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Predictive Maintenance Market: Transforming Maintenance with Smart Technologies

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Predictive Maintenance Market: Transforming Maintenance with Smart Technologies

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Introduction

Predictive maintenance represents a forward-looking approach within various industries aimed at preempting equipment failures and enhancing operational efficiency. This methodology utilizes data analytics and machine learning to predict when maintenance should occur before problems arise, thus reducing downtime and extending equipment life. Its significance has risen with the increasing integration of Internet of Things (IoT) devices across industrial settings, which generate substantial data on equipment performance.

Read also: Automotive Predictive Maintenance Market: Pioneering Efficiency and Reliability

According to Market.us, The Predictive Maintenance Market is projected to experience substantial growth, with its valuation anticipated to surge from USD 8.7 Billion in 2023 to approximately USD 107.3 Billion by 2033. This represents a robust compound annual growth rate (CAGR) of 28.5% over the forecast period from 2024 to 2033. This growth trajectory underscores the increasing adoption of predictive maintenance technologies across various industries, aimed at enhancing operational efficiency and reducing maintenance costs.

The adoption of predictive maintenance techniques is driven by their capacity to enhance operational efficiency by predicting equipment failures before they occur, thereby reducing downtime and maintenance costs. These technologies are particularly prevalent in industries such as manufacturing, where they are crucial for maintaining continuous production lines and minimizing disruptions​.

North America currently leads the market, attributed to its advanced technological infrastructure and stringent regulatory standards that necessitate high equipment reliability and maintenance. The predictive maintenance strategies in this region are enhanced by the integration of IoT and AI technologies, which support sophisticated data analytics for asset management.

Read also: Automotive Predictive Maintenance Market: Driving Efficiency and Reliability Through Innovation

However, the market faces challenges such as high initial investment costs and the complexity of integrating predictive maintenance systems with existing infrastructure. Additionally, there is a skill gap in handling the sophisticated analytical tools required for implementing predictive maintenance solutions. 

For instance, in 2023, IBM Watson announced a collaboration with SAP to integrate AI-driven insights, aiming to enhance user experiences and productivity across various sectors, including retail and manufacturing. Additionally, Honeywell introduced Versatilis Transmitters in March 2023, which enable condition-based monitoring of rotating equipment, providing predictive maintenance capabilities that help anticipate equipment anomalies and reduce unplanned downtime.

Despite these challenges, the market presents numerous opportunities. For instance, the increasing emphasis on sustainable operations is pushing industries to adopt predictive maintenance to ensure energy-efficient practices. Also, as industries increasingly focus on maximizing asset utilization and operational safety, the demand for predictive maintenance solutions is expected to rise, offering substantial market opportunities. This shift is particularly noticeable in sectors like manufacturing, energy, and transportation, where equipment downtime directly impacts productivity and revenue.

Predictive Maintenance Statistics

  • The Predictive Maintenance Market is projected to reach approximately USD 107.3 Billion by 2033, up from USD 8.7 Billion in 2023, reflecting a CAGR of 28.5% during the forecast period from 2024 to 2033.
  • In 2023, the solution segment held a dominant position in the predictive maintenance market, capturing more than 83% of the market share.
  • The on-premise segment maintained a leading role within the predictive maintenance market in 2023, with a market share exceeding 71%.
  • Large enterprises were the predominant segment in the predictive maintenance market in 2023, securing over 75% of the market share.
  • The vibration monitoring segment led the predictive maintenance market in 2023, holding more than 28% of the market share.
  • The manufacturing sector was the most significant segment in the predictive maintenance market in 2023, with a market share surpassing 29%.
  • North America commanded the predictive maintenance market in 2023, capturing over 35% of the market share and generating revenues of USD 3.05 billion.

Operational and Maintenance Cost Implications

  • Poor maintenance strategies can reduce a facility’s overall productive capacity by 5% to 20%.
  • Predictive maintenance can reduce machine downtime by 30% to 50% and increase machine life by 20% to 40%.
  • It also lowers maintenance costs by an average of 25%.
  • Recent studies also show that unplanned downtime is costing industrial manufacturers an estimated $50 billion each year.
  • Businesses spend an average of 80% of their technician’s time on reactive maintenance.
  • As much as 40% of an organization’s operational budget can be spent on poorly managed maintenance schedules.

