few) sectors such as offshore energy, aquaculture, telecommunications, defence, offshore wind, and decommissioning.  GUH estimates that the underwater industry is currently worth around £8bn in revenue, with the potential for this number to grow to £45bn by the year 2035.  

In recognising the opportunities presented by the energy transition, GUH note that: 

"The synergies between existing technology and expertise in the underwater industry and what is needed to fulfil the CCUS [Carbon Capture Utilization and Storage] and hydrogen opportunities are viewed as almost perfect."  

You can read the GUH white paper here: https://www.globalunderwaterhub.com/documents/documents2022/guh_white_paper_digital.pdf    

The UK’s underwater sector, currently accounting for £8bn in revenue, has the potential to grow to £45bn by 2035 in line with a rapidly expanding global market – and aquaculture is helping to drive that demand.

Tags

natural capital, marine economy, energy_natural_resources

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