$2 billion market opportunity set to open up, as partnership of two global leaders in their respective sectors targets MENA region expansion
Immensa’s existing customers to have immediate access to the maritime vertical
Immensa (“the Company”), MENA’s largest digital manufacturer, announces it has signed a Strategic Collaboration Agreement (“the Partnership”) with Pelagus 3D – an on-demand digital manufacturing partner for the maritime and offshore industry.
The Partnership will see Immensa and Pelagus 3D combine their respective strengths in additive manufacturing and digital inventory solutions to enhance service offerings and expand their market presence in the MENA region.
Immensa anticipates its core markets of the UAE, KSA, and Kuwait to serve as initial launch countries, followed by a rapid expansion to its wider MENA region operations. Immensa’s existing customers will now be able to seamlessly tap into the maritime vertical.
Leveraging its network, Immensa will serve as the exclusive distributor within the maritime and offshore sectors for Pelagus 3D’s products in the region. Immensa will also act as the exclusive service provider for projects initiated through Pelagus 3D’s platform in the territory. The ultimate aims are to (i) streamline supply chain processes (ii) expand OEM networks and (iii) deliver significant improvements in service provision to end MENA region users.
The Partnership is mutually exclusive for both parties within the designated territories – providing a strong foundation to align efforts – and to maximize the reach and efficiency of the partners’ combined services.
The market environment is ideal for a partnership between two global leaders: Immensa – the leader in digitizing spare parts and additive manufacturing for the energy sector and Pelagus 3D – the leader of digital inventory in the maritime and offshore industry.
The global energy sector spare parts market is estimated to be worth over US$90 billion, of which $18 billion is immediately ripe for digitizing and converting to a digital supply chain. The MENA region accounts for over $4 billion. Immensa and Pelagus 3D conservatively estimate the Partnership will open up at least $2 billion of new, incremental potential revenues – a increase in the region of over 50%.
Fahmi Al Shawwa, CEO of Immensa, said:
“Immensa seeks to be world-class in everything it does: technology, strategy, execution, talent, and its partners. Today’s news brings two world-class partners together and we look forward to working closely with Pelagus 3D – which is developing the largest database of spare parts for additive manufacturing in the maritime and offshore industry – to transform inventory management across sectors.”
Haakon Ellekjaer, Chief Commercial Officer of Pelagus 3D, commented:
“This marks a significant milestone in our mission to drive adoption of on-demand spare parts in the MENA region. Through this partnership, we are offering enhanced additive manufacturing services and technologies for our OEMs and end users, fostering technological advancement in the industry. We look forward to working together with Immensa to further AM innovation and accelerate adoption.”
Immensa also reveals the new brand name for its AI-enabled software. Formerly known as DIS-RT, the Company’s first-of-a-kind platform which is an end-to-end solution to assess and digitize inventories – will now be known as Immensa360.
Today’s announcement is the latest example of Immensa’s world-class talent and partnership base. It follows the Company’s recent senior Board appointment of Nabil Habayeb, who joined as an independent Non-Executive Director, after 41 years at GE – where most recently (2020-23) he was President & CEO of GE International Markets.
Pelagus 3D is a joint venture of thyssenkrupp and Wilhelmsen. Pelagus serves over 4,000 assets globally from 25 end user partners and 21 OEM partners. With over 80 manufacturing suppliers worldwide, Pelagus 3D is developing the largest database of spare parts available for additive manufacturing in the maritime and offshore industry.
The maritime sector involves capital-intensive assets with a heavy use of equipment in highly corrosive environments. Shipping depends on a well-functioning maintenance organization to ensure safe operations. Unexpected maritime asset downtime can cause material revenue losses, and safety issues. With assets changing locations constantly, expediting spare parts is difficult to plan for.
Additive manufacturing technology in the maritime sector is growing rapidly. A 2022 report by the Maritime Port Authority of Singapore noted several market drivers including: (i) a reduced need to keep large numbers of spare parts onboard vessels, creating a more efficient inventory (ii) addressing parts obsolescence; in 2020 – the average age of the world merchant fleet was over 20 years with older vessels facing spare part delivery delays (iii) shorter turnaround times – vessels can obtain spare parts more quickly, without the need for long layovers in ports.
