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Corporation, SAS International, Techno Ceiling Products 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.
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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Chemicals and Materials Sector
In coming years, as the debate on the potential impact of the
chemical manufacturing across industries on the ecology gets fiercer, new
monitoring technologies will emerge. Latest compliance regulations will expand
the scope of green chemistries for businesses in the downstream value chain.
Further, manufacturers in the market will increasingly leverage digital
channels to reach high-value customers. Many will use them to avoid disruption
such as by pandemics.
