World marine market valued at £2 trillion

For the first time, the results of the Global Opportunities Research make available strategic information to the marine industry, which identifies and evaluates both existing and emerging markets for a number of sub-sectors. A comprehensive final report detailing the results will shortly be available to marine businesses in the South East of England.The report analyses 744 marine activities and shows general shipbuilding and ship repair & conversion to be the largest global market with a value of £258bn. Total UK sales into marine markets come in at £61.7bn, placing the UK 6th in world rankings behind the US (£407.6bn), China (£273.9bn), Japan (£129.3bn), India (£122.7bn) and Germany (£80bn).

Jonathan Williams, CEO of Marine South East told a meeting this week, ‘The report is amongst one of the most comprehensive commissioned in recent years focused on the global marine market. It will help ensure that international trade activities are focused onto markets offering greatest growth potential for marine businesses in the SE region.

‘The report will be presented in two parts with the first analysing sales into global marine markets for both South East England and the UK as a whole. The second part will provide an overview of world markets and their accessible growth potential.

‘This research could not come at a better time for marine businesses in the South East, many of whom are seeking to diversify their sales in a challenging commercial environment.’

The research was undertaken primarily to help support strategic planning by the South East England Development Agency (SEEDA), who financed the research, and Marine South East, who commissioned the work with econometric analysts K-Matrix. Importantly, the captured data will also support international activity outlined in the Regional Economic Strategy and provide a baseline against which changes in market share can be measured.

Marine South East is committed to assisting marine companies in the South East to ensure that even in economic downturns they can find ways to improve their bottom lines.