Marine Fuel Optimization Market Potentially Growing Significant Business Opportunities with Industry Analysis Forecast to 2023
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, marine fuel optimization market has a major restraint that can hinder the growth of the market such as the decline in global oil price.
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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 expected to grow with the CAGR of approximately 4.25% during the forecast period.
Measuring by process segment, fleet management by application segment and bunker & fuel transfers by technology segment are expected to hold the largest market size in forecast period.
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.
Scope of the Report
This study provides an overview of the Global Marine Fuel Optimization Market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global marine fuel optimization market by technology, by process, by application, and by regions.
Global Marine fuel optimization Market, By Technology
Fuel Theft Detection
Tank Levels and R.O.B.
Bunker & Fuel Transfers
Others (Cross-Fleet Standardization, Shore-Side Reporting, Vessel Tracking)
Global Marine fuel optimization Market, By Process
Global Marine fuel optimization Market, By Application
Cross Fleet Standardization
Others (Delivery Verification and Shore Side Reporting)
Global Marine fuel optimization Market, By Region
Rest of the World
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The key players of global marine fuel optimization market are 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).
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