Top Players in Marine Fuel Management Market are Siemens, ABB, Emerson, DNV-GL, Endress+Hauser Group, Eniram, BMT Group, Equatorial Marine Fuel Management Services, Aquametro Oil & Marine
Pune, India -- (SBWIRE) -- 03/25/2020 -- Marine fuel management is an important part of traveling at sea or at the port as it helps to analyze, study, and speculate the amount of fuel used by a particular generator or engine in between voyages. Marine fuel enhances the operational efficiency of ships. Fortune Business Insights in a report, titled "Marine Fuel Management Market Size, Share and Global Trend by Process (Measuring, Monitoring, Reporting, and Others), By Application (Fuel Consumption, Efficiency Level, Fleet Management, Viscosity Control, and Others), and Geography Forecast till 2026" foresees the global marine fuel market to witness remarkable growth in the coming years on account of the growing international trade and commerce relations worldwide.
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List of companies functioning in the global market:
Banlaw Systems Ltd.
Interschalt Maritime Systems AG
Aquametro Oil & Marine AG
Equatorial Marine Fuel Management Services
Endress+Hauser Management AG
"Collaborative Efforts of Bunkermetric and 20/20 Marine Energy Resulted in Launch of Predictive Analysis Tool, Augmenting Growth"
The techno giant Wartsila collaborated with TMS Cardiff Gas Ltd. in February 2018, with the aim of optimizing the performance of four vessels belonging to the TMS Cardiff Gas and achieving a reduction in fuel emission and low costs for fleet operation. Furthermore, the companies 20/20 Marine Energy and Bunkermetric signed a Memorandum of Understanding (MoU) in March 2018 for launching a predictive analysis tool. This tool will help fuel buyers, operators, and ship owners to understand the operating and financial impact of Sulphur 2020, that is declared to come into implementation from the 1st of January, 2020. Such company collaborations and combined innovative launches are likely to bode well for the growth of the global marine fuel management market in the forecast period.
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"Rise in Investment to Drive Market in Developing Nations"
Increasing investments made on ballast water management, navigation automation, density and viscosity meters, and fuel consumption meters, especially in developing nations is a major growth driver for the global marine fuel management market. In addition to this, the rise in offshore and onshore exploration activities around the world is also boosting the market. This, coupled with the reduction in the price of crude oil is anticipated to bring lucrative growth opportunities for the marine fuel management market in the near future.
On the flipside, sudden fluctuations in the prices of hydrocarbons since the year 2015 may affect the entire market revenue in a negative light.
"Implementation of Stringent Environmental Policies to Control Pollution and Global Warming is Boosting Market"
Geographically, the global marine fuel management market is segmented into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Among these, the market is expected to be dominated by North America on account of the high number of offshore support vessels and operation merchant vessels in the region. This, coupled with, the notable investment in the shipping industry for utilization of effective marine fuel and its management is likely to help North America remain dominant in the coming years as well.
Moreover, the European market for marine fuel management is also presumed to show significant growth. This is attributable to the strict imposition of environment protection norms and regulations and threats against pollution and global warming. With the imposition of these stringent policies, marine fuel was utilized in a better way and is anticipated to continue doing so in the coming years.
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On the other side, the market in Asia Pacific is prognosticated to show remarkable growth rates in the forecast period. This is due to the substantial movement of merchant's vessels in developing nations - Singapore, China, and India. Thus the forecast period may witness Asia Pacific as the fastest growing market owing to the factors mentioned above.
Major Table of Contents for Marine Fuel Management Market:
Key Marine Fuel Management Market Insights
Global Market Analysis, Insights and Forecast, 2015-2026
North America Market Analysis, Insights and Forecast, 2015-2026
Europe Market Analysis, Insights and Forecast, 2015-2026
Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
Latin America Market Analysis, Insights and Forecast, 2015-2026
Global Marine Fuel Management Market Revenue Share Analysis, By Key Players, 2020
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