Marine Fuel Optimization Market Size, Share, Growth, and Industry Analysis, By Technology (Throttle Optimization, Fuel Theft Detection, Tanks Level Monitoring and Others), By Application (Fuel Consumption, Fleet Management, Cross Fleet Standardization and Others), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Marine Fuel Optimization Market Report Overview

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The global marine fuel optimization market size was USD 1136.6 million in 2021 and is projected to touch USD 1637.04 million by 2031, exhibiting a CAGR of 3.4% during the forecasting period.

Human activity has always been present in the oceans. These activities have a negative effect on the state of the marine environment to varied degrees. In terms of dangers to the maritime ecosystem, pollution is by far the most important. A fuel management system called "marine fuel optimization" gives any marine vessel the precise amount of fuel oil burned. Through a marine optimization system, the vessel owner can monitor the real fuel usage in relation to the vessel's operations. The exact amount of fuel oil used by the ship can be tracked, measured, and displayed by the ship's owner using a marine fuel optimization system. Fuel optimization systems give additional information on gasoline usage in addition to the amount of fuel consumed. Systems for optimising marine fuel give statistical data on a variety of additional characteristics, including the amount of fuel used by a particular engine or generator when at sea or in a port.

Additionally, they aid in comparing the amount of gasoline utilised by various crew members and throughout different voyages. They enable the crew of a ship to track each and every drop of fuel oil in addition to provide a thorough analysis of all fuel oil utilising equipment on board. This lowers fuel use, and as a result. It is possible to achieve a thorough examination of the systems, efficient operational techniques, and a clear comprehension of how the vessel utilises the fuel. Petroleum hydrocarbons, sometimes known as oil, are the hydrocarbons that people are most familiar with. The primary use of crude oil, which is the form of oil before it is refined to produce other forms, is as a fuel for ships. The physical, chemical, and poisonous effects of oil on the environment include changes to marine environments.

COVID-19 Impact: Reduced Pollution Due to COVID-19 to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with marine fuel optimization experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Industries that rely heavily on in-person interaction were badly affected during COVID-19. Most people have gone through extraordinary shocks as a result of the pandemic's impact on the spread of pollutants over the world, and for the first time in history, greenhouse gas emissions, fossil fuel usage, and air, land, and water traffic have all decreased significantly. The quantity of noise pollution and earthquakes caused on Earth have considerably decreased due to the decrease in human activity, making it simpler for geologists to investigate the Earth's outer crusts. The epidemic caused the suspension of various trades, which reduced the amount of fuel used in the waters. Fleet management and operational efficiency were made simple by the lockdown. As it wasn't truly necessary, this was beneficial for the environment but bad for the maritime fuel optimization business.

LATEST TRENDS

"Increased Seaborne Trade Activities to Expand Market"

International seaborne commerce operations are still growing, as shipping is the backbone of the world economy. Any economy depends on international trade, the movement of raw resources in large quantities, and the import and export of produced commodities and food. Around 90% of global trade is carried out by the international maritime sector.

Marine Fuel Optimization Market Segmentation

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• By Type

Based on type; the market is divided into throttle optimization, fuel theft detection, tanks level monitoring and others.

In terms of product, throttle optimization is the largest segment.

• By Application

Based on application; the market is divided into fuel consumption, fleet management, cross fleet standardization and others.

In terms of application, fuel consumption is the largest segment.

DRIVING FACTORS

"Government regulations to curb carbon emission to Propel Market Growth"

Controlled fuel usage has become more important as public awareness of marine pollution has grown. In order to reduce carbon emissions at sea level, stringent government laws were put in place. The crew of the ship is required by these laws to monitor, measure, and show the precise amount of fuel oil utilised. The crew can be forced to follow the laws in this situation thanks to the marine fuel optimization market. This factor is anticipated to improve marine fuel optimization market growth.

"Improved Operational Efficiency to Enhance Market Growth "

Fuel economy and operational effectiveness provided by the marine fuel optimization market have proved to be beneficial for the marine environment. The marine ecology was deteriorating as a result of crude oil and refined products spilling. The market assisted in preventing all of these issues and lowered carbon emissions. The market is driven by the enormous requirement for fleet management and marine environmental welfare.

RESTRAINING FACTORS

"Poor Functioning of the Market to Constrain Market Growth"

Some employees take bribes from the crew and give incorrect information, the market occasionally needs to deal with corruption. This practise of accepting bribes is now widespread and has a negative impact on the company's reputation. The performance of the marine fuel optimization market is under a lot of stress, and market growth is anticipated to be constrained.

Marine Fuel Optimization Market Regional Insights

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"Asia Pacific to Dominate the Market Due to Excellent Infrastructure"

Asia Pacific dominates marine fuel optimization market share owing to the increase in shipbuilding activities, construction of ports, and replacement of legacy equipment with new marine fuel optimization systems, the region is likely to emerge as a highly attractive market for marine fuel optimization over the forthcoming years. Asia Pacific, being the global centre for suppliers and traders of shipping and bunker fuel, has been providing good opportunities to marine fuel optimization system manufacturers.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The report gives a thorough overview of the analysis of key characteristics of marine fuel optimization industry, including sales value, sales volume, market revenue, and demand size, as well as sales growth, pricing analysis, and shifting regional market growth factors. The report includes information on market participants and their relative standings within the marine fuel optimization market. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being acquired and made available. Data on manufacturers, regions, types, applications, sales channels, and distributors are included in the study on materials.

List of Market Players Profiled

• DNV GL (Norway)
• Abb (Switzerland)
• Siemens (Germany)
• Engram (Finland)
• Nautical Control Solutions (U.S.)
• The Emerson Electric Company (U.S.)
• Interschalt Maritime Systems (Germany)
• Banlaw Systems (U.K.)
• Bergan Blue (U.S.)
• Krill Systems (U.S.)

REPORT COVERAGE

The report analyses the outlook of the market with the recent trends and SWOT analysis. It also provides market dynamics scenario, along with growth opportunities of the market in the years to come. In-depth understanding of industry landscape and focused region assessment. The Impact of COVID-19 on present and future market is provided. Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects. It gives neutral perspective on the market performance. The report also sheds light on historical, current, and projected market size, in terms of value.