Future Market Insights has recently published a new market research study on the marine fuel injection system market thatcontains global industry analysis during 2014–2018 and opportunity assessment during 2019–2029.The report investigates the marine fuel injection system market and provides critical insights for the forecast period of 2019-2029. As per the key findings of the report, the global marine fuel injection system market is expected to witness considerable growth in upcoming years due to the steady expansion of vessel fleet as well as regulations imposed by International Maritime Organization towards improving the efficiency of new ships.
The global marine fuel injection system market is likely to be valued at ~US$ 4.8 Bn in 2019, and is projected to increase at a CAGR of ~3% during the projected period of 2019-2029. This growth is expected to be mainly driven by increasing trade opportunities for crucial countries with prominent shipbuilding industries. Advanced fuel efficient technology is adding to the benefits of the marine fuel injection system market.
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Increase in Global Maritime Tourism to Fuel the Market Growth
With the increasing disposable income, there has been noteworthy growth in the tourism in the recent past. Recreational water sports attract a paramount segment of people and growing traction of people towards it has been significant. Activities, such as yachting, kite surfing, and water skiing is expected to upsurge the marine tourism. The demand for new ships has increased owing to the growth in maritime tourism, which will ultimately boost the marine fuel injection system market in the near future.
Increasing fuel injection pressure in marine vessels lead to the increased rate of wear and tear property. To improve the combustion efficiency of an engine, high injection pressure is required. There has been increased demand for high pressure fuel injectors. However, increased fuel injection pressure has amplified the stress applied on the fuel injector as well as on the other parts of the fuel injection system, including a fuel pump and high pressure lines. This might lead to the increased rate of replacement and reconditioning of fuel injection system in marine vessels, contributing to the growth of the aftermarket sales channel.
Growth in Regional Shipbuilding Industries
China, in the APEJ region and Japan has maintained slow but steady pace in the ship building industry in terms of growth. Whereas, in South Korea, the industry faced sharp downturn due to overcapacity and weak financial performance of prominent players in the marine fuel injection system market. This, in turn, significantly affected the OEM demand for marine fuel injection systems. However, there has been a notable increase in the demand for new ships creating a healthy environment for the shipbuilding industry in the region to recover.
Marine Fuel Injection System Market: Vendor Insights
The report highlights some of the prominent market players, who have established themselves as leaders in the global marine fuel injection system market. Few examples of key players in the marine fuel injection system market areCummins Inc., Liebherr International AG, Robert Bosch GmbH, Caterpillar Inc., Yanmar Co. Ltd., Suzuki Motor Corporation, v, MAN SE, DENSO Corporation, Rolls-Royce Power Systems AG, OMT – Officine Meccaniche Torino SpA, Woodward, Inc., and Heinzmann GmbH & Co. KG, among others.The global marine fuel injection system market is considered to be significantly fragmented one. Global players falling under tier-1 category accounts for ~25% of the overall market share, whereas medium-sized and small-sized players are expected to be prominent in the global marine fuel injection system market.
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Marine Fuel Injection System Market: Taxonomy
- Up to 2000 HP
- 2000 – 10,000 HP
- 10,000 – 20,000 HP
- 20,000 – 50,000 HP
- 50,000 – 80,000 HP
- Above 80,000 HP
- Service Vessels
- Passenger Vessels
- Cargo Carriers
- Fishing Vessels
- Personal Watercrafts & Sailboats
- 2 Stroke
- 4 Stroke
- North America
- Latin America
- Western Europe
- Eastern Europe