Growing usage of vessels such as sailboats, recreational boats, luxury yacht, and personal watercraft is estimated to drive the global marine fuel injection system market during the assessment period.
Sea transport holds 90% of the overseas trade worldwide, owing to its low cost and economical nature in contrast to different modes of transport. With rapid technological industrialization and advancement, seaborne trade keeps on moving on an upward swing. This market growth will fuel the demand for shipping containers, and as a result, boost the marine fuel injection system market. Additionally, steady growth in the vessel fleet in line with increasing demand for maritime transport services is anticipated to eventually boost the market.
The global marine fuel injection system market size was projected to touch US$ 4.8 Bn in 2019. The global market is anticipated to expand at a CAGR of 3% during the conjectured time frame, 2019-2029.
Marine Fuel Injection System Market: New Developments and Product Innovations
Various regulatory and environmental concerns, such as IMO’s (International Maritime Organization) technical regulations necessitates to enhance new ships efficiency by 10% and accomplish 20% CO2 diminution per Ton/km. Rising environmental concerns are compelling shipping companies to concentrate on fuel efficiency. Additionally, strict regulations authorize marine engine producers to stress on novel engine technologies, such as advanced fuel injection systems. Simultaneously, end users will focus on extending their fleet with low carbon emissions and advanced vessels.
Companies such as Robert Bosch GmbH and Delphi Technologies are working towards bringing down the number of exhaust gas particulates to meet more and stricter future global emissions standards.
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COVID-19 Impact Analysis
The outbreak of COVID-19 has impacted the supply chain attributable to the disruption inaccessibility of auto components. The majority of the components is imported from China and is sold in the aftermarket; this will impact the aftermarket segment in addition to the maintenance and repairs markets.
Key Takeaways of the Market Study
Based on application, the Personal watercraft & sailboats is anticipated to reach US$549Mn during 2019-2029
Based on engine type, the 4-stroke engine will gain noteworthy traction over the assessment period.
Based on Engine capacity, up to 2000 HP will foresee higher growth trailed by 2000-10000 HP segment in the global market, mainly due to its higher demand in the market. Therefore, producers are focusing on this segment to keep up their competitive foot in the market.
Regional Insights
The Asia Pacific excluding Japan is a major region in the shipbuilding sector. Nations, such as South Korea is likely to create significant demand in approaching years, while China is likely to keep up the firm pace in growth terms. APEJ will hold a significant volume and value share of the global market over the forecast period. Western Europe is estimated to reflect high-value growth in the market.
Competitive landscape
Mid-size participants are switching their focus to emerging markets for strategic growth, which will remain a major trend in the market. Market Participants are focusing on technological progressions to meet future customer needs and keep up their market position.
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