A new report published by Inmarsat in association with consultancy Thetius shows the dramatic build-up of start-ups focusing on maritime opportunities.
Entitled The Optimal Route – The Why and How of Digital Decarbonisation in Shipping, the 57-page report contains plenty of statistics on the mushrooming shipping tech scene such as the fact that 40% of the technology companies operating in the maritime sector today have been founded since 2011, the year when the International Maritime Organization (IMO) first launched its greenhouse gas (GHG) strategy.
Since the IMO GHG strategy launch in 2011, there has been an average 4.7-fold increase in the average number of start-ups entering maritime digital innovation year-on-year, the report states.
There has also been a 10-fold increase in patents filed over the same period.
Looking specifically at the market for digital ship operations and management technology, Thetius data indicates that digital transformation in this area is currently an $11bn industry with a compound annual growth rate of approximately 4.5%.
Of all of the decarbonisation markets tracked by Thetius, ship operations is the busiest with over 600 active organisations across the world. Most are start-ups which account for 29% of the market, followed by small and medium enterprise (SME) providers at 25%, closely trailed by large enterprises at 23%.
Carbon and connectivity were two of the dominant themes covered in Splash’s 2022 tech preview published in January.
“In our minds, the two biggest opportunities that shipping companies have are decarbonisation and the enabling capabilities of technology. These are levers that give the opportunity to differentiate and create new value,” Max Wong, head of IT at Eastern Pacific Shipping, told Splash.
“2022 is the year that more operators realise that they will need the software and connectivity to understand and report their emissions profile and that means finding an on-ramp to technology that can help them do that,” predicted Neville Smith, a Splash columnist and founder of Mariner Communications.
“It’s time to accept that tech is an essential piece of that jigsaw, not a nice to have add-on,” Smith concluded.