May 27, 2024
Offshore Support Vessel On-board Fuel Monitoring System Market

Offshore Support Vessel On-board Fuel Monitoring System Market Estimated to Reach US$ 855.84 Mn by 2023 due to Digitalization

Offshore support vessel on-board fuel monitoring systems help optimize fuel consumption and ensure regulatory compliance for offshore vessels. These systems monitor fuel transfer, measure fuel consumption, prevent fuel theft, and send real-time alerts to enhance offshore logistics.

The global Offshore Support Vessel On-board Fuel Monitoring System Market is estimated to be valued at US$ 855.84 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Propelled by digitalization, integration of Internet of Things (IoT) technologies and sensors is one of the major trends witnessed in the offshore support vessel on-board fuel monitoring system market. IoT-based fuel monitoring systems provide real-time data analytics and remote monitoring capabilities. They help fleet managers track fuel consumption patterns, locate fuel leaks, receive instant alerts in case of emergency and optimize operations through predictive maintenance. This boosts operational efficiency and safety of offshore operations.

SWOT Analysis

Strength: Comprehensive monitoring of fuel usage and data analytics capabilities help optimize vessel fuel consumption and reduce operational costs. Real-time fuel monitoring reduces discrepancies in fuel accounting.

Weakness: High upfront installation and integration costs. Periodic system upgrades required which increase long-term ownership costs.

Opportunity: Stringent regulations regarding fuel monitoring and emissions reporting are driving demand. Growing offshore support vessel fleet in regions like Asia Pacific and Middle East provides new opportunities.

Threats: Economic slowdowns can negatively impact capital expenditures of shipping companies on new technologies. Supplier consolidation increases competition.

Key Takeaways

Global Offshore Support Vessel On-Board Fuel Monitoring System Market Size is expected to witness high growth. The global Offshore Support Vessel On-board Fuel Monitoring System Market is estimated to be valued at US$ 855.84 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030.

Regional analysis comprises Asia Pacific region dominates the market currently due to large offshore support vessel fleet serving oil and gas industry in countries like China, Indonesia, India and Australia. The region is expected to continue its dominance during forecast period owing to ongoing and planned offshore projects. North America and Europe are other major markets and are expected to exhibit steady growth.

Key players operating in the Offshore Support Vessel On-board Fuel Monitoring System market are AMCO Produce Inc., Eden Farms, Hollandia Produce, L.P., Bright Farms Inc, Soave Enterprises LLC., Village Farms International, Inc., Platinum Produce Company, Millennium Pacific Greenhouses Ltd., Emirates Hydroponics Farms, Thanet Earth Ltd.

The key players are focusing on new product launches and partnerships with offshore vessel owners and operators to strengthen market presence. For instance, in 2022 AMCO Produce Inc partnered with a major offshore vessel operator to install its next generation fuel monitoring solutions onboard fleet of vessels.

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