Global Offshore Support Vessel On-board Fuel Monitoring System Market is expected to Exhibit a CAGR of 6.9% during the Forecast Period (2018-2026)
SEATTLE, April 23, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global offshore support vessel on-board fuel monitoring system market accounted for US$ 507.6 Mn in 2017, and is projected to exhibit a significant CAGR of 6.9% over the forecast period.
Market Dynamics of the Offshore Support Vessel On-board Fuel Monitoring System Market:
Currently, technological advancements in offshore support vessels are gaining significant importance to meet operational and environmental challenges. Support vessels have large accommodation space, increased cargo capacity, enhanced crew facilities, and automation systems. Moreover, support vessels are also designed to increase energy efficiency and reduce overall environmental impact of waste from the vessel. Organizations such as the American Bureau of Shipping (ABS) sets standards and provides notations for offshore support vessels. The notations are provided for vessels that fit with dynamic positioning systems and that meet environmental protection standards. Furthermore, under the International Maritime Organization (IMO), effective from 2020, ship vessels will operate on different fuel oils, in order to comply with fixed limits. Moreover, technological advancements in support vessels have reduced fuel consumption and emissions. Vendors offer LNG fuelled support vessels to meet stringent emission requirements to improve operational efficiency and reduce operational. For instance, in 2003, Viking Energy, a LNG-fuelled platform support vessel, was designed by Vik-Sandvik.
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However, declining investment in offshore oil and gas sector due to oil & gas industry downturn prohibits the market growth. Since 2014, declining oil prices have negatively impacted the global oil and gas industry. Hence, industry players are focused on increasing revenues and curbing spending. The offshore sector witnessed significant decline in revenue and reduced spending from 2014 to 2017. As the industry is capital intensive, declining investments in offshore oil and gas sector reduced oil and gas exploration, development, and production activities. This resulted in declining demand for support vessels and subsequently fuel monitoring systems for these vessels. Fuel monitoring systems are used for achieving energy efficiency in support vessels. Although vendors were focused on achieving energy efficiency and reducing operational costs, they were reluctant to spend on fuel monitoring systems for their existing support vessels. This is owing to spending constraints due to fall in oil prices in 2014. Furthermore, the sales of new support vessels is also hampered due to plummeting investments. Hence, slump in oil and gas industry due to falling prices and thus reduced investments in offshore sector is a major factor restraining growth of the global support vessel on-board fuel monitoring system market. However, the impact of this factor is expected to remain low over the forecast period, as stability in prices and surge in offshore investments is expected in the near future.
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Key Market Takeaways:
- The offshore support vessel on-board fuel monitoring system market is estimated to be valued at US$ 535.0 Mn in 2018, up from US$ 507.6 Mn in 2017. By 2026, the market is projected to reach US$ 910.2 Mn, exhibiting a CAGR of 6.9% over the forecast period (2018–2026)
- The market is studied across major geographies including North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Europe market is expected to exhibit the highest CAGR of 7.2% over the forecast period and is expected to generate a revenue of US$ 324.0 Mn by 2026, owing to increasing need for offshore support vessel on-board fuel monitoring solutions in countries such as the U.K. In Europe, Norway is the largest oil producer. According to International Association of Oil and Gas Producers, Norway produced 2 million barrels of oil per day in 2017, and it has a 56% share of the region’s total oil production. The U.K. is the second-largest producer, accounting for 28% of share in the region’s oil production, equivalent to about 1 million barrels per day in 2017.
- Some of the 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.
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