Identifying the key factors influencing innovation adoption rate in the maritime industry.

Abstract

The maritime industry has a long history of innovation, dating back to 3000BC with the first written evidence of such. It’s been known for its frequent disruptions in the sailing and navigation technologies, making it possible to colonise, trade and explore the world. The human history is solely based on the evolution of maritime technologies. From wooden canoes, ships to steamers through the gas powered. oil powered ships and nuclear submarines.The past hundred years have experienced multiple disruptions, with technologies becoming obsolete, while replaced by newer, better ones. This technological disruption made it possible for the global trading to be based on the maritime shipping; the time to cost ratio is still unbeatable of all the transportation form. The industry itself is perceived as conservative due to the serious character of its operations and the continuous fight of its actors with the elementary forces of wind and water. The innovation drives the maritime industry, but some of its actors are very reluctant towards the change. The innovation process is continuous and determines the future share of the industry. This is the potentially interesting area which I’ve chosen to research further. In this thesis, I have tried to identify the key factors that influence the innovation adoption rate in the maritime industry. As well as the potential factors of innovation that influence the decision- making process and the good practices of successfully innovating maritime companies. This should help to understand the innovation process in the industry itself, as well as shall benefit the potential innovators and adopters with the overview knowledge of the innovation factors in the maritime industry. The study is done by the qualitative research with data gathered from more than 100 sources globally from within the industry. The case studies of 5 companies from within conservative industries were also studied to compare and validate the data collected. Nineteen factors influencing the innovation adaptation, nine of which are bottlenecks in the process are highlighted and derived in the qualitative process. The self-perception of the respondents is measured in line with ‘adaption-innovation’ and ‘diffusion of innovation’ theories, deriving finding potentially interesting for further research.