Realizing Engineering Potential in Ocean Wealth Generation

Abstract

The paper begins by highlighting the importance and contributions of the various types of ocean wealth to human well-being. These range from oil, food and minerals to a medium for the transportation of bulk goods and a source of renewable energy. The commercial goal to be satisfied in order to achieve success is then stated and a methodology, based on a tree diagram approach, for identifying ocean market opportunities is described. Four examples relating to support for ocean activities are used to illustrate its application. These deal with underwater navigation systems, intermodal marine transport maritime and offshore safety, and dredging. The criteria for fully realizing the engineering potential are considered. They range from the importance of meeting the commercial goal and the impact of safety on ocean activities to the role of human factors and fresh educational methods. The need for an integrated approach to ocean wealth generation and the contribution of research and development efforts are discussed. The main conclusion is that many other forms of wealth with a potential market as large as that of offshore oil and gas are waiting to be ‘discovered’.