Marine Fuel Management Market Size, Share and Global Trend By Process (Measuring, Monitoring, Reporting, and Others), By Application (Fuel Consumption, Efficiency Level, Fleet Management, Viscosity control, and Others), and Regional Forecast, 2024-2032

The shipping industry is one of the most dominating industries in terms of transporting goods. According to UNCTAD, in 2010 for the first time ships carried 10 billion tons of trade. Marine fuel represents one of the most significant operational costs for ship operators. Not only marine fuel is very costly but also the impact of poor quality of fuel could put the safety, operational and environmental performance of a ship at risk. Thus, it is very important to monitor the fuel usage for the optimal performance of fleets. Marine fuel management plays a crucial role in understanding fuel used while traveling at sea or at the port, the amount of fuel used by a specific engine or generator, comparing fuel usages between voyages.

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Apart from this, the system allows a detailed analysis of all fuel oil using systems on board a ship to track each and every drop of fuel oil. Thus, marine fuel management offers a reduction in fuel consumption and improving overall efficiency.

The marine fuel management is broadly classified into Process and Application. On the basis of process, marine fuel is segmented into measuring, monitoring, reporting, and others. Marine fuel management gives a detailed view of fuel consumption, viscosity variation, efficiency, etc.

The ever increasing prices of fuel and stringent environmental regulation stressing the ship operator for optimal utilization of fuel to combat serious emission that will boost the marine fuel management market. International Maritime Organization (IMO) is a regulatory body for marine operations aiming to reduce suphur emission. Sulphur 2020 will roll out from 1 January 2020 limiting the suplhur emission by 0.50% m/m boosting the market of marine fuel management.

The sudden collapse in prices of hydrocarbon in 2015 has seen a major setback for the operator which is hindering the growth of the marine fuel management system.

KEY PLAYERS COVERED

The leading companies in marine fuel management are ABB Ltd., Aquametro Oil & Marine AG, Banlaw Systems Ltd., Bergan Blue, BMT Group, DNV-GL AS, Emerson, Endress+Hauser Management AG, Eniram, Interschalt Maritime Systems AG, Kaminco, Krill System, Equatorial Marine Fuel Management Services, and Siemens AG.

SEGMENTATION

REGIONAL ANALYSIS

The global marine fuel management market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The number of operation merchant vessels and offshore support vessels in North America is quite high. Substantial investment in the shipping industry for effective utilization of available resources is expected the growth of marine fuel management. Europe is implementing strict environmental regulations and much concerned about global warming and pollution threat. This has paved the way for marine fuel management growth for better utilization of fuel. The emerging economies China, India, and Singapore witnessing a substantial movement of merchant’s vessels. Extensive investment in navigation automation, ballast water management, fuel consumption meters, density & viscosity meters is potentially increasing the growth of the marine fuel management market. The countries in MEA are investing heavily in offshore exploration and the enormous development of trading activities through shipping is expected the growth of the marine fuel management market.

KEY INDUSTRY DEVELOPMENTS

• In March 2018, Bunkermetric and 20/20 Marine Energy has signed an MoU to launch a predictive analysis tool that enables ship owners, operators and fuel buyers to understand the financial and operating impact of Sulphur 2020 when it comes into force on 1 January 2020.
• In February 2018, The technology giant Wartsila in cooperation with TMS Cardiff Gas Ltd. ensured to optimize the performance of four TMS Cardiff Gas vessels. Eniram’s data collection and advanced data analytics will help TMS Cardiff Gas to achieve optimal fleet operation, resulting in reduced fuel costs and emission.