Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Offshore Support Vessel on-Board Fuel Monitoring System Market - Insights
Global offshore support vessel on-board fuel monitoring system market generated revenue of US$ 507.6 million in 2017. By 2026, the offshore support vessel on-board fuel monitoring system market is expected to be valued at US$ 910.2 million, witnessing a CAGR of 6.9% over the forecast period.
Asia Pacific held dominant position in the global offshore support vessel on-board fuel monitoring system market in 2017, and is projected to retain its dominance throughout the forecast period. The oil and gas industry is growing at a substantial rate by implementing subsea processing facilities. Inspection, Maintenance, and Repair (IMR) vessels are equipped with an IMO Class II or Class III Dynamic Positioning System and have the latest technology on board. IMR vessels usually have a large deck area and are used to carry auxiliary equipment and containers.
Key players in the market are focused on launching new products in order to enhance their market share, which in turn is expected to boost the market growth. For instance, DEIF offers Delomatic 4 marine & offshore controller system for Seven Viking. The system is designed to reduce fuel consumption and maintenance costs of IMR vessel. Furthermore, rapid urbanization, industrialization, product development, and technological innovations are some of the factors that are propelling demand for IMR vessels.
Figure. Global Offshore Support Vessel On-board Fuel Monitoring System Market Share (%), by Region, 2017
Source: CMI, 2018/19
Diving Support Vessel (DSV) is designed for diving operations carried out below and around oil production platforms as well as related installations in open waters. These vessels are used for underwater operations such as maintenance and inspection of pipelines and their connections, mobile platforms, and well-heads. Majority of the modern DSV vessels are designed for efficient diving operations in adverse climatic conditions. Such DSV vessels are mainly used in areas where crude oil is majorly excavated from subsea sources such as the North Sea and the Gulf of Mexico.
Furthermore, DSVs are equipped with Dynamic Positioning System in order to help the vessels to stay steady on water. For instance, Skandi Arctic is a purpose-built diving support and offshore subsea construction vessel built by STX Europe. Skandi Arctic is suitable for any sea and weather conditions. This vessel offers saturation dive support for offshore construction as well as inspection, repair, and maintenance (IRM) operations. Moreover, environmentally friendly features and low fuel consumption system enables the vessel to meet DNV GL clean design requirements.
The performance optimization segment generated revenue of US$ 241.0 Mn in 2017, and is expected to exhibit a CAGR of 6.5% during the forecast period. Performance optimization helps to increase the efficiency of offshore vessels by monitoring fuel consumption measured by mass flow meters, shaft power measured by Torque meter, and generator output measured by power meters. All the measured data is collected, displayed, stored, and distributed automatically by the system to help monitor the performance of the vessel.
Increase in enforcement of environmental regulations and small profit margins in the shipping industry has led to increasing focus on installing on-board fuel monitoring system, which helps to optimize performance of the vessel. For instance, according to International Marinetime Organization (IMO) Regulation 22, it is mandatory for all ships to have an International Energy Efficiency Certificate (IEEC). The IEEC requires the presence of a Ship Energy Efficiency Management Plan (SEEMP) on board. The main objective of implementing (SEEMP) is to improve energy efficiency of a ship’s operation, by implementing the Performance Monitoring System. These factors are propelling growth of the global offshore support vessel on-board fuel monitoring system market during the forecast period.
Figure. Global Offshore Support Vessel On-board Fuel Monitoring System Market, by Application, 2018 & 2026 ($Mn)
Source: CMI, 2018/19
Global Offshore Support Vessel On-board Fuel Monitoring System Market: Key Players
Major players operating in the global offshore support vessel on-board fuel monitoring system industry include, ABB, Ascenz Solutions Pte Ltd., Aquametro Oil & Marine AG, BOURBON, CMR Group, DNV GL, EMA Group (BlueTracker), Emerson Electric Co., Ian-Conrad Bergan, LLC (Bergan Blue), Insatech A/S, Krill Systems, Inc., KROHNE Messtechnik GmbH, Marorka Ehf., Nautical Control Solutions (FUELTRAX), Navis, Opsealog, Power Instruments Pte Ltd., Royston Limited, The Triscan Group, World Fuel Services Corporation, and Yxney Maritime AS.