Discover how the Global Underwater Hub is empowering North East firms to thrive in the £140 billion underwater market. Explore their game-changing initiative for industry transformation.
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A significant push to empower North East companies to claim a larger stake in the burgeoning multibillion-pound underwater industry has commenced in Tyneside, UK. The launch of the Global Underwater Hub (GUH), a national trade organization born from Subsea UK, marks a pivotal moment in the sector. Representing approximately 300 members, GUH has inaugurated its base in Newcastle, which will serve as a focal point for the northern region. This initiative aims to assist companies in navigating the global underwater market, currently valued at an estimated £50 billion, with projections foreseeing it reaching £140 billion by 2035.
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- GUH, a national trade body representing around 300 members, has launched in Newcastle to support North East firms in the rapidly growing underwater market, projected to reach £140 billion by 2035.
- The underwater market spans various sub-sectors, including oil and gas, renewables, aquaculture, defense, and subsea mining, contributing to the global $3 trillion ‘blue economy.’
- GUH’s vision is to transform the underwater industry into one of the largest and fastest-growing sectors in the UK, akin to Formula One’s high-tech, competitive environment. They aim to drive innovation and contribute to the transition to a net-zero carbon economy.
- The recent failure to attract bids in the Contracts for Difference allocation round for wind farm developers is seen as a ‘wake-up call.’ GUH stresses the need for urgent attention to maintain the UK’s position in the evolving underwater market, especially in offshore renewable.
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Exploring the Underwater Market by the Numbers
As part of the global $3 trillion ‘blue economy’, underwater services encompass a diverse array of sub-sectors, including oil and gas, renewables, aquaculture, defense, and subsea mining. GUH’s ambitious approach, outlined by Chief Executive Neil Gordon, involves establishing physical networks through hubs in Newcastle, Scotland, and the South West. These hubs will serve as platforms for companies to identify market opportunities and address skills gaps. The Newcastle hub, strategically situated near the riverside operations of industry giants like Technip, Baker Hughes, and SMD, will also play a pivotal role in hosting international trade delegations. Recently, GUH welcomed delegations from countries as diverse as Barbados, China, France, and the Baltic countries.
A Vision for Industry Transformation
Neil Gordon’s vision for GUH is clear: to propel the underwater industry into one of the nation’s largest and fastest-growing sectors. Drawing an analogy to Formula One, he emphasizes the industry’s high-tech, competitive nature, which influences a multitude of other sectors. It is in the challenging underwater environment where cutting-edge technology thrives. Moreover, GUH seeks to expedite the transition to a net-zero carbon economy, creating high-value jobs, technology advancements, and exports in the process.
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Urgent Attention Needed for Offshore Renewables
The launch of GUH comes on the heels of a notable development in the UK’s renewable energy sector. The latest Contracts for Difference allocation round for wind farm developers failed to attract any bids. Offshore renewables constitute a substantial portion of the underwater market, and Neil Gordon views this outcome as a ‘wake-up call’ necessitating immediate attention. He points to the low strike price for CfD 4 as a factor contributing to this setback and underscores the urgency of addressing the compounding effects of cost inflation. GUH urges the government to take action promptly, as the dynamics of the industry are changing rapidly, and maintaining a leading position is essential.
Positive Reception and Industry Collaboration
GUH’s new facility has garnered widespread support from regional organizations, including Newcastle City Council, Invest Newcastle, and Advance Northumberland. Mike Jones, Chairman of subsea robotics firm SMD and GUH North, lauds the establishment of the hub, emphasizing the North’s history of pioneering underwater technology. He anticipates that the hub will accelerate industry advancements, facilitate collaboration among like-minded businesses, and drive innovative projects to ensure the continued success of the underwater sector in the North. Challenges exist, but through GUH, the industry can unite and develop groundbreaking solutions to stay ahead of the curve.
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