Global Marine Fuel Management Market: Snapshot
The rising cost of fuel is having the most prominent impact on the global marine fuel management market. As marine fuel management systems assist significantly in calculating the exact amount of fuel oil burnt at any particular vessel speed or engine rpm, their usage in ships and marine vessels has increased substantially, which, as a result, is reflecting positively on this market. Apart from this, the rising number of stringent government regulations intended to curb pollution at sea is also impacting this market greatly. However, the current decline in the oil prices and the subsequent slowdown in the oil and gas industry is likely to restrict this market from growing steadily in the near future.
The overall revenue generated in the global marine fuel management market in 2015 was US$3.82 bn. Burgeoning at a CAGR of 4.10% between 2016 and 2024, the market is projected to reach US$5.43 bn by the end of 2024.
Fleet Management to Remain Key Contributing Application Area
Fuel consumption, efficiency level, fleet management, viscosity control, other systems, such as shore side reporting, cross fleet standardization, and cargo delivery verification are the prime application areas of marine fuel management systems. Among these, fleet management surfaced as the most prominent application segment with a share of 25.49% in 2015. This segment is anticipated to maintain its lead; however, with a slight decline in its market shares.
The demand for marine fuel management systems is expected to increase substantially from the fuel consumption segment over the next few years on account of the rising need for reducing the fuel consumption to save operational expenditure.
Asia Pacific to Continue as Leading Regional Market
On the basis of geography, the global market for marine fuel management is classified into Europe, Latin America, North America, Latin America, Asia Pacific, and the Middle East and Africa. With a share of more than 40%, Asia Pacific led the global market in 2015. Thanks to the increase in shipbuilding activities, flag conversions, and the replacement of old vessels with new marine fuel management systems, Asia Pacific is likely to emerge as a highly attractive market for marine fuel management over the forthcoming years, maintaining its dominance over the global market.
Europe, being the global center for suppliers and traders of shipping and bunker fuel, has been providing good opportunities to marine fuel management manufacturers. Analysts expect the Europe marine fuel management market to remain seated in the second position in the years to come. The market in North America, on the other hand, will witness a slowdown in the near future as it approaching towards maturity. The marine fuel management markets in Latin America and the Middle East and Africa are exhibiting great potential for future growth, thanks to the increase in exploration activities in these regions.
Emerson, DNV-GL AS, ABB, Siemens AG, Eniram, Krill Systems Inc., Nautical Control Solutions LP, Nautical Control Solutions LP, Banlaw Systems Ltd., Kaminco, Mustang Technologies, Marorka, INTERSCHALT Maritime Systems GmbH, BMT Group, and AquaMetro AG are some of the prominent participants in the global marine fuel management market.
Global Marine Fuel Management Market: Overview
Marine fuel management system helps in providing the accurate amount of fuel oil burnt for any particular vessel. Marine fuel management has grown in importance due to rising cost of marine fuel, more stringent government regulations to curb pollution at sea. Marine fuel management is an approach to measure, monitor, and report fuel usage of vessels/ships/boats in order to reduce fuel usage, improve fleet management, reduce emissions, and increase the operational efficiency.
The fleet owners, through marine fuel management, can track actual fuel consumption in correspondence with the operations of the vessel.
Complete analysis of effective operating strategies and clear understanding on how the vessel uses its fuel can be achieved by marine fuel management systems. The system helps marine crew to keep watch on all the fuel tanks levels right from the vessels bridge and control room. The total cost of marine fuel accounts for 60% - 70% of the vessels operating cost. Rising prices of marine fuel and strict environmental norms have led to higher focus on energy efficiency and environment protection. The system thus increases fuel efficiency and also helps save money for the fleet owners.
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 includes other factors like fuel theft detection and illegal transfer, fleet management and viscosity control and cargo delivery verifications. Marine fuel management systems monitors, measures and reports fuel consumption rates daily.
Global Marine Fuel Management Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Combination of top down and bottom up approach has been used to estimate the market size. Prices considered for the calculation of revenue are average prices of the marine fuel management equipment’s and devices, which have been obtained through primary and secondary quotes from numerous ship-builders, ship and vessel owners, vessel caterers, marine crew, and other shipping contractors. Impact of factors such as environmental regulations, influence of commercial availability of crude oil, crude oil price index, key investments, geo-political factors, strategic petroleum reserves (SPRs) of trading countries, and other minor factors affecting the global marine fuel management market have also been taken into consideration while deriving the final market numbers.
Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, internet sources, statistical data from government websites and trade associations/agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources which were typically referred to include but are not limited to: company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases as well as relevant patent and regulatory database, national government documents, statistical databases, market reports, news articles, press releases, industry magazines, webcasts specific to companies operating in the market, Platt’s Global, IEA (International Energy Agency), Lloyds Register, International modules for STCW (Standards of Training, Certification and Watch-keeping), ICS (International Chamber of Shipping), MARPOL (Marine Pollution), UNCTAD (United Nations Conference on Trade and Development), IMO (International Maritime Organization), AMS (Alternate Management Systems), MARAD (Maritime Administration), IACS (International Association of Classification Societies) and regulatory databases such as ICIS, Hoover’s, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, market reports, news articles, press releases and webcasts specific to companies operating in the marine fuel management market.
We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Companies Mentioned in the Report
The report comprises profiles of major companies operating in the Global Marine Fuel Management Market. Key players in the marine fuel management market are and not limited to 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. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies and recent developments.
The global marine fuel management market has been segmented as follows:
- Others (Throttle Optimization, Fuel Theft Detection, Tank Level & ROB and Bunker Fuel Transfer)
- Fuel Consumption
- Efficiency Level
- Fleet Management
- Viscosity Control
- Others (Shore Side Reporting, Cross Fleet Standardization and Cargo Delivery Verification)
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa