The ocean's economic landscape is undergoing a radical transformation, fueled by high-tech innovation and pushing global exports to a record $2.2 trillion in 2023.
Beyond the familiar image of fishing boats and cargo ships, the ocean is now a hub for advanced manufacturing, biotechnology, and renewable energy. Services, particularly those leveraging technology, now account for a dominant 59% of total ocean-related exports. This surge is creating over 600 million jobs worldwide.
High-tech takes center stage:
The UNCTAD data reveals a dramatic shift, with high-tech and manufacturing sectors now representing 16% of ocean trade, a figure that's rapidly expanding. This includes Marine Biotechnology, Marine-Based Plastic Alternatives, Clean Energy, Advanced Manufacturing, and Marine Sports Technology to name a few.
On Marine Biotechnology, its a $4.2 billion industry in 2023, projected to reach $6.4 billion by 2025, driven by innovations in low-carbon marine foods, novel antibiotics, and bio-based materials.
While the Marine-Based Plastic Alternatives is a $10.8 billion market is emerging, demonstrating the potential for technology to address environmental challenges while generating significant economic returns.
The Clean Energy subsector focuses on the development of offshore wind farms and other marine renewable energy technologies which is contributing to the sector's growth.
Just as the advanced manufacturing, which is the production of specialized electrical equipment and other high-tech components for marine applications is on the rise; even as the Marine Sports Technology, which centres on the development of products and services for recreational uses.
Environmental Threats Challenge Tech-Driven Growth:
Despite the impressive technological advancements, the report warns that the ocean's health is under severe pressure.
Overfishing, climate change, and plastic pollution threaten to undermine the long-term sustainability of the blue economy.
The report highlights that 37.7% of global fish stocks are now overfished, up from 10% in 1974.
Record-breaking ocean temperatures in 2024, 1.55°C above pre-industrial levels, are disrupting marine ecosystems and threatening food security.
Two million tons of plastic waste enter the ocean annually, posing a significant environmental hazard.
These threats are particularly acute for small island developing states, which rely heavily on marine resources and are disproportionately affected by climate change.
Industry observers pointed out that while technology offers solutions, professionals must address the underlying environmental problems, by investing in sustainable technologies and practices which is crucial to ensure the ocean's long-term health and economic viability.
The UNCTAD report calls for a concerted effort to integrate technology with sustainable management practices, ensuring that the ocean's economic potential is realized without compromising its environmental integrity.
Remmy Nweke/DoP
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