Emerging Trends in the Predictive Maintenance Market

Artificial Intelligence and Machine Learning: The integration of AI and ML in predictive maintenance is enabling more precise failure predictions, optimizing maintenance schedules, and enhancing operational efficiencies by analyzing real-time data​.

Internet of Things (IoT): IoT technologies are centralizing asset monitoring, allowing for the continuous collection and transmission of equipment performance data, which facilitates proactive maintenance interventions​.

Digital Twins: Utilizing digital replicas of physical equipment to monitor and analyze conditions in real-time, digital twins help predict potential failures and optimize asset use.

Predictive Maintenance as a Service (PdMaaS): This trend is seeing maintenance shift to cloud-based solutions, making advanced predictive tools accessible to a wider range of businesses without significant upfront investment​.

Immersive Technologies: Technologies like Extended Reality (XR) are being incorporated into maintenance strategies to enhance training, remote assistance, and detailed inspections through augmented and virtual reality tools.

Technological Trends

The Predictive Maintenance Market is undergoing transformative growth, bolstered by several key technological trends. 

E-maintenance and Maintenance-as-a-Service (MaaS): Among these, E-maintenance and Maintenance-as-a-Service (MaaS) are emerging as pivotal innovations. These services utilize cloud computing to provide scalable and efficient maintenance solutions. By offering subscription-based maintenance and predictive health monitoring, manufacturers are enabling companies to optimize their resources more effectively. This model not only enhances equipment reliability but also reduces operational costs by transitioning from reactive to proactive maintenance strategies.

Sensor Technology: Sensor technology is another significant driver in this sector, playing a critical role in data collection for predictive maintenance strategies. The deployment of sensors across various machinery components ensures the continuous monitoring of their condition, enabling timely maintenance actions that prevent costly downtimes and extend equipment lifespan​.

Augmented Reality (AR) and Virtual Reality (VR): Augmented Reality (AR) and Virtual Reality (VR) technologies are beginning to make a substantial impact. AR, in particular, is revolutionizing maintenance by providing immersive training for technicians and facilitating the visualization of equipment in three-dimensional models. This not only helps in better understanding the machinery’s operational aspects but also enhances the accuracy and efficiency of maintenance tasks​.

Suggested Reading: Augmented Reality and Virtual Reality Market: Transforming Experiences and Expanding Boundaries

Top Use Cases of Predictive Maintenance

Manufacturing: Employed to monitor assembly lines and production equipment, predictive maintenance helps prevent unexpected machine failures and production halts, ensuring continuous production and cost savings.

Energy and Utilities: In this sector, predictive maintenance is used to oversee the health of equipment like turbines and transformers, aiming to predict failures and schedule maintenance that minimizes downtime and enhances energy efficiency​.

Transportation and Logistics: Monitoring the health of fleet vehicles and logistics infrastructure, predictive maintenance helps in scheduling repairs before failures occur, thus optimizing fleet management and reliability.

Healthcare: In healthcare facilities, predictive maintenance ensures that critical medical equipment such as MRI machines and ventilators are operational, preventing unexpected breakdowns that could affect patient care.

Aerospace and Defense: Used to monitor aircraft and defense equipment for potential issues, predictive maintenance supports the safety and readiness of flights and military operations by anticipating maintenance needs before they become critical​.

Major Challenges in the Predictive Maintenance Market

Data Integration and Quality: The effectiveness of predictive maintenance solutions hinges on the integration and quality of data collected from various sources. Poor data quality and integration issues can lead to inaccurate predictions and inefficient maintenance strategies.

High Initial Costs: Implementing predictive maintenance systems often requires substantial initial investments in hardware, software, and training, which can be prohibitive for some organizations.

Technological Complexity: The complexity of predictive maintenance technologies, which often involve advanced machine learning algorithms and extensive data analytics, can pose a challenge, especially in terms of deployment and ongoing management.

Lack of Skilled Workforce: There is a significant demand for skilled professionals who can manage and interpret the complex data involved in predictive maintenance. The shortage of such skilled professionals can hinder the adoption and effective use of predictive maintenance technologies.

