How Marine Fuel Management Market will Grow at Highest CAGR

Marine fuel management is an important part of traveling at sea or at the port as it helps to analyze, study, and speculate the amount of fuel used by a particular generator or engine in between voyages. Marine fuel enhances the operational efficiency of ships. Fortune Business Insights in a report, titled “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 Geography Forecast till 2026” foresees the global marine fuel market to witness remarkable growth in the coming years on account of the growing international trade and commerce relations worldwide.

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Some companies functioning in the global market are Banlaw Systems Ltd., Siemens AG, Interschalt Maritime Systems AG, Eniram, Aquametro Oil & Marine AG, Emerson, Equatorial Marine Fuel Management Services, BMT Group, Endress+Hauser Management AG, DNV-GL AS, Krill System, Bergan Blue, ABB Ltd., Kaminco, and others.

“Collaborative Efforts of Bunkermetric and 20/20 Marine Energy Resulted in Launch of Predictive Analysis Tool, Augmenting Growth”

The techno giant Wartsila collaborated with TMS Cardiff Gas Ltd. in February 2018, with the aim of optimizing the performance of four vessels belonging to the TMS Cardiff Gas and achieving a reduction in fuel emission and low costs for fleet operation. Furthermore, the companies 20/20 Marine Energy and Bunkermetric signed a Memorandum of Understanding (MoU) in March 2018 for launching a predictive analysis tool. This tool will help fuel buyers, operators, and ship owners to understand the operating and financial impact of Sulphur 2020, that is declared to come into implementation from the 1st of January, 2020. Such company collaborations and combined innovative launches are likely to bode well for the growth of the global marine fuel management market in the forecast period.

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“Rise in Investment to Drive Market in Developing Nations”

Increasing investments made on ballast water management, navigation automation, density and viscosity meters, and fuel consumption meters, especially in developing nations is a major growth driver for the global marine fuel management market. In addition to this, the rise in offshore and onshore exploration activities around the world is also boosting the market. This, coupled with the reduction in the price of crude oil is anticipated to bring lucrative growth opportunities for the marine fuel management market in the near future.

On the flipside, sudden fluctuations in the prices of hydrocarbons since the year 2015 may affect the entire market revenue in a negative light.

“Implementation of Stringent Environmental Policies to Control Pollution and Global Warming is Boosting Market”

Geographically, the global marine fuel management market is segmented into Latin America, North America, Asia Pacific, Europe, and Middle East and Africa. Among these, the market is expected to be dominated by North America on account of the high number of offshore support vessels and operation merchant vessels in the region. This, coupled with, the notable investment in the shipping industry for utilization of effective marine fuel and its management is likely to help North America remain dominant in the coming years as well.

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Moreover, the European market for marine fuel management is also presumed to show significant growth. This is attributable to the strict imposition of environment protection norms and regulations and threat against pollution and global warming. With the imposition of these stringent policies, marine fuel was utilized in a better way and is anticipated to continue doing so in the coming years.

On the other side, the market in Asia Pacific is prognosticated to show remarkable growth rates in the forecast period. This is due to the substantial movement of merchant’s vessels in developing nations - Singapore, China, and India. Thus the forecast period may witness Asia Pacific as the fastest growing market owing to the factors mentioned above.

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