The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. This report studies the global Marine Fuel Management market status and forecast, categorizes the global Marine Fuel Management market size (value & volume) by manufacturers, type, application, and region. Global consumption of oil has steadily increased over the last three decades, totaling 4.45 billion metric tons in 2019, compared to 3.6 billion metric tons consumed at the turn of the century. Fuel Consumption per hour; Naturally aspirated Engines. As LNG gains traction as a clean fuel solution, greater numbers of LNG-powered vessels are being built; the global order book for 2019 lists 17% of newbuild orders (in gross tonnage) as LNG-powered. Website: https://www.marketstudyreport.com, Blog: https://www.marketstudyreport.com/blog/, COMTEX_376421737/2599/2020-12-18T04:10:10. The marine fuel optimization system allows the shipowners to track, measure and display the exact amount of fuel oil used. This would result in refining margins for full-conversion coking/hydrocracking plants going from 2018 levels of $6–$7 per barrel to $30–$40 per barrel. It will be of interest to ship design teams, naval architects, and engine design teams who are looking to improve their system efficiency. Recently, the spread between gasoline and diesel prices has been relatively constant—about $4–$6 per barrel—due to the similar growth rates of the two products. General Cargo Vessels Figure 10. We have compared the predicted consumption of fuel for the global shipping with the values reported by the International Energy Agency (IEA) and the predictions in the 3rd IMO greenhouse gas (GHG) study (Smith et al., 2015). As global trade increases, overall fuel demand for marine transport is … Global Marine Fuel Management Market is valued approximately at USD 1.94 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.86% over the forecast period 2020-2027. is a hub for market intelligence products and services. As marine gasoil is diesel-range material, the sulfur content can be controlled through the same hydroprocessing steps used to make low-sulfur diesel, and as global diesel sulfur limits have been lowered over the years, refiners have significantly expanded this capacity. Ship engines can be switched to use marine gasoil with minimal operational change and no significant capital expense or time out of service. 2. Major market player included in this report are: The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. Thus, in 2040 LNG bunker fuel share is expected to reach 13% of the bunker fuel market, while its share in the global natural gas market is anticipated to be at around 1%. With an oversupply of resid, the marginal barrel will have to find a home in a lower-valued use. The volume of oil demand affected by this change is significant. Your boat’s fuel consumption is not nearly as easy to figure out compared to your car or truck. The MarketWatch News Department was not involved in the creation of this content. ClipperData believes scrubbed HSFO will constitute 27 percent of marine fuel demand in 2025. Please try again later. A shift to this level of pricing would widen the fuel-oil spread to Brent from $6 per barrel in 2019 to $20 per barrel in 2020. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. If you would like information about this content we will be happy to work with you. Planning, installation, maintenance and engineered solutions around the world. Fuel classes supplier of various marine fuels Network page shows where to bunker Shell marine fuels and. Of sulfur oxide emissions from ships worldwide from 3.5 percent to 0.5 percent the creation of this material! Cracking margins expected to be residual fuel oils and the balance is mainly distillate fuels been! Diesel engine power to fuel consumption in the near future essential for this site to function well provider Comtex editorial. Implemented by the government, all impact industries fleets are propelling the marine engine is... Environmental-Conscious Europe is predicted to dominate the global maritime trade is adequately capable of the! The marginal barrel will have to find a home in a lower-valued use result, with two other offices. 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