Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Marine Fuel Injection System market.
Trusted Business Insights presents an updated and Latest Study on Marine Fuel Injection System Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Marine Fuel Injection System market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Marine Fuel Injection System Market
The global marine fuel injection system market size was valued at USD 3.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 2.25% over the forecast period 2021-2027. The seaborne trade across the globe is increasing, which in turn, is driving the demand for marine fuel injection components, such as pumps and valves. Moreover, stringent government regulations pertaining to marine emissions is expected to propel the product demand.
Shipbuilders as well as component providers are investing in research and development activities to develop highly efficient products. The international trade is increasing as a result of reduced subsidies and reduced restrictions on exports and imports respectively. Importers and exporters prefer maritime transport due to higher transportation capacity and lower costs than road or rail transport.
Moreover, sea transport is more carbon-efficient than other mediums of transport. In addition, rising trend of retrofitting old ships with latest systems and technologies is expected to have a positive impact on the products sales. Fuel injection systems form a integral part in the entire propulsion system of the ship and are responsible for maintaining the adequate fuel supply in the combustion chamber for efficient functioning of the engine.
The complex functioning of these injectors makes them prone to damage or malfunction and therefore requires frequent replacements. Thus, short lifespan of these components coupled with rapidly expanding shipping industry is expected to increase the product demand over the forecast period.
Based on component, the marine fuel injection system market has been segmented into injectors, pumps, valves, Electronic Control Units (ECUs), and others. The others segment includes components, such as fuel pressure regulators. The injectors segment held the largest market share in 2019. The ECU segment is projected to register significant growth over the coming years.
The ECUs regulate and alter the integral control units that include air, fuel, as well as the injection timing. The entire functioning of the ECU is based on the signals received from a series of sensors installed in it. The ECUs, therefore, play a integral role in achieving high engine performance along with reduced emissions.
Application Insights: Marine Fuel Injection System Market
On the basis of application, the market has been segmented into commercial and defense. The commercial segment held the largest share in 2019 and will maintain its dominance during the forecast years. Increased maritime trade across the globe is expected to increase the demand for ships and would also increase the usage of existing ships in the marine ecosystem. As a result, the product demand in the commercial segment is expected to register the highest CAGR over the forecast period.
Maritime trade accounts for around 90% of the global overseas trade due to cheap and efficient transport of fleet offered by this mode of transport. In addition, the regulatory bodies have made stringent CO2 emission policies due to which component suppliers are investing in developing efficient fuel supply components.
Regional Insights: Marine Fuel Injection System Market
Asia Pacific region led the market in 2019. It is anticipated to continue its dominance over the forecast period. The higher share of the region is attributed to the countries, such as China, Japan, and South Korea, as they hold majority share in the shipbuilding activities across the globe. However, due to the recent outbreak of COVID-19 has highly impacted the global economies including that of China. However, reduction in the effects of COVID-19 would involve a sudden boost in the production and therefore in the amount of exports. As a result, Chinese companies will make high use of marine transport to export goods at low costs. This is expected to have a positive impact on regional market over the forecast period.
Europe is expected to register the highest growth rate over the forecast period. The region has a major maritime tourism market across the globe, which has resulted in the increased number of ships, thereby propelling market growth. Moreover, rising popularity of watersports in this region is propelling the product demand, which in turn, boosts market growth.
Key Companies & Market Share Insights: Marine Fuel Injection System Market
Key companies have undertaken various strategies, such as mergers & acquisitions, partnerships, and contractual agreements, to achieve higher market share. Moreover, companies are investing in R&D activities to develop new and advanced products. For instance, in November 2018, Liebherr International AG introduced its newly designed & developed hydraulic injection components for the Chinese market. Some of the prominent players in the marine fuel injection system market include:
Key companies Profiled: Marine Fuel Injection System Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global marine fuel injection system market report on the basis of component, application, and region:
Component Outlook (Revenue, USD Million, 2016 – 2027)
- Fuel Injector
- Fuel Pump
- Fuel Valve
- Electronic Control Unit (ECU)
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Passenger Cruise
- Bulk Carrier & Container Ships
- Aircraft Carriers
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