Offshore Support Vessel On-board Fuel Monitoring System is Anticipated to Witness High Growth owing to Stringent Regulations to Curb Marine Pollution
The offshore support vessel on-board fuel monitoring system market facilitates real-time monitoring of fuel consumption and fuel leakages on offshore support vessels. Fuel monitoring systems help track fuel transfers, bunkering activities, and assist in maintaining inventory records. Adoption of these systems helps vessel operators comply with stringent marine pollution regulations. The systems provide alerts in case of fuel consumption deviations or tank leakages through remote monitoring.
The global offshore support vessel on-board fuel monitoring system market is estimated to be valued at US$ 985.93 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2030.
Stringent rules towards lowering marine pollution through monitoring of fuel usage and preventing spills are expected to drive demand for onboard vessel fuel tracking systems.
Key Takeaways
Key players operating in the Offshore Support Vessel On-Board Fuel Monitoring System Market are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. These players are focusing on developing advanced IoT based systems for real-time fuel monitoring and analytics.
The key opportunities in the market include integration of advanced data analytics and machine learning capabilities in fuel monitoring systems. This helps operators gain insights for optimization of fuel usage and improves operational efficiency.
North America and Europe currently dominate the market and major players are focusing on expanding their presence in high growth regions of Asia Pacific and Middle East & Africa. Partnerships with regional system integrators are helping strengthen global expansion.
Market drivers
Stringent regulations by International Maritime Organization (IMO) to reduce maritime pollution is a key driver. The IMO 2020 mandate limits Sulphur content in marine fuel to 0.5% globally which necessitates strict monitoring of fuel quality during storage and consumption.
Market restrain
Higher initial investment cost of advanced networked fuel monitoring systems is a major challenge, especially for small and medium vessel operators. Integration challenges with existing machinery systems also restrain wider adoption.
Segment Analysis
The offshore oil & gas sub segment currently dominates the offshore support vessel on-board fuel monitoring system market. With majority of oil & gas operations located offshore, there is a growing need for vessels like platform supply vessels, anchor handling tug supply vessels, and construction vessels to transport equipment and personnel to these sites. In order to ensure smooth transportation and safety of offshore workers and cargo, real-time monitoring of fuel usage and storage is crucial. This makes the oil & gas sub segment a key driver of demand for on-board fuel monitoring systems in offshore support vessels currently.
The offshore wind power segment is poised to be the fastest growing sub segment during the forecast period. With many nations committing large investments to achieve renewable energy targets and transition to green sources, offshore wind capacity addition is expected to accelerate globally. Support vessels play an important role in installation and maintenance of offshore wind farms located further deep into seas. Advanced on-board fuel monitoring allows optimizing fuel usage of these vessels. This is anticipated to increase system adoption in offshore wind support vessels going forward.
Global Analysis
On a regional basis, the Asia Pacific region dominates the global offshore support vessel on-board fuel monitoring system market currently. Countries like China, India, Indonesia, Vietnam, and Australia are focusing on ramping up domestic offshore oil & gas as well as offshore wind power capacity. Along with existing reserves, this requires a large offshore support fleet. Many vessel owners are based in the Asia Pacific region and are actively integrating advanced monitoring systems.
North America is expected to showcase significant growth over the forecast period. Both the United States and Canada are raising offshore energy production targets and facilitating related infrastructure and supply chain development. Moreover, governments in the region are providing incentives for transition to cleaner sources and growing the offshore wind industry. As a result, demand for support vessels and corresponding on-board fuel monitoring systems is projected to increase rapidly from the North American region during the 2024-2030 period.
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