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 monitoring 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.
It is essential to attain high fuel efficiency as fuel costs contribute to around 50% to 70% of the vessel’s operating costs. This in turn increased demand for fuel monitoring systems. These monitoring systems operate by installing mass flow meters that provide an overview of instant consumption and total consumption of fuel over time. These fuel consumption measurements are displayed on a touch screen that provides an easy overview of fuel consumption.
Market Drivers: Increasing focus on improving energy efficiency of support vessels is driving the market growth
Increasing global warming has led to need for reduction in greenhouse gas emissions. Therefore, manufacturers are focused on designing fuel efficient support vessels to reduce environmental footprint of harmful emissions. Fuel monitoring system offers real-time data, which helps in the management of vessel operations and speed and reduces fuel consumption and emissions of harmful gases. Moreover, fuel monitoring systems also enable collection and analysis of daily reports and vessel energy efficiency plans for better decision-making and understanding the performance of vessels.
Organizations such as the International Maritime Organization (IMO) focuses on climate change control and set standards to meet energy efficiency and reduce fuel consumption requirements in marine sector. This in turn increases demand for fuel monitoring systems in offshore support vessels. IMO’s Marine Environment Protection Committee (MEPC) has set requirements for ships to monitor and report their fuel consumption. Moreover, organizations such as the American Bureau of Shipping (ABS) offers ENVIRO/ENVIRO+ notations to vessels that meet enhanced standards for environmental protection. These factors have led to increasing demand for fuel consumption monitoring systems in the marine sector, which in turn is expected to boost the market growth.
Key features of the study:a
* Key pointers are provided for each company listed.
Table of Contents
*Browse 80 market data tables and 50 figures on "Offshore Support Vessel On-board Fuel Monitoring System Market - Global forecast to 2026”.
* Key pointers are provided for each company listed
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.