by Offshore support vessels are marine vessels that aid offshore oil and gas platforms and wind farms with items such as maintenance, construction, towing, and supply handling. On-board fuel monitoring systems provide real-time updates on fuel usage and performance of offshore support vessels. These systems help reduce fuel costs through optimized navigation and engine operations. They monitor fuel efficiency parameters like fuel levels, consumption rates, engine performance, tank inventory monitoring, and voyage analysis. This enables offshore vessel operators to minimize wastage and identify inefficient operations.
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:
One of the major trends in the offshore support vessel on-board fuel monitoring system market is the integration of advanced data analytics and machine learning capabilities. This helps operators gain deeper insights from real-time fuel usage data. Systems now use predictive algorithms to determine optimal routes, speed, and engine load settings to maximize efficiency. They can also identify maintenance requirements before breakdowns occur. This has significantly improved vessel uptime and profitability for offshore contractors. Another trend is the development of sensor-based monitoring without additional hardware. Some vendors have designed systems that leverage existing vessel sensors and IoT technologies to deliver real-time fuel oversight on any display device. This has boosted adoption rates as such “sensor-as-a-service” solutions are more cost-effective and flexibly deployed.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the offshore support vessel on-board fuel monitoring system market is low as there are high capital investments required to enter the market and established players have strong brand recognition.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of alternative solutions. However, buyers prefer technologically advanced fuel monitoring systems.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple established suppliers providing competitive components required for fuel monitoring systems.
Threat of new substitutes: The threat of substitutes is moderate as there are alternative technologies available for fuel level monitoring. However, onboard systems have greater accuracy.
Competitive rivalry: The competitive rivalry is high owing to the presence of numerous global and regional players offering differentiated products.
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 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.
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to the rising offshore exploration & production activities in countries like India and China. Growing offshore oil & gas exploration projects in countries like India and China are driving the demand. North America and Europe are also significant markets for offshore support vessel on-board fuel monitoring systems.
Key players: 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.
These players are focusing on new product launches and partnerships with offshore vessel manufacturers to strengthen their market position. For instance, Millennium Pacific Greenhouses launched its upgraded monitoring software with enhanced data analytics capabilities in 2021.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
