Marine Fuel Injection Market Share - Overview:
The purpose of the marine fuel injection system is to provide an adequate amount of fuel to the engine cylinder at the right time. During the process, the system monitors the injection of fuel inside the engine and ensures the right amount of the fuel in the combustion chamber at the right combustion situation for the highest combustion efficiency. Market Research Future (MRFR) has published a research report about the Marine Fuel Injection Market Share that foresees gains for this market at 4.50% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2024.
The primary factors responsible for the global marine fuel injection market growth include growing shipbuilding industry, growing international seaborne trade, advanced fuel injection system, increase in global maritime trade and tourism, and rise in seaborne trade. Both developed countries, as well as developing countries, are realizing the strategic importance of not only building but also maintaining robust ships with the latest technologies which are contributing to the market growth.
The global marine fuel injection market is expected to grow at a steady pace during the projected forecast period. The growth of the market is influenced by a number of factors. The growing international seaborne trade is a major factor aiding the growth of the global marine fuel injection market. As per the International Chamber of Shipping, seaborne trade is slated to continue in the coming years and bring-in major benefits for consumers across the globe with its affordable shipping cost. Internationally, there are more than 50,000 merchant ships, which transport almost any and every kind of cargo. The industry has gained massive revenue in recent years due to increasing shipping. This is subsequently proliferating the growth of the global marine fuel injection market.
Competitive Landscape
The marine fuel injection market share comprises a host of key players. This includes names like Rolls-Royce Holding PLC (UK), Woodward (US), Denso Corporation (Japan), Yanmar (Japan), Cummins Inc. (US), Caterpillar Inc. (US), Liebherr International AG (Switzerland), MAN SE (Germany), Delphi Automotive PLC (Ireland), Robert Bosch GmbH (Germany), and other.
Market Segmentation
The global marine fuel injection market share has been segmented in terms of HP range, application, and components.
By application, the market divides into commercial vessels, inland waterways, offshore support vessel, and others. Both the commercial vessel and inland waterways segment are projected to hold the maximum share in the global marine fuel injection market over the forecast period.
By component, the market includes fuel pump, fuel injector, electronic control units, fuel valves, and others.
By HP range, the market segments into 2,001 to 10,000 HP, Up to 2,000 HP, 10,001 to 20,000 HP, 50,001 to 80,000 HP, 20,001 to 50,000 HP, and beyond 80,000 HP.
Regional Outlook
The regional segmentation of the marine fuel injection industry can segment the market into the regional markets known as Asia Pacific, Europe, North America, South America, and the Middle East & Africa (MEA).
In the Asia Pacific region, the market can grow during the forecast period due to the rising seaborne trade in the countries, such as China, India, and South Korea. The governments of many countries in this region have introduced regulatory norms regarding maritime safety to prevent water pollution by ships. Many norms are helpful for market growth. Bangladesh is another small but significant country-specific market in this region. Due to advanced technology, another important country-specific market in this region is Japan, followed by the remaining countries of the Asia Pacific region.
North America is an important regional market due to technological advancement and the presence of key market players in developed countries like USA and Canada. Mexico is the third largest country-specific market in this region.
In Europe, the market can grow due to the reasons that are same as in North America. The chief country-specific markets in this region are Norway, Germany, Italy, Russia, and the UK, followed by the remaining countries of Europe. Some key market players are based in Europe too.
South America is a small regional market because the availability of advanced technology is limited in this region. Brazil is the most important country, the specific market in this region, followed by the remaining countries of South America.
In the MEA region, the market is limited due to most countries being, lack of education, lack of infrastructure, lack of power generation facilities, lack of skilled professionals, lack of awareness, and lack of technological advancement. The big country-specific markets in this region are South Africa, the UAE, Saudi Arabia, and followed by the remaining countries of the MEA region.
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