Resistance to Change: In many industries, there is a cultural resistance to moving away from traditional maintenance practices towards more data-driven, predictive approaches. Overcoming this inertia can be a significant challenge.

Top Opportunities in the Predictive Maintenance Market

Advancements in IoT and AI: The increasing integration of IoT and AI technologies in predictive maintenance solutions offers significant opportunities for enhancing the accuracy and timeliness of predictions, leading to better maintenance decision-making.

Energy Sector Applications: As energy companies continue to focus on operational efficiency and asset management, predictive maintenance can play a crucial role in minimizing downtime and extending the lifespan of critical equipment.

Expansion into New Industries: Beyond traditional sectors like manufacturing and transportation, there are growing opportunities to apply predictive maintenance in sectors such as healthcare and retail, where equipment uptime is crucial.

Cloud-Based Solutions: The shift towards cloud-based predictive maintenance solutions allows for more scalable, flexible, and cost-effective maintenance management across different sectors.

Regulatory Compliance: With increasing regulatory focus on safety and efficiency, companies are incentivized to adopt predictive maintenance strategies to comply with regulations and avoid penalties​.

Conclusion

The predictive maintenance market is poised for substantial growth, driven by technological advancements and the increasing need for operational efficiency across various industries. While challenges such as high setup costs and technological complexity exist, the opportunities presented by new technologies and expanding market applications highlight a promising future.

Companies that can navigate these challenges and leverage the emerging opportunities are likely to see significant benefits, including reduced downtime, cost savings, and enhanced equipment lifespan. The ongoing evolution of IoT, AI, and cloud technologies will continue to shape the predictive maintenance landscape, making it an increasingly vital component of modern maintenance strategies.

Source of Information: https://market.us/report/predictive-maintenance-market/

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Cyber-Attack Threatens Release of Port of Lisbon Data

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The Port of Lisbon suffered a cyber-attack on Christmas Day, raising concerns about the potential exposure of confidential information.  

LockBit, who claimed the attack, said its ransomware has taken down the port’s website and internal computer systems.

Meanwhile, they have reportedly stolen financial reports, audits, budgets, contracts, cargo information, ship logs, port documentation, among other vital port-related information, whilst already having published samples of the stolen data.

LockBit has threatened to publish all of the files that were seized during their computer attack should their ransom demands of $1.5 million be left unmet by 18 January.

Despite these threats, Portuguese newspaper, Publico, has stated that no operational activity has been compromised at the Port of Lisbon, which has more than 3,500 vessel calls annually handling over 13.4 million tons of cargo.

The port’s official website, portodelisboa.pt, has been taken down and has remained inoperable since.

READ: Valenciaport to boost Portugal, France links with renewed rail focus

“All security protocols and response measures planned for this type of occurrence were quickly activated,” according to the statement cited by Publico.

“The Administration of the Port of Lisbon is working permanently and closely with all the competent authorities, in order to guarantee the security of the systems and respective data.”

Security analysts have reported that LockBit is among the most prolific and widespread ransomware gangs of 2022. Estimates indicate that over 1200 organizations worldwide have been hit by LockBit, accounting for a third of all cyberattack claims in 2022.

They have been connected to attacks ranging from European oil terminals in 2022 to a breach discovered by the California Department of Finance last month.

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Port of Singapore to Install Major 5G Network

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The Maritime and Port Authority of Singapore (MPA) and the Infocomm Media Development Authority (IMDA) have signed a Memorandum of Understanding (MoU) to develop a 5G mobile network at the Port of Singapore.

Full maritime 5G coverage will be deployed in major anchorages, fairways, terminals, and boarding grounds.

Delivery is scheduled to be delivered by mid-2025.

The announcement was made as part of the MPA’s 9th edition of the International Safety@Sea Week, launched by Chee Hong Tat, Senior Minister of State for Transport and Finance.

A 5G network has the potential to unlock a full suite of maritime solutions leveraging complementary technologies such as Artificial Intelligence, Internet of Things, big data, drones and autonomous vehicles, to improve safety, effectiveness and efficiencies in maritime operations.

