The rising cost of fuel is having the most prominent impact on the global marine fuel management market. As marine fuel management systems assist significantly in calculating the exact amount of fuel oil burnt at any particular vessel speed or engine rpm, their usage in ships and marine vessels has increased substantially, which, as a result, is reflecting positively on this market. Apart from this, the rising number of stringent government regulations intended to curb pollution at sea is also impacting this market greatly. However, the current decline in the oil prices and the subsequent slowdown in the oil and gas industry is likely to restrict this market from growing steadily in the near future.
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The overall revenue generated in the global marine fuel management market in 2015 was US$3.82 bn. Burgeoning at a CAGR of 4.10% between 2016 and 2024, the market is projected to reach US$5.43 bn by the end of 2024.
Fleet Management to Remain Key Contributing Application Area
Fuel consumption, efficiency level, fleet management, viscosity control, other systems, such as shore side reporting, cross fleet standardization, and cargo delivery verification are the prime application areas of marine fuel management systems. Among these, fleet management surfaced as the most prominent application segment with a share of 25.49% in 2015. This segment is anticipated to maintain its lead; however, with a slight decline in its market shares.
The demand for marine fuel management systems is expected to increase substantially from the fuel consumption segment over the next few years on account of the rising need for reducing the fuel consumption to save operational expenditure.
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Asia Pacific to Continue as Leading Regional Market
On the basis of geography, the global market for marine fuel management is classified into Europe, Latin America, North America, Latin America, Asia Pacific, and the Middle East and Africa. With a share of more than 40%, Asia Pacific led the global market in 2015. Thanks to the increase in shipbuilding activities, flag conversions, and the replacement of old vessels with new marine fuel management systems, Asia Pacific is likely to emerge as a highly attractive market for marine fuel management over the forthcoming years, maintaining its dominance over the global market.
Europe, being the global center for suppliers and traders of shipping and bunker fuel, has been providing good opportunities to marine fuel management manufacturers. Analysts expect the Europe marine fuel management market to remain seated in the second position in the years to come. The market in North America, on the other hand, will witness a slowdown in the near future as it approaching towards maturity. The marine fuel management markets in Latin America and the Middle East and Africa are exhibiting great potential for future growth, thanks to the increase in exploration activities in these regions.
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