Marine Industries Global Market Analysis - Marine Institute

26 MARINE INDUSTRIES GLOBAL MARKET ANALYSIS
As a small country, Ireland is not limited by having a major share of any world market
sector, so in many instances, with application of the correct strategy, there is potential
for growth. However, Ireland is limited in marine technology by the lack of a defence
sector and predominance of small companies.Therefore niche opportunities must be
carefully selected.
Ireland has been successful in attracting high technology companies, such as major
players in software and pharmaceuticals. It is now necessary to attract key players in
the marine sector and the involvement of the Irish Development Authority (IDA) is
vital to such a process. In this respect the Irish ‘patented product’ tax laws could be
helpful in attracting more investment.
The presence of multinationals tends to result in cluster development, both to service
them and also spin-off companies, the overall result being creation of jobs.
To maximise its potential, Ireland must become perceived as a good place to do
(marine sector) business. It is essential to understand and promote the advantages of
doing business from a location in Ireland.
A highly skilled workforce provides an opportunity for technology development in
key growth areas.
Internationally perceived Irish strengths include a positive image, high IT skills,
English language and being fully ‘European’.
Opportunities for Ireland can be considered as being in two areas – technical
and commercial.
There is no fundamental reason why Dublin could not be developed into a significant
centre of marine finance and commerce by building on its activities in the
financial sector and of the existing maritime companies, and by developing initiatives
to attract more.
A centre for marine technology and education could be developed in perhaps
another location where there is already marine research and/or educational activity.
One possibility that warrants further consideration is a centre for research into marine
renewable energy, which could be developed further into a physical Centre of
Excellence in Marine Technology. However, high level political support would be
essential. Models that may be relevant are the Southampton Oceanography Centre
and the Scripps Institute in the US.