Global Marine Fuel Management Market : Market Demand, Growth, Opportunities, Analysis of Top Key Player and Forecast to 2024

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Global Marine Fuel Management Market: Overview
Marine fuel management system helps in providing the accurate amount of fuel oil burnt for any particular vessel. Marine fuel management has grown in importance due to rising cost of marine fuel, more stringent government regulations to curb pollution at sea. Marine fuel management is an approach to measure, monitor, and report fuel usage of vessels/ships/boats in order to reduce fuel usage, improve fleet management, reduce emissions, and increase the operational efficiency.

The fleet owners, through marine fuel management, can track actual fuel consumption in correspondence with the operations of the vessel.

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Complete analysis of effective operating strategies and clear understanding on how the vessel uses its fuel can be achieved by marine fuel management systems. The system helps marine crew to keep watch on all the fuel tanks levels right from the vessels bridge and control room. The total cost of marine fuel accounts for 60% - 70% of the vessels operating cost. Rising prices of marine fuel and strict environmental norms have led to higher focus on energy efficiency and environment protection. The system thus increases fuel efficiency and also helps save money for the fleet owners.

The marine fuel management system helps compare the amount of fuel taken on board with the actual consumption of each engine or generator. The systems also actively includes other factors like fuel theft detection and illegal transfer, fleet management and viscosity control and cargo delivery verifications. Marine fuel management systems monitors, measures and reports fuel consumption rates daily.

Global Marine Fuel Management Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Combination of top down and bottom up approach has been used to estimate the market size. Prices considered for the calculation of revenue are average prices of the marine fuel management equipments and devices, which have been obtained through primary and secondary quotes from numerous ship-builders, ship and vessel owners, vessel caterers, marine crew, and other shipping contractors. Impact of factors such as environmental regulations, influence of commercial availability of crude oil, crude oil price index, key investments, geo-political factors, strategic petroleum reserves (SPRs) of trading countries, and other minor factors affecting the global marine fuel management market have also been taken into consideration while deriving the final market numbers.

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Primary research represented the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research includes a search of recent trade, technical writing, internet sources, statistical data from government websites and trade associations/agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants insights, and recognizing business opportunities.

Secondary research sources which were typically referred to include but are not limited to: company websites, annual reports, financial reports, broker reports, investor presentations, SEC filings, internal and external proprietary databases as well as relevant patent and regulatory database, national government documents, statistical databases, market reports, news articles, press releases, industry magazines, webcasts specific to companies operating in the market, Platts Global, IEA (International Energy Agency), Lloyds Register, International modules for STCW (Standards of Training, Certification and Watch-keeping), ICS (International Chamber of Shipping), MARPOL (Marine Pollution), UNCTAD (United Nations Conference on Trade and Development), IMO (International Maritime Organization), AMS (Alternate Management Systems), MARAD (Maritime Administration), IACS (International Association of Classification Societies) and regulatory databases such as ICIS, Hoovers, oneSOURCE, Factiva and Bloomberg, national government documents, statistical databases, market reports, news articles, press releases and webcasts specific to companies operating in the marine fuel management market.

We conduct primary interviews on an ongoing basis with industry participants and commentators to validate data and analysis. These help validate and strengthen secondary research findings. These also help develop the analysis teams expertise and market understanding.

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