Marine Fuel Management Market | Industry Crucial Players - ABB, Aquametro AG, Banlaw Systems Ltd., Bergan Blue, BMT Group, DNV-GL AS, Emerson, Endress+Hauser Management AG, Eniram, Interschalt Marine Systems GmbH, Kaminco, Krill Systems, Inc., Marorka, Mu

Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Marine Fuel Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Marine Fuel Management Market have been elaborated upon in the research report.

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Marine fuel management is an approach to measure, monitor, and report fuel usage of vessels/ships/boats in order to reduce fuel usage, improve fleet management, reduce emissions, and increase operational efficiency. Marine fuel management systems assist in providing accurate information about the amount of fuel oil used during combustion at any particular vessel speed or engine rpm. The ship’s crew can continuously measure and monitor the fuel. A continuous measuring system helps in measuring the fuel combustion rate or the amount of fuel required by an engine at a particular rpm in an hour or in one full day. Prime functions of marine fuel management systems include protection against fluctuations and shortages in fuel supply, fuel purchases in bulk quantity, closer visibility and control of fueling costs, reduced fuel theft through higher visibility, and increasing vessel efficiency.

Crude Oil to Make an Impact on Marine Fuel Management Market

The global marine fuel management market is estimated to expand at a rapid pace, driven by rise in fuel oil prices and stringent regulations imposed against vessel emissions and fuel usage. Under the MARPOL Protocol (1997), Sulphur Emission Control Areas (SECAs) or Emission Control Areas (ECAs) are defined, which were established to minimize marine vessel emissions. Amendments were made to this regulation in 2010, wherein the Baltic Sea, the North Sea, the North American ECA (U.S. and Canadian coast), and the U.S. Caribbean ECA were included in ECAs controlling SOx, NOx, ODS, and VOC emissions from marine vessels. Moreover, strict laws against the consumption of natural resources such as crude oil have compelled the fleet owners to use marine fuel oil conservatively. In order to make productive use of marine fuel oil, fleet owners prefer metering and monitoring solutions to gauge the quantity and quality fuel oil. Marine fuel oil prices directly depend upon the prices of crude oil. Fluctuations are observed in prices of crude oil due to imbalance in its supply and demand and the costs associated with its extraction and transportation. Increase in prices of crude oil would imply a rise in prices of marine fuel oil. Soaring prices of marine fuel oil would result in the necessity for efficient fuel management. Thus, escalation in prices of marine fuel oil and stringent regulations against emissions and usage of marine fuel oil are anticipated to drive the marine fuel management market in the near future. The total cost of marine fuel accounts for 60% to 70% of the vessel’s operating cost. Vessel operations include charts, navigational and communication systems, Safety of Life at Sea (SOLAS), MARPOL, and others. Marine fuel management system help compare the amount of fuel taken on board with the actual consumption of each engine or generator. The systems also actively include other factors such as fuel theft detection and illegal transfer, fleet management, viscosity control, and cargo delivery verifications. Monitoring, controlling, and reporting of marine fuel consumption is of key importance to control the total operating cost of a vessel. Adoption of marine fuel management systems results in reduction of overall operation cost of vessel. A paradigm shift in the attitude of fleet owners toward the adoption of marine fuel management systems is anticipated to boost the marine fuel management market. Technological upgrades in marine fuel management solutions are projected to provide lucrative opportunities in the marine fuel management market during the forecast period. However, inconsistent accuracy and security concerns are major restraints in the marine fuel management market. Illicit activity such as fuel theft may result in ecological damage, depriving governments of customs and tax revenues, and active funding of criminal activities. Marine fuel oil that is stolen, adulterated, or fraudulently transferred at some point in its supply chain affects and destabilizes markets and economies. Ineffective security features and imprecise marine fuel management solutions are likely to hamper the marine fuel management market.

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Role of International Maritime Organization

Under the International Maritime Organization (Regulation 14), a review was undertaken to assess fuel oil availability, and the fuel oil standard was decided to be 0.50% m/m (effective from 01/01/2020). Henceforth, ship vessels that operate both outside and inside the ECA will operate on different fuel oils in order to comply with the respective limits. Under these circumstances, prior to entering the ECA, the vessel needs to completely operate on ECA compliant fuel and has to undergo a complete change-over to ECA compliant fuel oil while exiting the ECA.

Under International Maritime Organization (Regulation 18), actual sulfur content of the fuel oil that is bunkered is to be monitored and measured. There are methods by which equivalent levels of SOx and particulate matter emissions can be controlled. The primary method avoids the formation of the pollutant and the secondary method removes some degree of pollutants prior to discharging the exhaust gas stream to the atmosphere.

Emerging Economies Dominating the Marine Fuel Management Market

In terms of revenue, Europe and Asia Pacific are the leading regions of the marine fuel management market. Globally, oil and gas prices are expected to rise at a moderate pace. The Asia Pacific region is expected to exhibit highest growth of more than 4% CAGR for the forecast period. This trend is likely to be followed by the Middle East & African region during the forecast period. In terms of market capitalization, Europe and Asia Pacific region are market leaders and are expected to follow the trend during 2016-2025. The fuel monitoring segment is expected to expand at a rapid pace, especially in developing economies of APAC and MEA. The fleet management segment is projected to expand at a rapid pace due to rise in awareness among the fleet owners and increase in adoption rate of fuel management systems. In terms of country, the market in China, Singapore, Brazil, and Mexico are is expected to expand at a significant CAGR on account of movement of fleets, fleet size, fuel consumption, and trading activities in these regions during the forecast period.

Leading Players Focusing on Geographical Expansion

Key players profiled in the marine fuel management market include ABB, Aquametro AG, Banlaw Systems Ltd., Bergan Blue, BMT Group, DNV-GL AS, Emerson, Endress+Hauser Management AG, Eniram, Interschalt Marine Systems GmbH, Kaminco, Krill Systems, Inc., Marorka, Mustang Technologies, Nautical Control LP, and Siemens AG. Increase in production capacities and geographical expansion along with upgrades in their existing solutions and offering are the strategies implemented by major players.

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