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Trade 2.0 - Singapore - Maritime Startup and Innovation Ecosystem Report

Maritime

Singapore’s maritime innovation ecosystem is unique in the world. The combination of a high level of government intervention and support, a thriving startup and business environment, and the critical importance of the local maritime industry make the city state a force to be reckoned with when it comes to developing the technologies that will support the next generation of global trade at sea.

We are delighted to be the key sponsor of this report, which is the second of a series of in-depth profiles into maritime technology and start-ups in a specific country and builds on the global Trade 2.0 report that we jointly launched with the authors Nick Chubb and Leonardo Zangrando in 2019.

The report provides insights into how Singapore has become the magnet for maritime startups and a vibrant maritime innovation ecosystem, highlighting more than 151 startup acquisitions and seven Initial Public Offerings (IPO) across the ASEAN region, with that number expected to balloon to over 1,000 between 2020 and 2025.

Singapore’s Innovation Advantage

Singapore’s startups have even led the charge to find solutions to the COVID-19 crisis. There are no less than 29 deep tech startups that have launched solutions to help contain the spread of coronavirus

Singapore Maritime Innovation Ecosystem

Singapore’s maritime industry is forecast to grow 1.39% per year from 2021 to 2030. Without the contribution from the rapidly growing technology sector, that figure would be just 0.22%.

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SINGAPORE INNOVATION OUTLOOK

$2.4 bn

Singapore’s maritime information technology market is forecast to turn over $2.4 billion USD in 2021.

$4.8 bn

Singapore’s maritime information technology market is forecast to turn over $4.8 billion USD by the end of the decade.

69%

Between 2010 and 2016, the rate of startups accessing government support schemes rose from 19% to 69%.

Report highlights

  • More than 151 startup acquisitions and seven IPOs (Initial Public Offering) across the ASEAN region, with that number expected to balloon to over 1,000 between 2020 and 2025
  • 29 deep tech startups launched solutions to help contain the spread of coronavirus
  • Singapore is strongly placed strategically, as the world’s largest bunker port and world-leading R&D centre to lead on maritime decarbonisation
  • 25% of world’s traded good pass through Singapore Strait every year, with a ship calling at the Port of Singapore every 2-3 minutes
  • Since 2018, there have been over 80 innovation opportunities between local maritime corporations and technology startups
  • Singapore’s maritime information technology market is forecast to turn over USD$2.5bn in 2021, up to USD $4.9bn by 2030 (CAGR of 7.9%)
  • The maritime information technology sector is forecast to grow from making up 11% of the overall maritime industry today to 20% by 2030 and supports the growth of the local maritime industry.
  • Shipping companies are already leveraging the ecosystem to collaborate with startups, with scope for more collaboration to support innovation commercialisation
  • Singapore has a clear opportunity to continue its already impressive rapid ascension.

Inmarsat: Defining maritime connectivity 

For over 40 years Inmarsat has been defining connectivity at sea. We are passionate innovators, forming partnerships with disruptors, accelerators and start-ups to challenge the status quo and push the frontiers of possibility. By opening a gateway into our industry-leading Fleet Xpress service, we are encouraging innovators from outside the sector to make a difference – fueling cutting edge technology and applications for vessel performance, voyage optimisation and crew welfare. We are committed to helping the industry not merely to survive but to thrive.  

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