Global Marine Fuel Management Market is estimated to reach to US$ 5,435.7 Mn by 2024: Transparency Market Research

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.

North America Marine Fuel Management Market:

The U.S. in North America controls approximately 80% of merchant vessels. North America has many emission controlled area (ECA) and fluctuations in oil and gas prices are the major factors for a slow growth of marine fuel management market as compared to other regions. Overall, with the cut in sulfur limits from 3.5% to 0.5%, many ports of USA and Canada have thus defined Emission Control Areas (ECA’s). Cheap bunker fuel is getting replaced with least sulfur content and more expensive ones. But with current lows in the oil and gas sector, the shipping industry has been affected. Rise is moderate in both U.S. and Canada. Marine fuel management especially in winters also gaining good opportunity of inclusion of monitoring services in both the countries.

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Europe Marine Fuel Management Market:

Europe is the global center for marine fuel market. The major shipping bunker suppliers, corporations, and traders are placed in Europe. Decline in oil prices reduced operational cost of vessel and bunker fuel with expensive distillates which are used in an Emission Control Area (ECA). These are the major factors which have led to moderate growth in the marine fuel management market. Fuel consumption, monitoring and controlling are expected to see a moderate growth in the European marine fuel management market.

Asia Pacific Marine Fuel Management Market:

Asia Pacific and its strong economies like China, Singapore and Australia has been investing substantially in navigation automation, MFM systems, dynamic positioning of vessels, ballast water management, fuel consumption meters, density and viscosity meters. Japan and China witness substantial movement of merchant vessels along with Singapore. Overall, the others segment of process and application are expected to have maximum growth despite the current lows and fluctuations in the crude oil prices.

The regions ship-owners, ship-managers & associated solution providers, fuel solutions, IT & data associations, consultants & technology providers are collectively working towards ensuring vessel efficiency, optimization and management of fuel consumption. The market is likely to gain more in the coming years due to low sulfur regulations in ECA’s and to achieve greater on-board performance to keep fuel consumption in check.

Middle East & Africa Marine Fuel Management Market:

South Africa, Saudi Arabia, Nigeria, and the UAE have substantial movements of merchant vessels. Cape of Good Hope, the Persian Gulf, and the Gulf of Aden witness a significant number of transport vessels. Overall, with rising fuel costs and strict environment regulations the shipping companies are now finding shorter routes for the trading and transportation purposes. The access for East Asian countries to Europe and Middle East region via Strait of Hormuz is getting high vessel movements. Thus this is a good opportunity for the marine fuel management systems market to flourish in the region.

Latin America Marine Fuel Management Market:

The Latin America region heavily depends on manufacturers and assemblers of MFM systems from Europe and APAC. Drop in oil prices and reduced global cargo movements has led to moderate market movement for the MFM systems in new as well as updating/upgrading/replacement. Overall, the growth in fuel theft detection systems, tank level & ROB (Remaining on board) and fuel consumption by ships/vessels are expected to have high growth in comparison with other segments.

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 and 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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.


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