Pune, India, July 25, 2019 (GLOBE NEWSWIRE) -- After a thorough analysis of various parameters affecting the global marine fuel optimization market, Market Research Future (MRFR), has predicted a CAGR of 4.25% over the forecast period of 2017-2023. Knowing the specific fuel consumption of marine vessel operations is essential for the maritime industry as it helps to select the most efficient engine and estimate gaseous emissions. Marine fuel optimization systems aid in the management of fuel usage and help to keep track of the exact amount of fuel required during vessel operations.
Fuel cost constitutes the largest portion of the operating cost of a vessel and saving on fuel usage can significantly result in cost reduction operational expenses. The marine industry is increasingly adopting marine fuel optimization systems to address the challenges of towering maritime cost and rapid depletion of fossil fuel resources. Additionally, marine fuel optimization systems provide a clear understanding of various parameters.
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The growth of the marine fuel optimization market is primarily driven by the expansion of the maritime industry which is purveyed by increasing seaborne trade activities. However, the maritime industry is growing parallelly with CO2 emissions. Reduction of harmful gas emission has become a global concern. This has resulted in increased stringency of maritime regulations. The International Maritime Organization (IMO) has prescribed legal adherence to various energy efficiency measures. Moreover, as per regulatory norms, new vessels are required to conform to the limits set by the energy efficiency design index (EEDI) to maintain environmentally friendly ship operations which has further raised the adoption of marine fuel optimization systems.
Furthermore, restrictions on marine sulfur emissions at sea level along with the introduction of Sulfur Oxide Emission Control Areas (SECA) and Nitrogen Oxides Emission Control Areas (NECA) have reflected positively on the growth of the market.
Segmentation
The global marine fuel optimization market has been segmented based on application, process, and technology.
Application-wise, the global marine fuel optimization market has been segmented into fuel consumption, fleet management, efficiency level, cross fleet standardization, and others (delivery verification and shore side reporting). The fleet management segment held the largest share of 30% within the global market in 2016 and is anticipated to expand at the fastest rate over the forecast period.
By process, the global Marine Fuel Optimization Market has been segmented into monitoring, measuring, and reporting. The measuring segment was the largest segment in 2016 and was valued at USD 1,700 Mn. The segment is expected to be the fastest growing segment as well over the forecast period.
By technology, the market has been segmented into fuel theft detection, throttle optimization, bunker & fuel transfers, tank levels & R.O.B and others (shore-side reporting, cross-fleet standardization, vessel tracking). The bunker & transfers segment captured the lion’s share of 27% of the global marine fuel optimization market in 2016 and accumulated a valuation of more than 1,000 Mn by 2023. The segment is estimated to expand at a relatively faster rate than others.
Latin America and the Middle East & Africa Likely to Showcase Substantial Growth
By region, the marine fuel optimization market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
The APAC marine fuel optimization market held the most significant share of 40% of the global market in 2016. Accelerated shipbuilding activities along with a surge in flag conversions can be credited for the growth of the market. Additionally, the region has witnessed heightened incorporation of new marine fuel optimization systems in old vessels which has favored the growth of the market.
Europe follows the APAC closely and is the second major market for marine fuel optimization systems. The Europe marine fuel optimization market is driven by growing stringency of regulations aimed at curbing marine pollution. Moreover, Europe is among the leading supplier of bunker fuel which motivates the growth of the market.
The North America marine fuel optimization market is relatively a matured one and is likely to witness a decline in growth rate over the forecast period.
The RoW marine fuel optimization market can display a respectable growth rate over the forecast period. The markets in Latin America and the Middle East & Africa contain lucrative growth opportunities.
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Industry Tycoons
Banlaw Systems (Europe) Ltd. (U.K), Eniram Oy (Finland), DNV-GL AS (Norway), Nautical Control Solutions, LP (U.S), Bergan Blue (U.S), Interschalt Maritime Systems GmbH (Germany), Krill Systems (U.S), The Emerson Electric Company (U.S), ABB, Ltd. (Switzerland), and Siemens AG (Germany) are prominent names in the marine fuel optimization market.
Industry Updates
December 2019 - RH Marine, a Connectivity and Service & Maintenance provider in the maritime industry, developed award-winning Rhodium Energy Management System (EMS) or marine fuel optimization system. The system has been developed using a self-learning AI algorithm which allocates power in an optimal way and helps in fuel saving.
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