The growth of the ocean technology industry in Newfoundland and Labrador (NL) since its inception in the early 1980s, and particularly in recent years, has been nothing short of phenomenal.
A 2006 report commissioned by the NL Department of Innovation, Trade and Rural Development (INTRD) 1 indicated that the ocean technology industry in the province has grown to encompass 52 companies with annual sales revenues of more than $225 million. Forty-five percent of revenues are derived from exports. The industry employs some 1,430 people most of whom are specialists in technical fields such as engineering, information and communications technology as well as science. The industry spends over $15 million annually on research and development or nearly 7 percent of revenues. In addition, 11 public sector organizations / institutions conduct research and development activities in ocean technology valued at an additional $35 million bringing the total value of private and public sector activities in the sector to just over $260 million.
The ocean technology sector in NL is one of the fastest growing components of the provincial economy. The province is a leader in ocean technology within Canada. Globally, many NL companies are well-known for their innovative technology and have established strong niche markets.