Marine fuel management market Potential Effect On Upcoming Future Growth, Competitive Analysis And Forecast
Transparency Market Research has published a new market report
titled ‘Marine
Fuel Management Market - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast, 2018–2026.’ According to the report, the global marine
fuel management market was valued at US$ 5,693.8 Mn in 2017 and
is projected to reach US$ 6,007.0 Mn by 2026, expanding at a CAGR of 4.4% from
2018 to 2026.
Marine fuel
management is an approach to measure, monitor, and report fuel usage of
vessels/ships/boats. It helps reduce fuel usage, improve fleet management,
reduce emissions, and increase operational efficiency. In terms of value, the
marine fuel management market in Asia Pacific and Europe is anticipated to
expand significantly during the forecast period. Increase in maritime
activities and rise in government initiatives for development of marine fuel
management systems are estimated to drive the market during the forecast
period. Asia Pacific and its strong economies such as China, Singapore, and
Australia have been investing substantially in navigation automation, marine
fuel management systems, dynamic positioning of vessels, ballast water
management, fuel consumption meters, and density and viscosity meters. The
waters around Japan, China, and Singapore witness substantial movement of
merchant vessels. In terms of process and application, the others segment is
expected to expand at a rapid pace despite the current lows and fluctuations in
crude oil prices. In Asia Pacific, ship owners, ship managers and associated
solution providers, IT & data associations, and consultants and technology
providers are collectively working toward ensuring vessel efficiency,
optimization, and management of fuel consumption. The marine fuel management
market is likely to to be driven by low sulfur regulations in Emission Control
Areas (ECAs) and rise in demand for achieving greater on-board performance to
keep fuel consumption in check. The U.S. in North America controls
approximately 80% of merchant vessels. North America has many emission
controlled areas (ECA). It also experiences fluctuations in oil and gas prices.
These factors are likely to restrain the marine fuel management market in the
region. With a cut in sulfur limits from 3.5% to 0.5%, many ports in the U.S.
and Canada have defined Emission Control Areas (ECAs). Cheap bunker fuel is
being replaced by low sulfur fuel. However, with current lows in the oil and gas
sector, the shipping industry has been affected. The need for marine fuel
management in winters is likely to offer attractive opportunities to the market
in the U.S. and Canada.
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The global marine fuel management market can be segmented based
on process, application, and region. In terms of process, the market can be
classified into measuring, monitoring, reporting, and others. Measuring is a
widely used process for marine fuel management. Based on application, the
market can be categorized into fuel consumption, efficiency level, fleet
management, viscosity control, and others. Increase in global crude oil prices
is boosting demand for marine fuel management. Many countries across the globe
are investing in shipbuilding activities. This is driving demand for marine
fuel management worldwide.
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Key players in the marine fuel management market are expected to
benefit from the formation of strategic alliances with global players. Prominent
players operating in the marine fuel management market include Emerson Electric
Co., DNV-GL AS, ABB, Siemens AG, and Bergan Blue.
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Marine Fuel Management Market, by Process
- Measuring
- Monitoring
- Reporting
- Others
Marine Fuel Management Market, by Application
- Fuel
Consumption
- Efficiency
Level
- Fleet
Management
- Viscosity
Control
- Others
Marine Fuel Management Market, by Region
- North
America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Rest
of Europe
- Asia
Pacific
- China
- India
- Singapore
- Rest
of Asia Pacific
- Middle
East & Africa
- GCC
- South
Africa
- Rest
of Middle East & Africa
- Latin
America
- Brazil
- Mexico
- Rest
of Latin America
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registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes
factors shaping the dynamics of demand in various markets. The insights and
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opportunities in the segments based on source, application, demographics, sales
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