Albany, NY -- (SBWIRE) -- 05/21/2019 -- Marine Fuel Management Market: Snapshot
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 operational efficiency. Marine fuel management systems assist in providing accurate information about the amount of fuel oil used during combustion at any particular vessel speed or engine rpm. The ship's crew can continuously measure and monitor the fuel. A continuous measuring system helps in measuring the fuel combustion rate or the amount of fuel required by an engine at a particular rpm in an hour or in one full day. Prime functions of marine fuel management systems include protection against fluctuations and shortages in fuel supply, fuel purchases in bulk quantity, closer visibility and control of fueling costs, reduced fuel theft through higher visibility, and increasing vessel efficiency.
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Role of International Maritime Organization
Under the International Maritime Organization (Regulation 14), a review was undertaken to assess fuel oil availability, and the fuel oil standard was decided to be 0.50% m/m (effective from 01/01/2020). Henceforth, ship vessels that operate both outside and inside the ECA will operate on different fuel oils in order to comply with the respective limits. Under these circumstances, prior to entering the ECA, the vessel needs to completely operate on ECA compliant fuel and has to undergo a complete change-over to ECA compliant fuel oil while exiting the ECA.
Under International Maritime Organization (Regulation 18), actual sulfur content of the fuel oil that is bunkered is to be monitored and measured. There are methods by which equivalent levels of SOx and particulate matter emissions can be controlled. The primary method avoids the formation of the pollutant and the secondary method removes some degree of pollutants prior to discharging the exhaust gas stream to the atmosphere.
Emerging Economies Dominating the Marine Fuel Management Market
In terms of revenue, Europe and Asia Pacific are the leading regions of the marine fuel management market. Globally, oil and gas prices are expected to rise at a moderate pace. The Asia Pacific region is expected to exhibit highest growth of more than 4% CAGR for the forecast period. This trend is likely to be followed by the Middle East & African region during the forecast period. In terms of market capitalization, Europe and Asia Pacific region are market leaders and are expected to follow the trend during 2016-2025. The fuel monitoring segment is expected to expand at a rapid pace, especially in developing economies of APAC and MEA. The fleet management segment is projected to expand at a rapid pace due to rise in awareness among the fleet owners and increase in adoption rate of fuel management systems. In terms of country, the market in China, Singapore, Brazil, and Mexico are is expected to expand at a significant CAGR on account of movement of fleets, fleet size, fuel consumption, and trading activities in these regions during the forecast period.
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Leading Players Focusing on Geographical Expansion
Key players profiled in the marine fuel management market include ABB, Aquametro AG, Banlaw Systems Ltd., Bergan Blue, BMT Group, DNV-GL AS, Emerson, Endress+Hauser Management AG, Eniram, Interschalt Marine Systems GmbH, Kaminco, Krill Systems, Inc., Marorka, Mustang Technologies, Nautical Control LP, and Siemens AG. Increase in production capacities and geographical expansion along with upgrades in their existing solutions and offering are the strategies implemented by major players.