April 18, 2024

Offshore Support Vessel On-board Fuel Monitoring System Market Primed for Growth Due to Emerging Digitalization in Maritime Industry

The offshore support vessel on-board fuel monitoring system market is witnessing significant growth owing to its ability to continuously monitor fuel consumption and reduce operational expenses for shipping companies. These systems provide real-time insights into fuel usage and help detect fuel theft. They comprise sensors installed in fuel tanks that collect data on fuel levels, temperature, and flow. This data is transmitted to a central dashboard for analytics and reporting. With rising fuel costs and stringent emission norms, fuel monitoring systems help shipping fleets minimize wastage and non-productive fuel usage.

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.

Key Takeaways

Key players operating in the offshore support vessel on-board fuel monitoring system are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. The growing global seaborne trade and increasing maritime cargo transport provide significant opportunities for adoption of real-time fuel monitoring. Advancements in IoT and sensor technology have enabled development of smart and automated fuel monitoring solutions that provide predictive maintenance alerts to shipping companies. Emerging technologies like cloud computing, AI and blockchain could further optimize fleet fuel usage and lower operating costs.

Market drivers

The primary driver for the Offshore Support Vessel On-Board Fuel Monitoring System Market is the rising need to curb operational expenses for shipping companies. Continuous monitoring of fuel consumption helps detect pilferage and optimize bunkering schedules. Stringent environmental regulations regarding maritime emissions also necessitate efficient fuel management. Real-time insights enable Just-in-Time fueling and prevent overfilling of fuel tanks. This significantly reduces associated environmental footprint and compliance costs.

Current challenges in the offshore support vessel on-board fuel monitoring system market:

The offshore support vessel on-board fuel monitoring system market is currently facing various operational challenges which are hampering its growth. Monitoring fuel consumption accurately is crucial for reducing operational costs of vessels. However, different types of fuels used such as diesel, heavy fuel oil, gas oil etc. pose monitoring challenges. Adverse weather conditions in offshore regions also affect reliable fuel level measurement. Additionally, integrating new monitoring systems onboard existing vessels requires retrofitting which increases costs. Lack of real-time fuel consumption data and remote monitoring capabilities of outdated systems is another major issue faced by operators.

SWOT Analysis

Strength: Advanced monitoring systems offer real-time fuel consumption data visibility and remote monitoring capabilities which enhance operational efficiency.

Weakness: High retrofitting and installation costs of new systems on existing offshore support vessels. Adverse weather conditions in offshore regions can affect sensor operations.

Opportunity: Growing demand for cost reduction in offshore operations is driving adoption of advanced monitoring solutions.

Threats: Technological obsolescence of existing monitoring systems installed onboard vessels increases replacement costs. Currency fluctuations impact system procurement budgets of international operators.

In terms of value, the Europe offshore support vessel on-board fuel monitoring system market currently accounts for the largest share, thanks to extensive offshore oil & gas activities in the North Sea region. The countries of UK, Norway and Netherlands are major hubs of offshore support vessel operations in Europe.

The offshore support vessel on-board fuel monitoring system market in Middle East & Africa region is forecast to witness the fastest growth during the forecast period. This is mainly attributed to ongoing and planned offshore projects in Gulf countries and expansion of offshore wind energy sector in South Africa. Countries like Saudi Arabia, UAE and Nigeria are expected to significantly drive the demand for monitoring systems in their offshore oil & gas industries.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it