ID: MRFR/E&P/3616-CR | October 2017 | Region: Global | 110 pages
Marine Fuel Optimization Market is expected to grow with the CAGR of approximately 4.25%, during the forecast period.
The marine fuel optimization is a fuel management system which provides the exact amount of fuel oil burnt for any marine vessel. The vessel owner, through marine optimization system, can keep a track of the actual fuel consumption in correspondence with the operations of the vessel. A complete analysis of marine fuel optimization systems, effective operating strategies and a clear understanding of how the vessel uses the fuel, can be achieved.
Global marine fuel optimization market is one of the fastest growing markets owing to the increased application marine sector by providing the accurate amount of fuel oil burnt for particular vessel. The market is driven by various factors such as stringent government regulations to curb carbon emission at sea level and reduce fuel usage, and improve operational efficiency. However, the market has a major restraint that can hinder the growth of the market such as the decline in global oil price.
A marine fuel optimization system allows the ship owner to monitor, measure, and display the exact amount of fuel oil used by the ship. Fuel optimization system not only provides the amount of fuel used but also gives additional data related to fuel usage. Marine fuel optimization systems provide statistical information on various other parameters such as the amount of fuel used by specific engine or generator while travelling at sea or at port. They also help compare fuel usage between voyages, and the amount of fuel used by particular crew. Besides providing a detailed analysis of all fuel oil using systems on board a ship, they allow the ship’s crew to track each and every drop of fuel oil. This reduces fuel consumption, thus improving overall efficiency.
Global Marine Fuel Optimization Market is segmented, by process as Measuring, Monitoring and Reporting. Measuring segment accounted for the largest market share of about 45% in 2016, with a market value of more than USD 1,700 million and is projected to grow at the highest CAGR during the forecast period. Based on applications, the market is segmented as fuel consumption, efficiency level, fleet management, cross fleet standardization and others (delivery verification and shore side reporting). Fleet Management accounted for the largest market share of about 30%, in 2016, with a market value of more than USD 1,300 million; projected to grow at the highest CAGR during the forecast period. Based on technology the market has been segmented as throttle optimization, fuel theft detection, tank levels & R.O.B, bunker & fuel transfers and others (cross-fleet standardization, shore-side reporting, vessel tracking). Bunker & Fuel Transfers accounted for the largest market share of about 27% in 2016, with a market value of more than USD 1,000 million; projected to grow at the highest CAGR of during the forecast period.
DNV-GL AS (Norway), ABB, Ltd. (Switzerland), Siemens AG (Germany), Eniram Oy (Finland), Krill Systems (U.S), Nautical Control Solutions, LP (U.S), Bergan Blue (U.S), Banlaw Systems (Europe) Ltd (U.K), The Emerson Electric Company (U.S), and Interschalt Maritime Systems GmbH (Germany).
On the basis of geography, the global market for marine fuel management is classified as Europe, North America, Asia Pacific, and Rest of the World. With a share of more than 40%, Asia Pacific led the global market, in 2016. Owing to the increase in shipbuilding activities, flag conversions, and the replacement of old vessels with new marine fuel optimization systems, Asia Pacific is likely to emerge as a highly attractive market for marine fuel optimization 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 optimization system manufacturers. Analysts expect the Europe marine fuel management market to retain 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 approaches maturity. The marine fuel optimization markets in Latin America and Middle East & Africa are exhibiting great potential for future growth, due to the increase in exploration activities in these regions.
December 2019 - RH Marine, a Connectivity and Service & Maintenance provider in the maritime industry, developed award-winning Rhodium Energy Management System (EMS) or marine fuel optimization system. The system has been developed using a self-learning AI algorithm which allocates power in an optimal way and helps in fuel saving.
|Market Size||2030: Significant Value|
|CAGR||4.25% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Process, Application and Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DNV-GL AS (Norway), ABB, Ltd. (Switzerland), Siemens AG (Germany), Eniram Oy (Finland), Krill Systems (U.S), Nautical Control Solutions, LP (U.S), Bergan Blue (U.S), Banlaw Systems (Europe) Ltd (U.K), The Emerson Electric Company (U.S), and Interschalt Maritime Systems GmbH (Germany).|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Global marine fuel optimization market leading due to the improved application marine sector by offering the accurate amount of fuel oil burnt for particular vessel.
USD 1,700 million is the valuation of the market.
The market is gaining heights with CAGR of approximately 4.25%.
Europe, North America, Asia Pacific, and Rest of the World are the key regions of the market.
ABB, Ltd. (Switzerland), Siemens AG (Germany), DNV-GL AS (Norway), Krill Systems (U.S), Nautical Control Solutions, LP (U.S), Eniram Oy (Finland), Bergan Blue (U.S) are the key players of the market.