by The offshore support vessel on-board fuel monitoring system aids in monitoring the fuel consumption and provides real-time analysis of fuel flow and temperature. These systems help improve operational efficiency by reducing fuel wastage and expenses. They provide rig operators and vessel owners insights to optimize fuel usage through automated management and control. The systems find applications in engineering vessels, seismic vessels, platform supply vessels, offshore construction vessels and others used in offshore drilling, production and wind farm operations.
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 2031.
Key Takeaways
Key players operating in the Offshore Support Vessel On-Board Fuel Monitoring System Market Demand are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. They are focusing on integrating advanced technologies like IoT, cloud and AI into their solutions to provide predictive maintenance capabilities and remote diagnostics.
The growing demand for energy is fueling offshore oil and gas exploration and production activities. This is increasing the demand for offshore support vessels, thereby driving the need for onboard fuel monitoring systems to optimize fuel usage.
Major players are expanding their global footprint by enhancing their distribution networks across Asia Pacific, Middle East, Europe and Americas to tap the growth opportunities in emerging markets. They are also targeting offshore wind farm companies to leverage the increasing investments in renewable energy sector.
Market key trends
One of the prominent trends in the offshore support vessel on-board fuel monitoring system market is the integration of advanced analytics. Vendors are offering cloud-based systems powered by big data analytics and machine learning algorithms. These help operators track fleet-wide fuel performance over time, identify operational issues, calculate fuel wastage and obtain actionable insights to reduce fuel burn. The analytics capabilities also aid compliance with existing and upcoming environmental regulations regarding GHG emissions from marine vessels. This trend is expected to significantly boost the demand for intelligent onboard fuel monitoring systems during the forecast period.
Porter’s Analysis
Threat of new entrants: High capital requirements for specialized vessels and technology act as a barrier.
Bargaining power of buyers: Oil companies hold strong bargaining power considering their demand influences prices.
Bargaining power of suppliers: Suppliers of monitoring systems have moderate power due to differentiated products and services.
Threat of new substitutes: No close substitutes exist currently for offshore vessel monitoring.
Competitive rivalry: Intense competition exists among vessel monitoring system providers to gain contracts from oil producers.
Geographical regions
The North Sea region accounts for the largest share in terms of value as it is a major hub for offshore oil and gas production activities in Europe. Countries like Norway, UK and Netherlands have thousands of offshore rigs, platforms and ships operating in the region.
The Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like China, India, Indonesia, Malaysia and Australia are investing heavily in offshore oil and gas production to meet their rising energy needs. This is driving the installation of advanced vessel monitoring systems in ships operating in the regions coastal waters.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