Quah Ley Hoon, Chief Executive, Maritime and Port Authority of Singapore said: “Digitalisation continues to shape and transform the maritime industry, acting as a key driver for global trends such as logistics and supply chain efficiency and decarbonisation.

“MPA is taking the lead to help build a robust digital maritime ecosystem for Maritime Singapore, with fast, secure and high capacity 5G connectivity as one of the cornerstones to support real-time data exchanges in the maritime domain.”

Elsewhere in the port, MPA’s incident response management and safety enforcement capabilities across the full spectrum of operations will be further strengthened through the development of the Integrated Port Operations C3 (Command, Control and Communications) system (IPOC system).

READ: Port of Tyne to install new 5G Private Network

The system is developed in collaboration with the Defence Science and Technology Agency (DSTA) and will enhance situational awareness and improve the efficiency and effectiveness of incident responses.

The IPOC system will be progressively phased in from 2023 to 2026 as MPA upgrades its systems.

The port will also further develop its online booking and clearance platform, digitalPORT@SG.

The second phase of the port will include the Active Anchorage Management System (AAMS).

The AAMS taps on various data sources to optimise allocation of limited anchorage space for vessels. It ensures that the vessel is anchored safely taking into consideration various conditions including the wind, tide, depth and proximity to hazards.

The AAMS is scheduled to be launched in in the third quarter of 2023.

Earlier this month the MPA announced that three more berths will come into operation at Singapore’s Tuas Port by the end of the 2022.

Verizon Business and the Port of Virginia announced their commitment launch private 5G network at one of Virginia’s main container terminals earlier this year.

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DP World Antwerp Gateway joins Portchain Connect Network

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Portchain has announced DP World Antwerp Gateway will join the Portchain Connect network.

DP World Antwerp Gateway will use Portchain Connect to increase the quality and speed of their berth alignment with customers through digital handshakes and secure data sharing.

Portchain Connect enables DP World Antwerp Gateway to receive real-time schedule and move count updates directly from carrier systems, and enables them to respond and counter propose quickly, to align the vessel schedule with the terminal berth plan.

Portchain Connect streamlines the flow of schedule data to shorten the time to align the berthing window.

The platform allows terminals and carriers to share and receive quality data and reduce delays in information transmission.

Portchain Connect provides users with an easy-to-use overview of all their vessel calls and ensures they can securely transfer berthing information, remove the costs associated with manual non-digitised communication and align on berthing windows to improve schedule reliability.

Thor Thorup, CCO & Co-Founder, commented: “We are excited to work with DP World Antwerp Gateway and help them drive efficiencies in their berth alignment process by facilitating streamlined data exchange.

“We look forward to continuing our collaboration and continuously improving the platform based on user feedback”

Portchain is the leading provider of berth alignment solutions for container terminals and carriers. Portchain works with leading container carriers and terminal operators to create sustainable win-win solutions to improve operational efficiency for container shipping.

Founded in 2017 and based in Copenhagen, Portchain works on a global scale serving container terminals and carriers across Europe, Asia, North America, South America and Africa.

In 2021 Portchain won a contract from the Tanger Alliance, Morocco, a greenfield terminal that went live on Jan 1 2021, to implement its Berth Optimization Engine.

DP World Antwerp operates the Antwerp Gateway terminal on the left bank of the Scheldt River, a joint-venture between DP World Antwerp Holding (60 per cent), COSCO (20 per cent), Terminal Link (10 per cent) and Duisport Group (10 per cent).

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Port of Rotterdam the New Base for Quantum Technology Project

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Stakeholders at the Port of Rotterdam will be able to participate in a new multi-user quantum network for communication across the area.

Q*Bird, a spinoff from QuTech (a research institute into quantum computing between TNO and TU Delft) is the first to deploy a new type of secure quantum network that can connect multiple users via a central hub.

The result is an untappable internet connection between users across the port area.

The central hub of the system will be situated at Port of Rotterdam Authority and will connect users to the port’s data sharing platform, Portbase, and two or three other maritime logistic companies that are based in the port of Rotterdam.

The setup enables connecting all end-users with a secure, untappable connection.

