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| Circular Business Innovation and Circular Economy Development in the Shipbuilding Industry: A Design Strategy Perspective
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Ogbuka, J. C., Ezinna, P.C., Agu, H. U.
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Abstract:
This paper evaluated the prospects of circular business model approach to maximizing the potentials of Circular Economy (CE) objectives encompassing reduce, reuse, repair and recycle or remanufacture in the shipbuilding industry of the maritime economy. The study also explored the implications of circular design strategies as a key value strategy embedded in sustainable circular business model that translates circular objectives into practices by situating economic incentives to the price and gains of circular design strategies. Within the domain of CE, business models that integrate circular design strategies have been evolving in different sectors such as food, paper, energy, plastics, electronics industries, etc. especially in developed economies. However, circular design strategies in the shipping or shipbuilding industry and the maritime industry as a whole have been poorly studied. This is further compounded by lack of enabling frameworks or policy guidelines for CE implementation in most developing contexts. We isolated, synthesized and analysed secondary materials using qualitative design. Evidences from a broad body of literatures enabled theoretical insights into the study, allowing sets of themes to emerge. Our findings suggest that integrating circular design strategies into business models for CE implementation in the shipbuilding industry can inform and strengthen policy and regulatory frameworks that can promote circular growth in the global maritime sector. This paper contributes to the emerging and growing body of knowledge on the opportunities in circular business model innovations that prioritise circular design strategies and the requisite business, technological, social innovations, as well as circular enhancers to accelerate circularity in the global maritime sector and transition from circular objectives into practices.
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