Marine Fuel Management Market Global Industry Analysis 2016 - 2024

The global marine fuel management market demonstrates a highly competitive and fragmented market, where the top six players, namely, Emerson, Siemens AG, ABB Group, Krill Systems Inc., Nautical Control Systems LLP, and Interschalt Marine Systems GmbH, could manage to attain a share of only 33.8% in 2015, finds a new study by Transparency Market Research (TMR). With the increasing entry of new players, the competition within this market is likely to increase substantially over the next few years, reports the market study.

Browse Market Research Report @ : http://www.transparencymarketresearch.com/marine-fuel-management-market.html

According to TMR’s estimates, the global marine fuel management market stood at US$3.8 bn in 2015. Expanding at a CAGR of 4.10% during the period from 2016 to 2024, the market is expected to cross US$5.4 bn mark by the end of the forecast period. Fleet management has emerged as the key application segment in this market and is projected to retain its dominance over the next few years.

Marine Fuel Management MarketRise in Shipbuilding Activities to Ensure Asia Pacific’s Dominance

The report also present a geographical analysis of the global market for marine fuel management, according to which, Europe, Latin America, North America, Latin America, Asia Pacific, and the Middle East and Africa are the key regional markets for marine fuel management. Asia Pacific dominated the global market with a share of more than 40% in 2015. With the rise in flag conversions, shipbuilding activities, and the replacement of old vessels with new marine fuel management systems, researchers expect Asia Pacific to provide highly attractive opportunities for manufacturers of marine fuel management throughout the forecast period, maintaining its lead over the global market.

Europe, which was the second-leading marine fuel management market across the world in 2015, is likely to retain its position over the next few years, being the global center for suppliers and traders of shipping and bunker fuel. The North America marine fuel management market, however, will experience a decline in its shares in the near future due to maturation. Other marine fuel management markets, that is, the Latin America and the Middle East and Africa markets are demonstrating high potential for future growth, owing to the rising exploration activities in these regions, states the research report.

Increasing Deployment of Marine Fuel Management Systems in Ships to Boost Market

“The global marine fuel management market is heavily influenced by the rising cost of fuel across the world,” says an analyst at TMR. Marine fuel management systems are exceptionally effective in calculating the exact amount of fuel oil consumed at a vessel speed or engine rpm, owing to which, their deployment in ships and marine vessels has surged remarkably, resulting in a substantial rise in this market.

Fill the form to gain deeper insights on this market @ : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=12320

In addition, the increasing enforcement of government regulations for controlling marine pollution is likely to boost this market considerably in the near future. However, the declining oil prices and the consequent slowdown in the oil and gas industry may limit the growth of this market to some extent over the next few years, notes the research study.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Marine Fuel Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”

The global marine fuel management market has been segmented as follows:

By Process

Measuring
Monitoring
Reporting
Others (Throttle Optimization, Fuel Theft Detection, Tank Level & ROB and Bunker Fuel Transfer)

By Application

Fuel Consumption
Efficiency Level
Fleet Management
Viscosity Control
Others (Shore Side Reporting, Cross Fleet Standardization and Cargo Delivery Verification)

About Us

Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.

90 State Street, Suite 700
Albany, NY 12207

This release was published on openPR.