Marine fuel is used on shipping vessels and motor ships for operational purposes. Asia-Pacific Marine Fuel Optimization system is a technology for measuring and monitoring the amount of fuel used for trips. The cap on sulfur content in marine fuels can be a major catalyst in formulations and vessel engines. The Asia-Pacific Marine Fuel Optimization market report by Market Research Future (MRFR) addresses key trends and challenges for the period of 2024 to 2032 (forecast period).
Market Scope
The Asia-Pacific Marine Fuel Optimization market is expected to grow at a CAGR of 4.30% during the forecast period. Stringent government regulations for curbing carbon emission levels are likely to be the primary driver of the market. The enforcement of the use of low-sulfur oil in marine vessels in adherence to laws of the International Maritime Organization (IMO) to be rolled out. The integration of flow metering technology for assuring the safe delivery of fuel at ports can bode well for the market.
Monitoring of fuel consumption values over large voyages and curbing operational expenditure can also drive the market growth. This is evident with latest developments in Asia-Pacific Marine Fuel Optimization systems. The latest engine by WinGD is a dual-fuel platform which uses Intelligent Control by Exhaust Recycling (iCER) system can reduce emissions in small boats. It is under development for handling large and mid-size vessels and be capable of handling marine fuels in the coming years.
But the decline in oil prices can threaten the market growth.
Competitive Outlook
- DNV-GL AS (Norway)
- ABB Ltd. (Switzerland)
- Siemens AG (Germany)
- Eniram Oy (Finland)
- Krill Systems (U.S)
- Nautical Control Solutions LP (U.S)
- Bergan Blue (U.S)
- Banlaw Systems (Europe) Ltd (U.K)
- The Emerson Electric Company (U.S)
- Interschalt Maritime Systems GmbH (Germany)
Market Segmentation
According to the worldwide Asia-Pacific Marine Fuel Optimization Market analysis, the current market has been classified based on the process, application, and technology.
Based on the process segment, the global market for Asia-Pacific Marine Fuel Optimization has been segregated into reporting, measuring, and monitoring. In 2016, the measuring segment was anticipated to generate 45% of the market share and more than USD 1,700 million in market value. Further, this segment is anticipated to expand at the highest CAGR in the assessment period.
In terms of the application segment, the global market has been classified into efficiency level, cross fleet standardization, fuel consumption, fleet management, and others. The fleet management segment is estimated to register nearly 30% of the market share and more than USD 1,300 million of market value in 2016.
Depending on the technology segment, the global market for Asia-Pacific Marine Fuel Optimization has been categorized into fuel theft detection, throttle optimization, bunker & fuel transfers, tank levels & R.O.B, and others. Among all, the bunker &fuel transfers segment is estimated to account the nearly 27% of the market share and more than USD 1,000 million in 2016.
Regional Analysis
On the basis of geography, the global market for marine fuel management is classified as Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC led the global market in 2016 with a share of more than 40%. Owing to the increase in shipbuilding activities, construction of ports, and replacement of legacy equipment with new Asia-Pacific Marine Fuel Optimization systems, the region is likely to emerge as a highly attractive market for Asia-Pacific Marine Fuel Optimization over the forthcoming years. Chinese firms are adhering to laws enforced by IMO to produce low-sulfur marine fuels. This is exemplified by agreements signed between Sinopec and the Chinese government and Total SE and China-based Zheijang Energy.
Europe, being the global center for suppliers and traders of shipping and bunker fuel, has been providing good opportunities to Asia-Pacific Marine Fuel Optimization system manufacturers. The COVID-19 pandemic can put a strain on initiatives to decarbonize energy systems.
The market in North America, on the other hand, will witness a sluggish growth in the near future as it approaches maturity. While the Asia-Pacific Marine Fuel Optimization markets in Latin America and Middle East & Africa possesses great potential owing to rise in exploration activities.
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