The first four end-users can be expanded later to many more. The users will share keys that are generated using quantum technology that they will use to encrypt messages using traditional technology.

READ: Quantum computing to change world of data processing, says PSA

The strength of this type of setup is the ease by which it can be expanded to many more users, and the relative low cost of expansion.

Upon completion, Portbase can be sure its communication line has not been tampered with while connecting with, for example, other port authorities.

Later in the project, end-users can connect to the system, such as third party customers, suppliers, and emergency services.

Securing the Port of Rotterdam’s communication systems, which are pivotal for the movement of around 15 million TEU yearly, will improve the safety of tens of thousands of sea ships yearly.

“Malignant tapping the communication systems between parties can lead to significant financial losses, disruption of critical business operation, or physical harm,” the port wrote in its release.

“A quantum communication infrastructure will ensure an untappable connection and will improve the logistics chains of which Rotterdam is a part of, even more so a vital infrastructure on the European continent.”

Previously a team of scientists and engineers at QuTech had demonstrated the alternative, untappable method for sending encrypted information. QuTech then launched its commercial product, Q*Bird.

“Our technology is based on a special implementation of quantum key distribution (QKD) that uses a central hub to connect users that want to exchange secure communications,” explained Q*Bird’s Co-Founder and Director Remon Berrevoets.

“That means that it is possible to implement a quantum network in a cost-effective way, scalable to many end-users, and using mostly off-the-shelf equipment.”

Funding for this project has been provided for two-thirds through the Quantum Delta NL SME programme and one-third by the Port of Rotterdam Authority.

Hutchison Ports and Terminal Investment Limited Sàrl (TiL), the terminal investment company of Mediterranean Shipping Company (MSC), will build a new container terminal at the Port of Rotterdam.

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Key Applications of Smart Glass Technology in Construction and Transportation Sectors

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The installation of smart glass products is increasing worldwide, as property owners and developers look to integrate new technologies to enhance the overall efficacy of the infrastructure. One of the latest product trends to complement the energy climate initiatives across commercial and residential spaces, smart glass offers features such as automatically adjusting the window tint in response to the outside lighting conditions. 

Low-emission glass is not a new concept, but companies involved in glass production are improving upon existing smart technologies to deliver functional control to building occupiers. Also, these companies are being recognized to supply superior quality smart glass solutions for upcoming development projects in emerging economies. 

In 2021, SageGlass was chosen by Bagmane Group for the largest smart glass installation in India, providing about 200,000 square feet of SageGlass Harmony electrochromic glass. The Indian team of the company would work with Glass Wall Systems to deploy and commission more than 12,000 panels at Rio Business Park in the city of Bengaluru. It was noted that Google could be the first tenant for the space. Commercial sector applications represent a significant portion of end-users across the global smart glass industry.

Increased energy efficiency opens new ‘windows’ for the use of electrochromic active glass

As per a report by the US Department of Energy, inefficient windows can be responsible for 25% to 30% of energy in buildings being wasted. Besides, the California Energy Commission anticipates that nearly 40% of the cooling demand for a typical building is due to the solar heat gain through windows. In this regard, the demand for dynamic windows with smart glass – electrochromic ones in particular- is gradually surging. EC glass is deemed to be highly effective than the conventional glazing and automatic shading systems in reducing energy consumption and offering enhanced comfort to users. 

A lab test by Singapore’s Nanyang Technological University revealed that windows implemented with EC glass showed brilliant stability, restricting over 65% of the IR radiation. In yet another research, it was demonstrated that electrochromic glass was able to accomplish the best results in reducing the cooling energy consumption for window area by around 32%. The study represents key information developers could utilize for future renovations or new projects, particularly in countries like Singapore which consists of a strong service sector base which has led to the construction of tall, modern buildings.

Manufacturer efforts to expand smart glass applications among general consumers will also influence the industry trends. For instance, in 2020, Click Materials – a leader in electrochromic glass technology- collaborated with Cardinal Glass Industries to bring the former’s smart window solution to a million North American homes. As per the company claims, Click has developed a proprietary technology that reduces the production costs of EC glass by 60%, making smart windows highly accessible for homeowners while limiting the energy costs and consumption. 

