OFFSHORE SUPPORT VESSEL ON-BOARD FUEL MONITORING SYSTEM MARKET ANALYSIS

The Offshore Support Vessel On-board Fuel Monitoring System market size was valued at US$ 807.4 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6.0% from 2022 to 2030.

In 2022, Asia Pacific dominated the global market for on-board fuel monitoring systems for offshore support vessels, and it is anticipated that it will continue to do so throughout the forecast period. By installing subsea processing facilities, the oil and gas industry is expanding rapidly. Investigation, Upkeep, and Fix (IMR) vessels are outfitted with an IMO Class II or Class III Powerful Situating Framework and have the most recent innovation ready. IMR vessels are used to transport containers and auxiliary equipment and typically have a large deck area.

Offshore Support Vessel On-board Fuel Monitoring System Market: Regional Insights

The Diving Support Vessel (DSV):

The Diving Support Vessel  (DSV) is made for diving operations in open water below and around oil production platforms and related installations. Underwater operations like pipeline maintenance and inspection, mobile platforms, and well-heads are carried out by these vessels. Greater part of the advanced DSV vessels is intended for proficient jumping activities in unfriendly climatic circumstances. These DSV vessels are mostly used in the North America and the Gulf of Mexico, where most of the crude oil is extracted from subsea sources.

In addition, DSVs are outfitted with a Dynamic Positioning System to aid in their stability on the water. For example, Skandi Icy is a meticulously designed plunging support and seaward subsea development vessel worked by STX Europe. Skandi Arctic can handle any kind of sea and weather. This vessel offers immersion plunge support for seaward development as well as examination, fix, and upkeep (IRM) activities. Additionally, harmless to the ecosystem elements and low fuel utilization framework empowers the vessel to meet DNV GL clean plan necessities.

Figure 1: Offshore Support Vessel On-board Fuel Monitoring System Market Share (%), By Region, 2022

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Offshore Support Vessel On-board Fuel Monitoring System Market Drivers:

Increase in the enforcement of environmental regulations

Installing an on-board fuel monitoring system, which aids in maximizing the vessel's performance, has become increasingly important as environmental regulations have become more stringent and profit margins in the shipping industry have shrunk. For example, as per Global Marine Time Association (IMO) Guideline 22, it is required for all boats to have a Worldwide Energy Proficiency Testament (IEEC). The IEEC requires the presence of a Boat Energy Productivity the executives Plan (SEEMP) on board.

Increasing focus on improving energy efficiency

Expanding unnatural weather change has prompted the need for a decrease in ozone-harming substance emanations. In this way, makers are centered on planning eco-friendly help vessels to diminish the natural impression of unsafe outflows. The fuel monitoring system provides real-time data, which reduces fuel consumption and harmful gas emissions while also assisting in the management of vessel speed and operations. Additionally, fuel monitoring systems make it possible to collect and analyze daily reports as well as energy efficiency plans for vessels, both of which are useful for making better decisions and comprehending the performance of vessels.

Focus on climate change control and set standards to meet energy efficiency

The International Maritime Organization (IMO), for example, focuses on climate change control and establishes standards for the marine sector's energy efficiency and fuel consumption requirements. As a result, offshore support vessel fuel monitoring systems are in greater demand. Ships are required by the IMO's Marine Environment Protection Committee (MEPC) to monitor and report their fuel consumption. In addition, associations like the American Department of Transportation (ABS) offer ENVIRO/ENVIRO+ documentation to vessels that fulfill upgraded guidelines for natural security. The marine industry has seen an increase in demand for fuel consumption monitoring systems as a result of these factors, which is expected to boost market expansion.

Offshore Support Vessel On-board Fuel Monitoring System Market Opportunities:

Enhancement of Fuel Economy:

An on-board fuel checking framework permits administrators to follow fuel utilization progressively, giving significant bits of knowledge about the vessel's eco-friendliness. Operators can identify areas for improvement, such as optimizing vessel speed, route planning, or equipment maintenance, by analyzing fuel usage patterns. This optimization may result in significant cost and fuel savings.

Maintenance Planning:

Fuel monitoring systems can give useful information about how well an engine runs and how much fuel it uses, which makes it possible to plan for maintenance. By checking fuel utilization drifts and examining motor boundaries, administrators can identify peculiarities or potential issues almost immediately. Improved operational efficiency can be achieved through timely maintenance interventions that can minimize downtime, extend the life of equipment, and prevent breakdowns.

Cost Reduction:

OSVs' overall operating costs include a significant portion of their fuel costs. Executing an on-board fuel observing framework assists operators with precisely estimating fuel utilization, recognizing shortcomings, and distinguishing cost-saving open doors. Operators can significantly reduce costs and increase profitability by optimizing fuel use and reducing waste.

Offshore Support Vessel On-board Fuel Monitoring System Market Trends:

Adoption of IoT and Telematics Technologies:

The OSV industry's fuel monitoring landscape is being transformed by the adoption of IoT and telematics technologies. Remote data collection and analysis are made possible by fuel monitoring systems with IoT capabilities. These systems make it possible for operators to access fuel data in real time from any location, improve operational visibility, and make proactive decisions easier.

