The global marine fuel management market demonstrates a highly competitive and fragmented market, where the top six players, namely, Emerson, Siemens AG, ABB Group, Krill Systems Inc., Nautical Control Systems LLP, and Interschalt Marine Systems GmbH, could manage to attain a share of only 33.8% in 2015, finds a new study by Transparency Market Research (TMR). With the increasing entry of new players, the competition within this market is likely to increase substantially over the next few years, reports the market study.
According to TMR’s estimates, the global marine fuel management market stood at US$3.8 bn in 2015. Expanding at a CAGR of 4.10% during the period from 2016 to 2024, the market is expected to cross US$5.4 bn mark by the end of the forecast period. Fleet management has emerged as the key application segment in this market and is projected to retain its dominance over the next few years.
“The global marine fuel management market is heavily influenced by the rising cost of fuel across the world,” says an analyst at TMR. Marine fuel management systems are exceptionally effective in calculating the exact amount of fuel oil consumed at a vessel speed or engine rpm, owing to which, their deployment in ships and marine vessels has surged remarkably, resulting in a substantial rise in this market.
In addition, the increasing enforcement of government regulations for controlling marine pollution is likely to boost this market considerably in the near future. However, the declining oil prices and the consequent slowdown in the oil and gas industry may limit the growth of this market to some extent over the next few years, notes the research study.
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