Marine Fuel Management Market to Observe Strong Development by 2026

Published On : 11/18/2021

Transparency Market Research has published a new market report titled ‘Marine Fuel Management Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global marine fuel management market was valued at US$ 5,693.8 Mn in 2017 and is projected to reach US$ 6,007.0 Mn by 2026, expanding at a CAGR of 4.4% from 2018 to 2026.

Get Brochure of the Report @ https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=55419

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. In terms of value, the marine fuel management market in Asia Pacific and Europe is anticipated to expand significantly during the forecast period. Increase in maritime activities and rise in government initiatives for development of marine fuel management systems are estimated to drive the market during the forecast period. Asia Pacific and its strong economies such as China, Singapore, and Australia have been investing substantially in navigation automation, marine fuel management systems, dynamic positioning of vessels, ballast water management, fuel consumption meters, and density and viscosity meters. The waters around Japan, China, and Singapore witness substantial movement of merchant vessels. In terms of process and application, the others segment is expected to expand at a rapid pace despite the current lows and fluctuations in crude oil prices. In Asia Pacific, ship owners, ship managers and associated solution providers, IT & data associations, and consultants and technology providers are collectively working toward ensuring vessel efficiency, optimization, and management of fuel consumption.

The marine fuel management market is likely to to be driven by low sulfur regulations in Emission Control Areas (ECAs) and rise in demand for achieving greater on-board performance to keep fuel consumption in check. The U.S. in North America controls approximately 80% of merchant vessels. North America has many emission controlled areas (ECA). It also experiences fluctuations in oil and gas prices. These factors are likely to restrain the marine fuel management market in the region. With a cut in sulfur limits from 3.5% to 0.5%, many ports in the U.S. and Canada have defined Emission Control Areas (ECAs). Cheap bunker fuel is being replaced by low sulfur fuel. However, with current lows in the oil and gas sector, the shipping industry has been affected. The need for marine fuel management in winters is likely to offer attractive opportunities to the market in the U.S. and Canada.

Pre Book our Premium Research Report@ https://www.transparencymarketresearch.com/checkout.php?rep_id=55419&ltype=S

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. Measuring is a widely used process for marine fuel management. Based on application, the market can be categorized into fuel consumption, efficiency level, fleet management, viscosity control, and others. Increase in global crude oil prices is boosting demand for marine fuel management. Many countries across the globe are investing in shipbuilding activities. This is driving demand for marine fuel management worldwide.

Key players in the marine fuel management market are expected to benefit from the formation of strategic alliances with global players. Prominent players operating in the marine fuel management market include Emerson Electric Co., DNV-GL AS, ABB, Siemens AG, and Bergan Blue.

Get Trending Report- https://www.prnewswire.com/news-releases/growth-of-electric-vehicles-industry-presents-promising-growth-opportunities-to-dimethyl-carbonate-market-study-by-tmr-301363509.html

About Us

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact TMR

Mr. Rohit Bhisey

Transparency Market Research

USA – Canada Toll Free: 866-552-3453

Email:sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com/

Jessica Weisman-Pitts

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.