Market Research Future (MRFR) expects the global marine fuel injection market 2022 to make a significant headway at a rate of 4.50% between 2017 and 2024 (review period).
Top Boosters and Key Deterrents
Sea transport makes up almost 90% of the total trades around the world, given its affordable and highly efficient nature compared to other transport modes. With frequent technological developments along industrialization, seaborne trades have been on a consistent upward trajectory. Raw materials, food, water, and various other products, in massive volumes, are transported backed by seaborne transportation. Therefore, the massive surge in the worldwide seaborne trade has triggered the demand for shipping containers, which itself has led to significant growth of the marine fuel injection system market.
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Several environmental regulations, like technical regulations imposed by International Maritime Organization or IMO mandates the improvement of new ships. Mounting environmental concerns have been compelling shipping companies to concentrate more on fuel efficiency. Also, in order to adhere to the strict regulations, marine engine manufacturers are focusing on the latest engine technologies like advanced fuel injection systems. Simultaneously, a vast range of end users are working on expanding their fleet by adding better quality vessels that produce lower carbon emissions. Such regulations are anticipated to push the uptake of marine fuel injection systems in the following years.
In addition to the continuous expansion of the vessel fleet, the demand for maritime transport services can also mount during the evaluation period. On a dim note, the coronavirus outbreak in early 2020 has drastically affected the shipping as well as energy and power markets all across the globe, leading to the demand for container ships, oil tankers and other goods plummeting at a rapid speed. However, the marine fuel injection market stands on the shoulders of the ambitious players who are striving to curb the revenue loss induced due to the pandemic. They are constantly undertaking effective marketing hacks such as partnership, agreements and mergers and acquisitions; to not only indemnify the economic decline but also to propel their position in the overall industry.
Marine fuel injection industry has been considered for HP range, component and application.
The HP ranges covered by experts are UP TO 2,000 HP, 2,001-10,000 HP, 10,001-20,000 HP, 20,001-50,000 HP, 50,001-80,000 HP and above 80,000 HP
Components included in the market study are fuel pump, fuel injector, fuel valves, electronic control unit (ECU), and others.
Applications of marine fuel injection are offshore support vessel, commercial vessels, inland waterways, and others. Commercial vessel and inland waterways can seize the largest portion of the global market, given their soaring demand in Europe, South America as well as Africa.
South America, the Middle East and Africa or MEA, Europe, Asia Pacific or APAC and North America are the main markets for marine fuel injection across the globe.
The APAC market for marine fuel injection can witness significant expansion in the ensuing years, on account of the increasing seaborne trade in India, South Korea, and China. The strict regulations imposed by government authorities pertaining to maritime safety as well as prevention of pollution by water vessels, has boosted the demand for more advanced marine diesel engines. This has resulted in the massive growth of the marine fuel injection market in the region.
Surge in sea borne trade, huge number of commercial vessels, strict marine regulations in the face of growing environmental concerns and the emergence of methanol and electronic fuel injection systems are the top growth boosters in the North American market. Developed nations like the U.S. and Canada are busy focusing on building robust ships with advanced technologies, which also adds to the strength of the marine fuel injector market in the region.
The growth prospects of the European market seem promising, given the consistently expanding marine industrial industry. The regional market is evolving rapidly in line with the increasing demand for recreational activities as well as seaborne trade. More advanced technologies are gaining traction in the market, which can enhance the quality as well as the subsequent demand for marine fuel injectors in the region.
Notable contenders in the marine fuel injection industry are MAN SE (Germany), Robert Bosch GmbH (Germany), Rolls-Royce Holding PLC (UK), Cummins Inc. (US), Yanmar (Japan), Liebherr International AG (Switzerland), Woodward (US), Caterpillar Inc. (US), Denso Corporation (Japan), Delphi Automotive PLC (Ireland), to list a few.
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