COVE’s 2024 Ocean Enterprise Report Shows Major Growth in Canada’s Marine Sector

Discover insights from COVE’s 2024 Ocean Enterprise White Paper, which reveals impressive growth in Canada’s Blue Economy, highlighting increased company numbers, revenue, and the sector’s vital role in global challenges.

The Canadian Ocean Enterprise has seen remarkable growth, as revealed in COVE’s newly published 2024 Ocean Enterprise White Paper. This report sheds light on the rapid evolution of Canada’s ‘New Blue Economy,’ a business cluster driven by knowledge-based activities that harness marine resources for economic growth. These companies are playing an increasingly crucial role in addressing global challenges like food security, climate change, and energy provision.

The 2024 Ocean Enterprise White Paper outlines substantial growth across key areas—company numbers, revenue, and employment—since the first study conducted in 2020.

From 2022 to 2024, the number of Ocean Enterprise companies surged from 160 to 209, marking a 31% increase. This continues the upward trend observed between 2020 and 2022. Nova Scotia, in particular, emerged as a leader, with its Ocean Enterprise companies growing from 49 to 75—a 53% rise, now housing one in three of Canadian companies identified under this review.  While most provinces saw gains, Alberta remained steady.

Key findings from the 2024 report include:

• British Columbia, Newfoundland and Labrador, and Nova Scotia account for 75% of Canada’s Ocean Enterprise.
• Canada’s Ocean Enterprise revenue is estimated between $1.8 billion and $2.0 billion, with employment exceeding 8,000 people—representing a 33% increase in jobs and 58% revenue growth since 2020.
• Artificial Intelligence is primarily used for Data Analysis & Management, and Research & Development, with expected growth into environmental monitoring and predictive maintenance, though challenges like ROI uncertainty, technical expertise gaps, and data privacy concerns may slow adoption.
• The maritime sector continues to face challenges in attracting venture capital due to long development cycles and high capital costs, which are misaligned with investor expectations.

Melanie Nadeau, Chief Executive Officer of COVE, said; “Canada’s Ocean Enterprise is demonstrating exceptional growth, with increased innovation and job creation reflecting the significant potential of this sector. The 2024 White Paper emphasizes the sector’s resilience and continued progress, even amid global challenges such as the pandemic. With advancements in AI and a strong foundation in marine technology, Canada is well-positioned to lead the global Blue Economy and drive its evolution towards greater sustainability and prosperity. COVE remains committed to advancing innovation and enhancing our global impact in marine technology.”

COVE began tracking the Ocean Enterprise sector in 2020, releasing its first benchmark study, followed by a 2022 bi-annual report. Prior to this, there was no standardized way to measure the scope of companies driving marine innovation in ocean sensing and monitoring, a key contributor to industries across the Blue Economy.

The study aligns with methodologies used by the Marine Technology Society (MTS) in the United States and the Society for Underwater Technology (SUT) in the United Kingdom, supporting global efforts to assess the impact of marine technology on the Blue Economy.

Read the full whitepaper here, or visit the COVE website to find out more.