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.
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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.
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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