Emerson Electric Co., ABB, Siemens AG, DNV-GL AS, and Bergan Blue are some of the prominent players operating in the marine fuel management market profiled by Transparency Market Research (TMR). These players are focusing on several strategies such as collaborations between process developers and marine propulsion manufacturers in order to strengthen their market hold.
According to a business report released by TMR, the global marine fuel management market was valued at US$ 5,693.8 mn in 2017. The market is projected to rise at a steady CAGR of 4.4% from 2018 to 2026. Rising at this CAGR, the market is expected to surpass a valuation of US$ 6,007.0 mn by the end of 2026.
Based on application, the fleet management segment is projected to hold maximum share throughout the forecast period. This is mainly because of the increasing demand for efficient fleet management system in order to measure amount of fuel required. Geographically, North America is projected to hold maximum share in the marine fuel management market. This is mainly because of the presence of several players in the region and high level of awareness among consumer regarding advanced technologies.
Stringent Governmental Regulations Regarding Carbon Emission at Sea Level to Bode Well with Market’s Growth
The global marine fuel management market is projected to rise at significant pace in the coming few years. This is mainly because of the increasing need to optimize fuel usage and improve operational efficiency of the marine ships. Further, stringent governmental regulations to curb sea level carbon emission is another factor projected to fuel the growth of the global marine fuel management market.
In addition to this, governmental organization is playing a significant role in the growth of the marine fuel management market. As they are frequently conducting awareness programs about efficient use of fuel that is has lowest impact on marine life.
Further, factors like heavy investment in power projects from both governmental and private bodies is projected to fuel demand for energy and power plants across the globe, this in turn will increase marine exploration activities. The primary functions of marine fuel management systems are optimizing fuel used in marine ships, reducing emissions, improving fleet management, and increasing the operational efficiency. An increase in maritime activities will have a positive impact on the growth of the marine fuel management market.
Declining Crude Oil Price to Impede Market’s Growth
Despite several hindrance, growth in the marine fuel management market is anticipated to hamper by factors such as decline in crude oil prices and incompetency of the marine fuel management system with the fuel vessel. Along with this, cases such as compromised accuracy of the system owing to constant temperature change is another factor projected to damp the prospects of the global marine fuel management market in the coming few years.
Nevertheless, factors like rising privatization in marine crude oil exploration activities and lenient FDI norms are expected to drive the marine fuel management market in the coming few years. Furthermore, rise in use of smart grids and smart metering in the marine feet management for the efficient management of power services are improving the infrastructural facilities and thus expected to encourage growth in the marine fuel management market.
The information is derived from a TMR report titled, “Marine Fuel Management Market (Process - Measuring, Monitoring, Reporting; Application - Fuel Consumption, Efficiency Level, Fleet Management, Viscosity Control) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The global marine fuel management market has been segmented as follows:
- Fuel Consumption
- Efficiency Level
- Fleet Management
- Viscosity Control
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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