Marine Fuel Injection Market 2019 Current Trends, Top Leaders, Size, Dynamics, Emerging Technologies, Competitive Analysis, Demand and Global Forecast to 2024
Aug 14, 2019
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.
Pune, India - August 14, 2019 /MarketersMedia/ —
Marine Fuel Injection Market Overview
The global marine fuel injection market was analyzed by Market Research Future (MRFR) and it was projected that a steady CAGR of 4.50% will be attained by the market over the forecast period of 2017 to 2024. The valuation of the marine fuel injection market was further stated to surpass its previous valuation.
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.
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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.
The expanding shipbuilding industry, rising seaborne trade, and increasing global maritime trade and tourism are all expected to push the growth of the global market over the forecast period. Furthermore, advanced fuel injection system is a major factor that would boost and open new growth opportunities for the market. The shipping industry is also reported to be investing in battery-powered ferries, one which would require efficient engines and low level of carbon fuels, thereby boosting the demand for the global marine fuel injection market.
However, a major challenge for the manufacturers operating in the global marine fuel injection market is to offer distinctive marine fuel injection systems for different regions. This is due to the different regulatory laws and norms concerning the emission of nitrogen oxide and sulfur content across different regions. Additionally, high capital requirement and massive investment amount required for R&D activities can also majorly hamper the global marine fuel injection market over the forecast period.
Global Marine Fuel Injection Market Segmentation
The global marine fuel injection market 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 Analysis
The global marine fuel injection market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The Asia Pacific region leads the global marine fuel injection market and is projected to exhibit an impressive growth over the forecast period. Major nations like Japan, South Korea, China, and India are contributing to the growth of the regional market.
Various developed nations like the UK, the US, and Germany and developing nations like Bangladesh, Indonesia, and India are recognizing the strategic importance of developing and maintaining robust ships integrated with the latest technologies.
Competitive Landscape
The global marine fuel injection market 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.
Industry Buzz
June 2019, German-based leading designer and manufacturer of low and medium-level speed engines, MAN Energy Solutions announced that its two-stroke, dual-fuel portfolio has now clocked more than 500,000 operational hours.
Lead by Konstantin Matveev, the associate professor in the School of Mechanical and Materials Engineering, a team of WSU researchers is working on helping marine vessels to save fuel by reducing the drag of the vessels. 27 MAR 2019
Kongsberg Digital (KDI) of Norway has completed the delivery, installation, site acceptance test and handover of K-Sim Full Mission Engine Simulator to the Institute of Marine Engineers (IMEI) in India. 9 APR 2019
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Source: MarketersMedia
Release ID: 88908062
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