Marine Fuel Management Market Business Assessment, Market Size 2022, Growth Prospects and Share Analysis, Trends, Top Leaders and Regional Analysis Forecast to 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Marine Fuel Management Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Marine Fuel Management Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Marine Fuel Management Market products.

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The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users. According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Marine Fuel Management Market was valued at USD 4.33 Billion in the year 2018. Global Marine Fuel Management Market is further estimated to grow at a CAGR of 4.1% from 2018 to 2025 to reach USD 6.2 Billion. The global marine fuel management Market is estimated to expand at a rapid pace, driven by rise in fuel oil prices and stringent regulations imposed against vessel emissions and fuel usage. Moreover, strict laws against the consumption of natural resources such as crude oil have compelled the fleet owners to use marine fuel oil conservatively. In order to make effecient use of marine fuel oil, owners prefer metering and monitoring solutions to gauge the quality and quantity fuel oil. The price of Marine fuel depend upon the crude oil price in market. Fluctuations are observed in prices of crude oil due to imbalance in its supply and demand and the costs associated with its extraction and transportation. Increase in prices of crude oil would imply a rise in prices of marine fuel oil. High prices of marine fuel oil would result in the necessity for efficient fuel management. Thus, escalation in prices of marine fuel oil and stringent regulations against emissions and usage of marine fuel oil are anticipated to drive the marine fuel management Market in the near future.

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.

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 2018-2025. 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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Major market players in marine fuel management Market are ABB, Aquametro AG, Bergan Blue, BMT Group, Banlaw Systems Ltd., DNV-GL AS, Emerson, Eniram, Interschalt Marine Systems GmbH, Endress+Hauser Management AG, Kaminco, Krill Systems, Inc., Nautical Control LP, Marorka, Mustang Technologies, Siemens AG, and Other companies detailed information is provided as per the client requirement.

Marine Fuel Management Market Segmentation:
Marine Fuel Management Market, By Process

Marine Fuel Management Market, By Application
*Fuel Consumption
*Efficiency Level
*Fleet Management
*Viscosity Control

Marine Fuel Management Market Overview, By Region
North America
*Rest of Europe
*Rest of Asia-Pacific
*Latin America
*Middle East & Africa

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