The 'Subsea Engineering Action Plan', produced by Scottish Enterprise, states the sector is currently valued at approximately £50 billion.
With around 370 Scottish companies making up an estimated 14% of the market, the organisation said the country could potentially extend into sectors such as construction and defence to "truly maximise the significant opportunities".
To help generate this growth, Scottish Enterprise is awarding funding towards various Scottish Subsea companies. Recently, it awarded a £755,000 grant towards Enpro Subsea Ltd's new £1.5 million research and development, which aims to improve production by maximising economic recovery from existing subsea wells, reducing costs for operating companies.
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The R&D grant will help Enpro Subsea design, develop and test new technology adding to its Enhanced Subsea Sampling and Injection (ESSI) range of products.
David Rennie, international sector head for oil and gas at Scottish Enterprise, said: "With 2,000 of the 5,000 global subsea wells in the North Sea, Scotland is world-renowned for its skills and expertise in subsea engineering. Many technologies developed in Scotland have revolutionised the worldwide oil and gas industry.
"It is this experience and reputation which is the basis for this action plan – we want to build and maintain what we already have, develop new markets and new opportunities, including in other sectors and ensure we have the infrastructure we need to remain a world leader in subsea."
Business Minister Paul Wheelhouse added: "Scotland is recognised internationally as the centre of excellence in the Subsea Sector and already accounts for around 14 per cent of the £50 billion global subsea market, and is comprised of approximately 370 companies, generating an estimated turnover of £7.5 billion annually.
"I am greatly encouraged by the fact that Scottish Companies such as Enpro Subsea Ltd are already securing very significant value in this sector and I hope that the additional funding announced today further strengthens their prospects in this sector."
To view the Subsea Engineering Action Plan, visit here.
(LM)
