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.
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.
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.
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.
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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