Press release
Industrial Wireless Automation Market Trends 2024: Key Insights and Future Outlook
Industrial Wireless Automation Market Trends
Marine Fuel Optimization Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $20.47 Bn In 2028 At A CAGR Of 14.3% :
The marine fuel optimization market size has grown rapidly in recent years. It will grow from $10.53 billion in 2023 to $12.01 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to increasing use of wind power, rising importance of sail design, growing significance of navigation techniques, rising demand for coal fuel, and expanding role of hull design.
The marine fuel optimization market size is expected to see rapid growth in the next few years. It will grow to $20.47 billion in 2028 at a compound annual growth rate (CAGR) of 14.3%. The growth in the forecast period can be attributed to expansion of shore power infrastructure, rising fuel prices, expansion of electric propulsion, increasing public awareness of environmental issues, shift towards just-in-time shipping. Major trends in the forecast period include advancements in technology, shift towards alternative fuels, integration of AI, adoption of IoT sensors, innovations in fuel injection systems.
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Marine Fuel Optimization Market Major Segments
The marine fuel optimization market covered in this report is segmented -
1) By Type Of Vessel: Container Ships, Tankers, Bulk Carriers, Fishing Vessels
2) By Technology: Throttle Optimization, Fuel Theft Detection, Tanks Level Monitoring, Other Technologies
3) By Application: Fuel Consumption, Fleet Management, Cross Fleet Standardization, Other Applications
4) By Industry Of End User: Transportation And Shipping, Offshore Industry, Fishing Industry, Naval And Defense
Key Driver - Marine Fuel Optimization In Response To Increasing Fuel Expenses
The rising fuel costs are expected to propel the growth of the marine fuel optimization market going forward. Fuel costs are the expenses incurred by an individual, business, or organization when purchasing fuel, such as gasoline, diesel, natural gas, or other energy sources, to power cars, machinery, equipment, or facilities. Rising fuel costs stem from political instability or conflicts in major oil-producing regions, which disrupt the supply of crude oil and subsequently drive up prices for marine fuel. Marine fuel optimization assists in minimizing the effects of growing fuel costs by improving fuel economy, optimizing routes, modifying trim, monitoring fuel usage in real-time, and maintaining compliance with environmental requirements. For instance, in January 2024, according to the National Institute of Statistics and Economic Studies, a France-based government agency, the cost of heavy fuel oil rose from $362.7 per ton in December 2022 to $428.0 per ton in December 2023, reflecting an increase of 18%. Therefore, rising fuel costs are driving the growth of the marine fuel optimization market.
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Prominent Trend - Transforming Marine Fuel Optimization For Enhanced Efficiency
Major companies operating in the marine fuel optimization market are focusing on introducing AI-powered ship operation support systems, such as Route Pilot AI, to enhance vessel efficiency and reduce fuel consumption. Route Pilot AI is an AI-powered ship operation support system utilized in fuel optimization by analyzing various data sources, such as weather conditions, sea routes, engine performance, and vessel characteristics, to optimize fuel consumption. For instance, in September 2022, Yara Marine, a Norway-based technology company, launched Route Pilot AI, an artificial intelligence-powered ship operations support system. It uses high-frequency data to compute the best propulsion settings for prospective voyages, allowing optimal operating parameters to save fuel consumption and produce energy-efficient excursions.
Marine Fuel Optimization Market Players
Major companies operating in the marine fuel optimization market are Siemens AG, General Electric Company, Caterpillar Inc., Honeywell International Inc., ABB Ltd., Rolls-Royce Holdings plc, Emerson Electric Co., Wärtsilä Corporation, Alfa Laval AB, MAN Energy Solutions SE, Trimble Inc., Kongsberg Maritime AS, DNV GL AS, Lloyds Register Group Limited, NAVTOR, MarineTraffic, Royston Limited, Banlaw Pty Ltd, ZeroNorth A/S, METIS Cyberspace Technology, MESPAS AG, FuelTrax, Krill Systems Inc., Bergan Marine Systems, Marine Digital GmbH
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Largest And Fastest Growing Region In The Market
North America was the largest region in the marine fuel optimization market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine fuel optimization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Marine Fuel Optimization Market Report Structure
3. Marine Fuel Optimization Market Trends And Strategies
4. Marine Fuel Optimization Market - Macro Economic Scenario
5. Marine Fuel Optimization Market Size And Growth
…..
27. Marine Fuel Optimization Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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