Marine Fuel Optimization Market Sales, Revenue and Growth Rate 2019-2023
Posted by Sneha Patil on November 16th, 2020
The marine industry is progressively adopting marine fuel optimization systems in a bid to limit fuel costs. Marine fuel costs dominate over other maritime expenses which coupled with depleting fossil fuel resources which presents a new layer of complexity for ship-owners. Marine fuel optimization solutions allow monitoring and measuring the exact amount of oil consumed by a ship. It also provides a complete analysis of other parameters which help in reducing operational costs. Government initiatives to curb harmful emissions at sea levels have prompted vessel owners to make optimum utilization of fuel which has increased the rate of adoption among fleet owners. Introduction of requirements for Sulfur Oxide Emission Control Areas (SECA) and Nitrogen Oxides Emission Control Areas (NECA). IMO Resolution MEPC.203 requires fleet owners to implement various energy efficiency management plans which augur the growth of the market. Growth in the marine industry provides rewarding prospects to the global marine fuel optimization market for future growth.
Global Marine Fuel Optimization Market is expected to grow with the CAGR of approximately 4.25% during the forecast period 2017-2023.
Market key Players:
The key players of global Marine Fuel Optimization market are 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), and Interschalt Maritime Systems GmbH (Germany).
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This study provides an overview of the Global Marine Fuel Optimization Market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global marine fuel optimization market by technology, by process, by application, and by regions.
Global Marine fuel optimization Market, By Technology
Global Marine fuel optimization Market, By Process
Global Marine fuel optimization Market, By Application
Global Marine fuel optimization Market, By Region
Asia-Pacific market is expected to grow at the fastest rate and hold the largest market size in forecast period.
On the basis of regions, the global market for marine fuel management is classified as Europe, North America, Asia Pacific, and Rest of the World. With a share of more than 40%, Asia Pacific led the global market, in 2017. Owing to the increase in shipbuilding activities, flag conversions, and the replacement of old vessels with new marine fuel optimization systems, Asia Pacific is likely to emerge as a highly attractive market for marine fuel optimization over the forthcoming years, maintaining its dominance over the global market.
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About the AuthorSneha Patil
Joined: June 18th, 2020
Articles Posted: 18
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