Marine Fuel Injection System Market By Application (Service Vessels, Passenger Vessels, Cargo Carriers, Fishing Vessels), Engine Type (2 Stroke, 4 Stroke), Sales Channel (OEM, Aftermarket) & Region - Forecast to 2019-2029
Marine Fuel Injection System Market - Analysis, Outlook, Growth, Trends, Forecasts
- September 2019
- 330 pages
Marine Fuel Injection System Market - Key Research Findings
- The global marine fuel injection system market size in 2019 is estimated to reach ~US$ 4.8 Bn.
- The marine fuel injection system market is estimated to grow at a CAGR of ~3% over the forecast period of 2019-2029.
- In the marine fuel injection system market, 4-stroke engine is likely to gain significant traction during the forecast period.
- APEJ is a significant region in the shipbuilding industry. Countries, such as South Korea is projected to create considerable demand in upcoming years, whereas China is expected to continue the steady pace in terms of growth.
- Increasing use of vessels such as personal watercraft, luxury yatch, recreational boat, and sailboats is expected to boost the global marine fuel injection system market in the forecast period.
- Engine with capacity up to 2000 HP is expected to witness the highest growth followed by 2000-10000 HP capacity in the marine fuel injection system market, mainly because of its high demand in the market. Hence, manufacturers are focussing on this segment to maintain their competitive foot in the marketplace.
- Asia Pacific excluding Japan is expected to hold a significant value and volume share of the marine fuel injection system market in upcoming years.
- Western Europe is projected to show high growth in terms of value in the marine fuel injection market.
- Mid-size players are shifting their focus to developing markets for strategic expansion, which is likely to remain a prominent trend in the marine fuel injection market.
Factors Determining the Global Marine Fuel Injection System Market
- Growth of Seaborne Trade
Sea transport accounts for ~90% of the overseas trade across the globe, due to its cheap and more efficient nature as compared to other modes of transport. With rapid technological advancement and industrialization, seaborne trade continues to move on an upward swing.
Water, food, raw materials, and several other products are transported in very large volumes, which is facilitated by the seaborne transportation. This growth in the global seaborne trade is expected to drive the demand for shipping containers, and consequently boost the global marine fuel injection system market.
- Stringent Regulations towards Improving the Efficiency of New Ships
Shipping is the most cost-effective and efficient method of international transportation for most of the goods. Various environmental and regulatory concerns, such as technical regulations by IMO (International Maritime Organization) necessitates to improve new ships efficiency by ~10% and achieve ~20% CO2 reduction per Ton/km.
Mounting environmental concerns have been compelling shipping companies to direct their focus on fuel efficiency. In addition, stringent regulations mandate marine engine manufacturers to emphasize on new engine technologies, such as advanced fuel injection systems. At the same time, end users are focusing on expanding their fleet with advanced vessels with low carbon emissions. Such regulations are expected to upsurge the demand for marine fuel injection systems.
- Fleet Size Expansion
Continuous fleet addition by shipping companies to benefit from the economies of scale is likely to result in increasing demand for marine fuel injection systems. Moreover, steady expansion in the vessel fleet in line with rising demand for maritime transport services will eventually boost the market over the forecast period.
Marine Fuel Injection System Market Structure Analysis
- The global marine fuel injection system market is significantly fragmented where tier-1 players account for ~25% of the overall market share.
- Tier-1 companies are focusing on technological advancements to meet the future customer requirements and maintain their market position.
- Cummins Inc., Robert Bosch GmbH, Caterpillar Inc. Delphi Technologies, Yanmar Co. Ltd., Woodward, Inc., Suzuki Motor Corporation, MAN SE, Liebherr International AG, DENSO Corporation, Rolls-Royce Power Systems AG, OMT - Officine Meccaniche Torino SpA, Heinzmann GmbH & Co. KG are some of the key participants in the global automotive cylinder market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
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