Marine Fuel Management Market – Snapshot
Marine fuel speaks to a noteworthy piece of activity costs for vessels. In addition, an ascent in the costs of fuel oil and stringent natural standards have prompted the requirement for productive management of marine fuel so as to restrain costs. Accordingly, marine fuel management and armada management are picking up in significance. Marine fuel management checking includes controlling and revealing of marine fuel.
It assumes a critical job in controlling the absolute working expense of a vessel. Stringent delivery industry guidelines with respect to emanation control and the requirement for checking activity expenses have prompted the advancement of exceptionally effective fuel management frameworks that help control by and large expenses. Advances in armada management and fuel utilization (checking, control, and announcing) are to a great extent accessible alongside thickness control of the fuel.
Marine fuel management is a way to deal with measure, screen, and report fuel use of vessels/ships/pontoons. It decreases fuel utilization, improve armada management, lessen outflows, and increment operational effectiveness.
A marine fuel management framework gives different highlights, for example, estimating the measure of fuel utilized while going adrift (inland) or at port, constant checking of fuel, sign of spillage, observing measure of fuel utilized by a particular motor or generator, deciding fuel utilization design, examination of fuel uses among voyages, and estimating the measure of fuel utilized by a specific group.
The expense of marine fuel represents 60% to 70% of a vessel’s working expense. Ascend in costs of marine fuel and severe natural standards have prompted a higher spotlight on vitality productivity and ecological security.
The UN’s International Maritime Organization (IMO) has set new rules that will prohibit ships from using fuels with a sulfur content above 0.5% from January 1, 2020. The current permissible level is 3.5%, unless vessels are equipped with scrubbers to clean up sulfur emissions.
This is anticipated to drive demand for marine fuel management in the shipping industry in areas such as Norway, China, Singapore, and the U.S.. Globalization of the shipping industry has improved several aspects such as global goods/cargo movements, unification in the quality of marine fuel to reduce harmful emissions, standardization of cost per ship (operating cost), and technological advancements in marine fuel management techniques. These factors have benefitted the shipping industry as a whole and boosted its development.
The demand for marine fuel management is likely to rise in the near future. Governments of various countries have implemented policies to promote the usage of marine fuel management. Additionally, recovery of the economy in Europe, rapid urbanization in countries such as India and China, rise in sea-borne trade activities, and increase in government efforts to improve naval defense are estimated to boost the global marine fuel management market.
The global marine fuel management market can be segmented based on process, application, and region. In terms of process, the market can be classified into measuring, monitoring, reporting, and others.
Efficiency level is a widely used process for marine fuel management. Based on application, the global marine fuel management market can be categorized into fuel consumption, efficiency level, fleet management, viscosity control, and others. Increase in maritime activities and need to upgrade and update existing marine fleets are propelling the marine fuel management market. Many countries are investing in shipbuilding and naval projects. A majority of measuring, monitoring, and reporting technologies of marine fuel management used for large vessels can also be used for small vessels/boats.
This is driving demand for marine fuel management. Demand for marine fuel management has increased due to a rise in investments in maritime activities. Recovery of crude oil prices would eventually lead to an increase in pricing levels of marine fuel. Moreover, stringent environmental norms regarding sulphur content are expected to boost prices due to the requirement of further refining marine fuel. These factors are likely to drive the market.
In terms of region, the global marine fuel management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Latin America is a mature region of the market. The market in Asia Pacific is anticipated to expand substantially during the forecast period. Europe and North America are emerging regions of the market. The marine fuel management market in these regions is estimated to expand significantly during the forecast period.
Key players operating in the marine fuel management market are projected to benefit from the formation of strategic alliances. Prominent players include Emerson Electric Co., DNV-GL AS, ABB, Siemens AG, and Bergan Blue.