Eco-Innovation Drivers in Value-Creating Networks: A Case Study of Ship Retrofitting Services

What is it about?

This study presents information that identifies and compares the various regulatory, technolgical, and market driven forces that interact with one another in the race to create eco-innovation – specifically, how these forces affect the shipping industry. One issue that has not been previously discussed in any study was the commercialization of the new technology needed to support eco-innovation in shipping vessels. The needs of these technologies are creating new networks of supply and demand within the shipping industry. Because the demand for these eco-innovations is growing as the regulations of the industry change, an entirely new industry has evolved whose primary purpose is to supply older sea going vessels with the necessary innovations to bring their operation within current environmental regulations.

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Why is it important?

When considering a business as expense driven as shipping, it is critical to keep up to date with emerging technologies as they are most often the result of emerging regulations. The ever-changing requirements for environmental protection are resulting in a new industry specifically targeted at retrofitting sea going shipping vessels. If ship owners are not cognizant of the malleable nature of environmental concerns, they will incur more cost in retrofitting their vessels later on, if not needing to replace them entirely. If they maintain their ships in line with current, available technologies, they not only support the market for those technologies, but also improve the function of their own equipment and vessels.