Shift towards Cloud-Based Arrangements:

Due to their scalability, accessibility, and ease of implementation, cloud-based fuel monitoring systems are gaining popularity in the OSV industry. Cloud-based arrangements offer benefits like far-off information capacity, constant synchronization, and improved information security. Vessel administrators are progressively embracing these answers to influence the advantages of distributed computing, like information centralization, versatility, and coordination with other cloud-based stages.

Offshore Support Vessel On-board Fuel Monitoring System Market Restraints:

High Initial Investment:

Executing an on-board fuel checking framework requires a huge forthright venture. The expenses incorporate equipment establishment, programming combination, sensors, information network, and preparation. The initial capital expenditure can be a barrier to adoption for some vessel operators, particularly smaller ones, preventing market expansion. Lack of skilled workforce for collaborative robot operations.

Data Accuracy and Reliability:

For efficient fuel monitoring and optimization, accurate and dependable data are essential. However, issues with data transmission, environmental conditions, and sensor calibration can make it hard for onboard fuel monitoring systems to guarantee data accuracy. Data that isn't accurate or reliable can make it harder to make decisions and lower people's confidence in the system's effectiveness.

Regulatory Issues:

The OSV business works in different districts, each with its own arrangement of administrative prerequisites. Consistency with fuel observing and detailing guidelines can present difficulties, especially on the off chance that there is an absence of harmonization or normalized rules across locales. Vessel operators may need to make investments to ensure compliance with multiple sets of requirements and navigate through intricate regulatory landscapes.  

Figure 2: Offshore Support Vessel On-board Fuel Monitoring System Market Share (%), By Application, 2022

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Offshore Support Vessel On-board Fuel Monitoring System Market Segmentation:

The Offshore Support Vessel On-board Fuel Monitoring System Market report is segmented into Vessel Type, Component, Application and By Region

Based on Vessel Type, the market is segmented into Anchor Handling Towing and Supply Vessel (AHTS)Seismic Vessel, Platform Supply Vessel (PSV), Well Intervention Vessel, Diving Support Vessel (DSV), Inspection, Maintenance and Repair Vessel (IMR), Remote Operating Vessel (ROV), Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on Application, the market is segmented into Data Analytics, Performance Optimization, Predictive Maintenance and Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa (LAMEA)

Offshore Support Vessel On-board Fuel Monitoring System Market: Trends

Emphasis on Emission Control:

In the offshore industry, emission control has been the primary focus due to concerns about sustainability and environmental regulations. Emissions monitoring and regulatory compliance are made possible by fuel monitoring systems. Systems that not only track emissions but also fuel consumption are becoming increasingly popular with ship operators, allowing them to proactively manage and lessen their impact on the environment.

Integration with Vessel Performance Management Systems:

Vessel performance management systems are being combined with fuel monitoring systems. Operators can gain comprehensive insights into the overall performance, efficiency, and opportunities for optimization of the vessel by combining data from various onboard systems, such as fuel monitoring, propulsion, navigation, and maintenance.

Offshore Support Vessel On-board Fuel Monitoring System Market Covid Impact

The marinetime sector is just one of many that have been significantly affected by the COVID-19 pandemic. The logistics, transportation, and other support services that offshore oil and gas platforms, wind farms, and other installations receive from offshore support vessels (OSVs) are an essential component of offshore operations.

In order to maximize vessel performance, reduce emissions, and increase fuel efficiency, on-board fuel monitoring systems are being implemented in OSVs. These systems help vessel operators make better decisions by monitoring fuel consumption, tracking trends in fuel usage, spotting inefficiencies, and so on.

The offshore industry encountered a number of difficulties during the pandemic, including project delays, decreased oil and gas demand, and cost-cutting measures by businesses. The market for OSVs with onboard fuel monitoring systems may have been affected by these factors. Investments in new systems and technologies might slow down as a result of lower activity levels and tighter financial resources.

Offshore Support Vessel On-board Fuel Monitoring System Market Key Developments

In April 2023 Bourbon Marine & Tethys Marine and Logistics announced a partnership, a Guyana-based organization. Logistics, which will buy 51% of the stock in the Bourbon Guyana Joint Venture. With 75% Guyanese directors, Bourbon Guyana will become the first indigenous operator of offshore support vessels in full compliance with the most recent local content regulations. paraphrase

In March 2023  Maersk signed a three-year agreement with Petrobras, a state-owned multinational petroleum company in Brazil, to use three L-class anchor handlers for a variety of anchor handling tasks and rig movements. Maersk is making this move as part of its strategy to become a well-known integrator of solutions in the Brazilian market for supply chain services. Maersk Supply Services has already secured a number of contracts, including the Mero 2 contract and a series of solutions contracts for the FPSO Fluminense on Shell's behalf.

In March 2023, Tidewater Inc., a prominent offshore support vessel company, made a significant announcement regarding its acquisition plans. The company entered into a definitive agreement to acquire a fleet of 37 Platform Supply Vessels (PSVs) from Solstad Offshore ASA (SOFF). This strategic move demonstrates Tidewater's commitment to expanding its fleet and strengthening its position in the offshore support vessel market.

Offshore Support Vessel On-board Fuel Monitoring System Market: Key Companies Insights

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

*Definition: On-board fuel monitoring systems for offshore support vessels (OSVs) are a collection of hardware and software designed to accurately measure, monitor, and analyze fuel consumption and related parameters. The vessel is outfitted with these systems to support operational and cost-optimization decision-making, improve fuel efficiency, and provide real-time visibility into fuel consumption.