The ocean technology sector in Iceland experienced a 66 bn. ISK turnover in 2012, a 13% increase from 2011 (inflation adj.) according to a new study conducted by the Iceland Ocean Cluster. These firms design and manufacture fishing gear, packaging equipment, processing equipment and software for the fishing industry and sell their products under their own brand. Today, the firms that belong to this sector amount to around 70 in total. The growth of the fisheries and fish processing industry was limited in 2012 according to Statistics Iceland. The income growth of the ocean technology sector succeeded expectations as the firms mostly expected a 5-10% increase in income when contacted one year ago. The ocean technology sector is growing faster than the fishing industry and gross domestic product. These firms have shown substantial growth potentials and will need to have secure access to capital in the coming years in order to expand and market themselves internationally.

For more information, please contact Fridrik Bjornsson or Haukur M. Gestsson in +354 867 8786.