April 20, 2024

Offshore Support Vessel On-board Fuel Monitoring System Market is driven towards Remote Monitoring of Fuel Consumption

The offshore support vessel on-board fuel monitoring system market involves products like flow meters, data loggers and sensors that help track fuel consumption and optimize operations on offshore vessels. Precise monitoring of fuel levels and consumption patterns helps cut costs by avoiding wastage and planning refueling more efficiently. It also ensures safety by preventing accidents arising from low fuel situations. The growing offshore oil & gas industry relies on support vessels for exploration and production activities in deep waters. Remote monitoring of fuel systems on these vessels enables asset managers to keep tabs on operations from onshore locations.

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 2030.

Key Takeaways

Key players operating in the Offshore Support Vessel On-board Fuel Monitoring System are Cargill Inc., Al Islami Foods, QL Resources Sdn Bhd, Haoyue Group, Kawan Food Berhad, BRF S.A., Saffron Road Food. Precise monitoring of fuel levels and consumption patterns helps cut costs by avoiding wastage and planning refueling more efficiently. It also ensures safety by preventing accidents arising from low fuel situations. The growing offshore oil & gas industry relies on support vessels for exploration and production activities in deep waters. Remote monitoring of fuel systems on these vessels enables asset managers to keep tabs on operations from onshore locations.

Market key trends

One of the major trends in the Offshore Support Vessel On-Board Fuel Monitoring System Market is remote monitoring. System providers are focusing on integrating IoT and wireless connectivity into fuel monitoring devices. This allows vessel operators and managers to access real-time fuel data from any location. They can track KPIs like daily consumption, optimal operating parameters and receive automated alerts. Remote monitoring improves efficiency, saves costs and helps demonstrate compliance to environmental and safety standards. It is a big driver for adoption of advanced on-board fuel monitoring systems.

Porter’s Analysis

Threat of new entrants: High capital requirements to enter offshore vessel industry pose barrier for new firms.

Bargaining power of buyers: Buyers have low bargaining power due to limited number of fuel monitoring system providers and essential need for such systems.

Bargaining power of suppliers: Suppliers of components have moderate bargaining power as offshore vessel makers can find alternative supply sources.

Threat of new substitutes: No close substitutes exist for onboard systems, providing some protection against substitutions.

Competitive rivalry: Intense competition exists among major vendors to supply innovative monitoring solutions and expand services footprint.

The North America region accounted for the largest share, in terms value, of the offshore support vessel on-board fuel monitoring system market in 2024. This can be attributed to the presence of a large offshore oil and gas industry in countries such as the U.S. and Canada, which drives the demand for such vessels and related systems in the region. The Middle East & Africa region is expected to witness the highest growth during the forecast period. Growing oil production activities and investments in oil infrastructure expansion projects propel the demand for offshore support vessels and fuel monitoring systems in the region.

Geographical Regions

The North America region accounted for the largest share, in terms value, of the offshore support vessel on-board fuel monitoring system market in 2024. This can be attributed to the presence of a large offshore oil and gas industry in countries such as the U.S. and Canada, which drives the demand for such vessels and related systems in the region. The region is also an early adopter of advanced monitoring technologies.

The Middle East & Africa region is expected to witness the highest growth during the forecast period of 2024-2030. Growing oil production activities and investments in oil infrastructure expansion projects across the region propel the demand for offshore support vessels and associated onboard fuel monitoring systems. Countries like Saudi Arabia, United Arab Emirates, and Iran are undertaking extensive offshore exploration programs, which will push the adoption of vessel fuel optimization solutions in the coming years.

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