Marine Fuel Optimization Market is expected to grow over the CAGR of around 4.25% during the period 2017 to 2023,Marine Fuel Optimization Market by Process,By Application,By Technology,by Region,Forecast to 2023 | Marine Fuel Optimization Industry
Restriction of Long Voyages during COVID-19 Pandemic to Affect Global Marine Fuel Optimization Market Negatively
Marine fuel is used on shipping vessels and motor ships for operational purposes. Marine fuel optimization system is a technology for measuring and monitoring the amount of fuel used for trips. The cap on sulfur content in marine fuels can be a major catalyst in formulations and vessel engines. The global marine fuel optimization market report by Market Research Future (MRFR) addresses key trends and challenges for the period of 2018 to 2023 (forecast period). The COVID-19 pandemic and its impact on the industry have been taken into consideration for the report.
The global Marine Fuel Optimization Market size is expected to grow at a CAGR of 4.25% during the forecast period. Stringent government regulations for curbing carbon emission levels are likely to be the primary driver of the market. The enforcement of the use of low-sulfur oil in marine vessels in adherence to laws of the International Maritime Organization (IMO) to be rolled out in 2020 is a prime instance. The integration of flow metering technology for assuring the safe delivery of fuel at ports can bode well for the market.
Monitoring of fuel consumption values over large voyages and curbing operational expenditure can also drive the market growth. This is evident with latest developments in marine fuel optimization systems. The latest engine by WinGD is a dual-fuel platform which uses Intelligent Control by Exhaust Recycling (iCER) system can reduce emissions in small boats. It is under development for handling large and mid-size vessels and be capable of handling marine fuels in the coming years.
But the decline in oil prices can threaten the market growth.
On the basis of geography, the global market for marine fuel management is classified as Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC led the global market in 2016 with a share of more than 40%. Owing to the increase in shipbuilding activities, construction of ports, and replacement of legacy equipment with new marine fuel optimization systems, the region is likely to emerge as a highly attractive market for marine fuel optimization over the forthcoming years. Chinese firms are adhering to laws enforced by IMO to produce low-sulfur marine fuels. This is exemplified by agreements signed between Sinopec and the Chinese government and Total SE and China-based Zheijang Energy.
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. The COVID-19 pandemic can put a strain on initiatives to decarbonize energy systems.
The market in North America, on the other hand, will witness a sluggish growth in the near future as it approaches maturity. While the marine fuel optimization markets in Latin America and Middle East & Africa possesses great potential owing to rise in exploration activities.
The global marine fuel optimization market is segmented, by process, into measuring, monitoring, and reporting. The measuring segment accounted for the largest Marine fuel optimization system market share of about 45% in 2016 with a market value of more than USD 1,700 million. It is projected to grow at a stellar growth rate during the forecast period.
Based on applications, the market is segmented into fleet management, cross fleet standardization, fuel consumption, efficiency level, 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.
Based on technology the market has been segmented into fuel theft detection, throttle optimization, bunker & fuel transfers, tank levels & R.O.B, and others (vessel tracking, cross-fleet standardization, and shore-side reporting). 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. It can score the highest CAGR over the forecast period owing to transparency in fuel transfer as well as the plethora of fueling vessels available for marine vessels of various sizes. Adherence to environment regulations and working in offshore and onshore fields can fuel the segment growth.
Siemens AG, Interschalt Maritime Systems GmbH, The Emerson Electric Company, DNV-GL AS, Krill Systems, ABB, Ltd., Eniram Oy, Banlaw Systems Ltd, Nautical Control Solutions, LP, and Bergan Blue are key players of the global marine fuel optimization market.
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