The survey conducted among Subsea UK members showed that 100% of firms are anticipating robust growth in the next 12 months, while nearly half of the companies are expected to expand by 30% and a third by more than 50%.
Around 90% of companies experienced turnover and jump in profits in 2012, while over half reported growth of 20% and a fifth reported over 50% growth.
According to the survey, sustained high oil price, an increase in global demand and the introduction of new technology and innovation would be the main drivers for growth.
Inspection, repair and maintenance, integrity and reliability, decommissioning and offshore wind have been identified as the fastest growing segments in the subsea industry.
The report said that the subsea industry generates nearly £6bn in revenues and supports over 50,000 jobs.
Subsea UK chief executive Neil Gordon said that subsea is the unrecognised jewel in the crown of UK industry.
"The sector is one of, if not the, fastest growing in the country and these findings will come as no surprise to the oil and gas industry as whole," Gordon added.
"Several respondents anticipate growing by over 75% in 2013 and many of our small, entrepreneurial companies focused on niche products and services are set to double or treble in size."
Around 88% of the respondents said that recruiting and retaining skilled people is the biggest challenge in the sector, while 15% identified factors such as access to finance, working capital, finding suitable premises, controlling costs and managing growth, as other impediments.
