Marine Fuel Services
- Around 90% of global trade is seaborne; hence, maritime transport plays an important role in the global economy. The global oil & gas exploration activities and seaborne trade are expanding, providing benefits to consumers across the world through competitive freight costs.
- Marine fuel services play a vital role in the efficient functioning of the maritime sector by providing fuel to vessels and fleets whenever and wherever required
- Marine fuel services can be provided onshore and offshore. Service providers have fuel storages stations, dispensing units, storage vessels, and cover a specific distribution area.
- More than 50,000 merchant ships operate internationally, transporting every kind of cargo. Marine fuel services play a key role in their operation.
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Key Drivers of Global Marine Fuel Services Market
- Demand for marine fuel services is expected to increase in the near future owing to rise in offshore exploration and production of oil & gas reserves across the globe. Offshore drilling activities have also been increasing. According to the World Oil, around 27,000 wells were drilled in the U.S. in 2018 compared to around 24,000 in 2017.
- Growth in seaborne trade and oil & gas exploration activities is anticipated to boost the global marine fuel services market in the next few years
COVID-19 Impact on Global Marine Fuel Services Market
- The rapid spread of the COVID-19 pandemic has had a major impact on the global shipping market. Lockdowns across the globe have adversely affected sea trade. Most of the marine vessels were docked at ports or were stranded in the middle of ocean.
- On June 1, 2020, Canden Marine Fuel Services, a Canada-based company that provides marine fuel services, merged with the Glander International Bunkering Group. This merger would help the company strengthen its global presence and provide even higher levels of service to their clients.
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North America to Hold Major Share of Global Marine Fuel Services Market
- Based on region, the global marine fuel services market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global marine fuel services market in 2019. This trend is projected to continue during the forecast period. Increase in offshore discoveries of new oil & gas reserves in the region is driving the market in North America. Furthermore, growth in seaborne trade is anticipated to boost the marine fueling service market in the region.
- Europe is anticipated to account for vital share of the global marine fuel services market during the forecast period. Countries such as Russia, Norway, the U.K., and those in CIS are among major producers of offshore oil & gas in the region. Europe has a large coastline and large numbers of marine vessels.
- The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period owing to the increase in seaborne trade in the region. Asia Pacific largely imports crude oil and raw materials from various countries.
- Middle East & Africa is likely to account for moderate share of the market in the near future. The region is rich in onshore oil reserves and is investing in exploration of offshore sites. This is likely to boost the demand for marine fuel services in the region.
- Latin America is anticipated to hold low share of the market during the forecast period. The market in the region is expected to expand at moderate pace in the near future.
Key Players Operating in Market
Major players operating in the global marine fuel services market are:
- Ramos Oil Company
- Atlas Oil
- Marine Fuel Services AS
- The Jankovich Company
- Clipper Oil, Inc.
- Ventura Harbor
- Seneca Companies
- Feece Oil Co.
- National Marine Suppliers Inc.
- Martin Energy Services
Global Marine Fuel Services Market: Research Scope
Global Marine Fuel Services Market, by Service Type
- Fleet Fueling
- Bulk Fuel Transportation
- Retail Fueling
Global Marine Fuel Services Market, by End-use
- Coast Guard Vessels
- Crab Fleets
- Environmental & Research Vessels
- Fishing Boats
Global Marine Fuel Services Market, by Application
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