Smart glass deployment in the transportation sector

The material is becoming an ideal choice for temperature control and dynamic shading in the transportation sector. Smart glass with suspended particle device (SPD) enables clear views through sunroofs and windows, while reducing solar rays that cause skin damage, glare, and deterioration of interiors. 

Owing to the ability to regulate heat, smart glass could allow carmakers to shrink the air conditioning compressors by up to 40%, thereby reducing the weight and overall production cost. This would in turn result in less fuel combustion, prompting companies to incorporate advanced smart glass solutions in vehicles. Gauzy, for instance, established partnership with LG Display to implement smart, transparent, and dynamic displays suitable for different vehicles. 

The adoption of smart glass products can also be observed in the railway industry. In June 2022, it was announced that the luxury G-train project will boast of an all-adjustable smart glass exterior. The G-train’s advanced glass, as reported, can change from being completely transparent to opaque, just at the push of a button. When opaque, the train’s interior could be filled with different types of scenery uplifting the mood of the travelers and a sense of comfort. 

Meanwhile Memphis International Airport, in 2021, installed windows produced with smart glass as part of the airport’s modernization program that aims to improve passenger experience and accentuate energy-efficiency. The smart windows make use of AI to optimize the amount of natural light and regulates heat and glare. The abovementioned examples do affirm the existing use of the material, but more importantly, they indicate the tremendous potential for the use of smart glass technology across public spaces.

Smart glass technology takes a leap in solar energy applications

Over the years, smart glass deployment has increased in the construction and transportation sectors. However, of late, the demand for glass that generates electricity has unlocked new frontiers for the industry. In a recent breakthrough, NEXT Energy Technologies, along with Walters and Wolf and Bouygues Construction, presented an energy-producing solar coating that converts windowpanes into solar panels. The model features 10 windows supplying an electric battery that drives an interactive display and charging ports for electronics. 

Likewise, a research group headed by the Netherlands Organization for Applied Scientific Research introduced a new solar control window technology based on thermochromic smart glass. The glass possesses the ability to change its IR transmittance when hit by incident solar radiation. The proposed solar window concept functions by barring the heat from the sun when outdoor temperatures are extremely high, while absorbing the heat in colder weather. 

Glass continues to be a focus of innovation as one of the most used products across infrastructure projects. Advanced technologies like AI can make glass materials suitable for key technological and safety applications. From restricting the entry of UV radiation, offering optimum energy efficiency to passenger comfort in cars, smart glass solutions are now being widely used worldwide. North America is expected to be recognized as one of the leading adopters of smart glass in residential and commercial buildings, propelled by energy initiatives by central governments. 

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Maersk to Adopt New Container Firefighting System Fleet-Wide

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A.P. Moller – Maersk (Maersk) will install VIKING’s HydroPen system across its entire fleet – a system designed for direct firefighting in stacked shipping containers.

VIKING is a provider in maritime, offshore and fire safety solutions. This contract represents the single largest HydroPen order for VIKING Life-Saving Equipment.

According to the company, the HydroPen system is driven purely by water pressure through an attached deck fire hose. When water pressure is activated, a turbine will drive the HydroPen drilling unit until it penetrates the container door, whereupon the system will spray water into the container to extinguish the fire directly at the source.

In the case of a fire at height in the container stack, the HydroPen system can be deployed using a telescopic device. Beyond water, the system is compatible with foam or CO2.

READ: Virtual Reality Training for Industrial Firefighting

“From having been involved in the early development phases to fully implementing the HydroPen system, Maersk has once again shown its uncompromising commitment to go beyond industry standards, to protect both its crews and its clients’ cargo and assets,” said Anders Nørgaard Lauridsen, VIKING’s Senior Country Director, Baltic Sea.

Besides the system itself, the company also offers digital training through its VIKING Safety Academy platform.

This online HydroPen training option has obtained the TT Club’s ‘Innovation in Safety’ award earlier this year.

Earlier this week, Singaporean furniture retailer Castlery and Maersk signed a multi-year global integrated logistics and fulfilment partnership.

The partnership will enable Castlery to offer delivery for customers, reducing wait times for orders to one to two months, approximately three times faster than the industry average of three to six months.