Marine Fuel Management Market Set to Grow Exponentially During 2016 - 2024
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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.
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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.
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.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend 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.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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