June 19, 2024
Offshore Support Vessel On-Board Fuel Monitoring System Market

Offshore Support Vessel On-board Fuel Monitoring System Market is Estimated to Witness High Growth Owing to Growing Need for Operational Efficiency

Offshore support vessels are marine vessels that transport supplies and workers to offshore oil and gas platforms, drilling rigs and wind farms. On-board fuel monitoring systems are crucial devices installed on offshore support vessels to monitor critical parameters related to fuel consumption and storage. They help operators gain real-time insights into fuel usage and avoid potential risks. The core function of on-board fuel monitoring systems includes measuring fuel volumes in tanks, fuel transfers between tanks, and 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 from 2024 to 2031.

Key Takeaways

Key players operating in the Offshore Support Vessel On-Board Fuel Monitoring System Market Growth are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food.

Growing offshore exploration & production activities, especially in deep and ultra-deep waters, are expected to open significant growth opportunities for vendors. Regulations mandating installation of fuel monitoring systems on vessels are also expected to drive the market.

North America and Europe currently dominate the global market due to large offshore fleet. However, Asia Pacific is expected to witness the highest growth owing to increasing offshore activities in countries like India and China. Rising oil & gas production in southeast Asia, Middle East and Africa will further aid regional market expansion during the forecast period.

Market drivers

The primary growth driver for offshore support vessel on-board fuel monitoring system market is the growing need for efficient fuel management and increased operational efficiency of offshore vessels. On-board fuel monitoring systems help cut fuel costs, avoid risks of fuel leakages and improve maintenance planning. Stringent regulations regarding safety and environment protection of offshore operations are also driving the adoption of such systems.

PEST Analysis

Political: The global offshore support vessel market is regulated by various maritime and environmental regulations set by national and international bodies like International Maritime Organization. Changes in policies related to environmental protection, transportation and maritime trade could impact demand.

Economic: Fluctuations in oil and gas prices influence exploration and production activities of oil & gas companies which are major customers for offshore support vessels. Rises in crude oil price boost offshore activities and vice versa, affecting demand for onboard monitoring systems.

Social: Rising awareness about environmental protection and work safety pushes implementation of technologies for fuel optimization and emission monitoring on offshore vessels. Automated monitoring systems enhance safety of offshore operations by reducing human errors.

Technological: Advancements in sensor technologies, communication networks and data analytics enable real-time online monitoring of fuel usage, stock levels and emissions. Internet of Things (IoT) solutions facilitate remote monitoring and troubleshooting to improve vessel efficiency. Use of alternative fuels and automation of vessel operations through digitization will drive adoption.

Regions of concentration

Europe, North America and Middle East regions account for over 65% of the offshore support vessel market value owing to large offshore oil & gas reserves and ongoing exploration projects. Countries like Norway, UK, US, Canada, Saudi Arabia and UAE are major markets.

Fastest growing region

Asia Pacific region is expected to grow at the fastest pace during the forecast period led by countries like India, Indonesia, Australia and China. Rising energy demand, increasing deepwater and ultra-deepwater exploration projects along with initiatives to enhance domestic production are factors augmenting growth of offshore activities and overall offshore vessel fleet in the region.

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