TMR: Marine Fuel Management Market is estimated to reach to US$ 5,435.7 Million by 2024
Transparency Market Research has released a new market report titled “Marine Fuel Management Market by Process (Measuring, Monitoring, Reporting and Others) for Fuel Consumption, Efficiency Level, Fleet Management, Viscosity Control and Other Application – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024.” According to the report, the global marine fuel management market revenue was US$ 3,820.0 Mn in 2015 and is projected to reach US$ 5,435.7 Mn by 2024 at a CAGR of 4.1% from 2016 to 2024.
Marine fuel management has gained importance due to rising cost of marine fuel, stringent government regulations to curb pollution at sea. Marine fuel management system helps in providing the accurate amount of fuel oil burnt at any particular vessel speed or engine rpm.
Marine fuel management is an approach to measure, monitor and report fuel usage of vessels/barges/ships/boats in order to reduce fuel consumption, fleet management improvement, emission reduction and increase the overall marine asset operational efficiency. The total cost of marine fuel accounts for more than half of the vessels operating cost. The marine fuel management system increases fuel efficiency. The system also monitors quality of marine fuel at the time of fueling the ship.
The marine fuel management system helps compare the amount of fuel taken on board with the actual consumption of each engine or generator. The systems also actively include other factors like fuel theft detection and illegal transfer, fleet management and viscosity control and cargo delivery verifications.
Efficient fuel measuring, fuel consumption and fleet management are major part of marine fuel management. The global marine agencies have declared many areas as emission controlled areas where the limit on sulphur emissions is kept very low. In these areas the heavy fuel oil needs to be switched with another blend of light fuel oil, leading to the need of fuel management system.
Region wise, Europe is the global centre for shipping & bunker fuel market, suppliers and traders. Thus this region provides good opportunities for the growth of monitoring systems market. Developing economies of Asia Pacific and Middle East, increasing trade through shipping route and growing importance of shorter routes for trading provides opportunity for growth of marine fuel management market in these regions. Major ship owners/builders, international traders with marine fleets and port authorities are investing huge amounts in the marine fuel management systems market.
Key players in the marine fuel management market include: Emerson, DNV-GL AS, ABB Ltd., Siemens AG, ENIRAM, Krill Systems, Inc., Nautical Control Solutions LP, Bergan Blue, Banlaw Systems Ltd., Kaminco, Mustang Technologies, Marorka, Interschalt, BMT Group, Aquametro AG.
The Global Marine Fuel Management Market has been segmented as follows:
Global Marine Fuel Management Market: by Process
- Measuring
- Monitoring
- Reporting
- Others (Throttle Optimization, Fuel Theft Detection, Tank Level & ROB and Bunker Fuel Transfer)
Global Marine Fuel Management Market: by Application
- Fuel Consumption
- Efficiency Level
- Fleet Management
- Viscosity Control
- Others (Shore Side Reporting, Cross Fleet Standardization and Cargo Delivery Verification)
Global Marine Fuel Management Market: by Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- France
- Germany
- U.K.
- Rest of Europe
- Asia Pacific
- Australia
- China
- Singapore
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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Source: PR Newswire
