Marine Fuel Management Demand Will Reflect Significant Growth Prospects During 2018-2026
Transparency Market Research has released 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 Million in 2017 and is projected to reach US$6,007.0 Million by 2026, growing at a CAGR of 4 .4% from 2018 to 2026.
Marine fuel management is an approach to measuring, monitoring and reporting the fuel consumption of ships/vessels/boats. It helps reduce fuel consumption, improve fleet management, reduce emissions and increase operational efficiency. In terms of value, the marine fuel management market in Asia Pacific and Europe is expected to grow significantly over the forecast period.
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Increase in maritime activities and rise in government initiatives for the development of marine fuel management systems are expected to drive the market over the forecast period. Asia-Pacific and its strong economies such as China, Singapore and Australia have invested heavily in navigation automation, marine fuel management systems, dynamic vessel positioning, ballast water management , fuel consumption meters and density and viscometers. The waters around Japan, China and Singapore witness significant movements of merchant ships. In terms of process and application, the others segment is expected to grow at a rapid pace despite the current lows and swings in crude oil prices. In Asia-Pacific, ship owners, ship managers and associated solution providers, IT and data associations, as well as consultants and technology providers are working collectively to ensure efficiency, optimization and managing the fuel consumption of ships. The marine fuel management market is likely to be driven by low sulfur regulations in Emission Control Areas (ECAs) and increasing demand for better onboard performance to control fuel consumption .
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The United States in North America controls approximately 80% of merchant ships. North America has many Emission Control Zones (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 sulfur limits reduced from 3.5% to 0.5%, many ports in the United States and Canada have established Emission Control Areas (ECAs). Cheap bunker fuel is replaced with low sulfur fuel. However, with the current lows in the oil and gas sector, the shipping industry has been affected. The need for marine fuel management in winter is likely to provide exciting market opportunities in the United States and Canada.
The global marine fuel management market can be segmented on the basis of process, application, and region. In terms of process, the market can be categorized into measurement, monitoring, reporting, and others. Measurement is a widely used process for managing marine fuels. Based on the application, the market can be categorized into fuel consumption, efficiency level, fleet management, viscosity control, etc. Rising global crude oil prices are driving demand for marine fuel management. Many countries around the world are investing in shipbuilding activities. This is driving the demand for marine fuel management worldwide.
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Major players in the marine fuel management market stand to benefit from forming strategic alliances with global players. Key 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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