Marine Fuel Management Market – Snapshot
Marine fuel represents a major chunk of operation costs for vessels. Moreover, a rise in the prices of fuel oil and stringent environmental norms have led to the need for efficient management of marine fuel in order to limit costs. Thus, marine fuel management and fleet management are gaining in importance. Marine fuel management monitoring involves controlling and reporting of marine fuel. It plays a significant role in controlling the total operating cost of a vessel. Stringent shipping industry regulations regarding emission control and the need for curbing operation costs have led to the development of highly efficient fuel management systems that help control overall costs. Technologies in fleet management and fuel consumption (monitoring, control, and reporting) are largely available along with viscosity control of the fuel.
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Marine fuel management is an approach to measure, monitor, and report fuel usage of vessels/ships/boats. It helps reduce fuel usage, improve fleet management, reduce emissions, and increase operational efficiency. A marine fuel management system provides various other features such as measuring the amount of fuel used while traveling at sea (inland) or at port, real-time monitoring of fuel, indication of spillage, monitoring amount of fuel used by a specific engine or generator, determining fuel consumption pattern, comparison of fuel usages between voyages, and measuring the amount of fuel used by a particular crew. The cost of marine fuel accounts for 60% to 70% of a vessel’s operating cost. Rise in prices of marine fuel and strict environmental norms have led to a higher focus on energy efficiency and environmental protection.
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, 2024. 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.
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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.
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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.
