A follow-up study from COVE has identified a significant increase in marine technology companies in Canada’s ‘Ocean Enterprise’, which comprises the platforms, technology, and information services that deliver the ocean observations, measurements, analyses, and forecasts enabling the wider Blue or Ocean Economy. The Ocean Enterprise business cluster, also known as the ‘New Blue Economy’, is considered knowledge-based activities that support the harnessing of marine resources for economic growth. These companies play an increasingly important role in delivering innovative products and services to address challenges around food security, climate change, and the provision of energy and natural resources.
“In the last two years, we’ve seen substantial growth from coast to coast to coast among the companies that make up Canada’s Ocean Enterprise,” said Melanie Nadeau, COVE’s CEO. “Canada’s marine history and geography is a great platform to develop expertise, technologies, and solutions that suit all marine environments, including the Arctic and Antarctic.”
The proportion of Canadian Ocean Enterprise companies focused on creating value-add products and services, including developing ocean observation and measurement technology, and autonomous underwater and surface vehicles, increased by 9%.
Before conducting the 2020 benchmark study, there was no consistent definition or standardized way to measure the size and scope of the companies that are driving innovation and technology development for ocean sensing and monitoring, an important contributor to all industries that form part of the blue economy.
The 2022 Ocean Enterprise Study provides insight that will help track the industry as it grows and identify trends, opportunities, and challenges. The study highlights where growth is taking place and what value certain communities provide, allowing the sector to adjust its venture opportunities accordingly.