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27 September 2017

Society of Maritime Industries (SMI) publishes its Ninth Annual Review of the Marine Science and Technology Sector

The ninth survey, focused on UK companies operating primarily in Marine Science and Technology (MST) activities, aims to provide an insight into current business activity in terms of market sectors, market size and business confidence both current and forecast.

Ninth Annual Review of the UK Marine Scientific IndustryThe survey was conducted at Ocean Business, a trade show held in Southampton during April 2017.  The exhibition hosts over 360 companies representing the world’s leading ocean technology suppliers and service providers and has over 4,300 visitors from 61 countries.

Highlights from the report are: 

- The Commercial Marine Science and Technology (MST) sector reported limited growth in 2016 as the depressed oil price held back exploration demand. This to some extent is being offset by growth in other sectors such as renewables, defence and environmental monitoring.

- Europe remains the largest market for the MST sector with Asia Pacific being seen as a growth market along with the Middle East.

- MST companies contribute, on average, over £1.35bn/year to the UK economy with most of the companies exporting worldwide to a total annual value of £569m.

- 25% of the 92 companies surveyed reported an increased headcount with 53% remaining static in headcount.

The 2017 Annual Review of the UK Marine Scientific Industries can be found HERE.