Role of Marine Science and Technology in the UK Economy

The UK's Society of Maritime Industries (SMI) has conducted a third survey at Ocean Business 2011, focused on UK companies engaged in Marine Science and Technology (MST) activities. The estimated market size for the UK-based MST business sector is over GBP1.1 billion, which is an increase on previous years and suggests a positive outlook for the future of the MST industry. Particularly important market sectors for business are offshore oil and gas, renewable energy, defence and environmental monitoring. 

 

As with earlier studies, this report aims to provide an insight into current business activity in terms of market sectors, market size and business confidence both current and forecast. This 2011 report has the additional benefit of data comparison with the previous years, allowing identification of possible trends in marine science and technology business.

 

Even with the increase in the number of companies interviewed, companies reported a substantial increase in employment with an overall increase of 63% which is reflected in the turnover increase of 76% in the past 12 months.

 

Europe remains a significant region for UK export in marine technology with the Middle East and Asia/Pacific emerging as strong growth areas.

 

Business outlook is highly positive with 65% of companies experiencing growth in the past 12 months and over 70% of companies predicting growth over the next 12 months.

 

The recession has had a lower negative effect on companies in the MST sector when compared with last year.  However, it still remains as having the most significant impact for 60% of companies.

The MST sector is set for considerable growth with over 90% of the companies surveyed predicting an increase in the market for their products and services over the next 12 months.