The global marine fuel injection system market size was valued at USD 4.98 billion in 2020 and is anticipated to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increasing seaborne trade across the globe which is boosting the demand of marine fuel injection components.
Marine fuel injection system is an integral part of the marine diesel engine system and takes roles in distributing the precise amount of fuel to each engine cylinder at the exact moment. The demand for fuel injection system increases in marine engines as it efficiently controls the bulk mixing, injection timing, injection quality control, fuel atomization, and several other parameters. Combination of both hydraulic and mechanical operation is used in the system due to which the engine gains maximum combustion productivity. These systems assure exact regulation of exhaust system, faster response, equal fuel distribution, and improved fuel flow.
The COVID-19 pandemic outbreak had hampered the market growth. Emergency lockdown and movement restriction had forced to shut trade and commerce globally, which resulted in breakage of supply chain, shutdown of manufacturing plant, and delayed delivery of marine fuel injection components. Additionally, the global seaborne trade was largely affected due to travel ban, which in turn affected the market.
Market Trends, Drivers, Restraints, and Opportunities
- Growing trend of retrofitting old ships with latest technology is a key factor driving the market growth.
- Rapidly expansion of the ship industry coupled with short lifespan of marine fuel injection components is expected to boost the market during the projected timeline.
- Increasing government rules and regulations regarding marine-related carbon emission is projected to drive the market expansion during the forecast period.
- Functioning of fuel injection components is complex, which makes them prone to damage. This acts a major challenge that can hamper the market growth during the projected period.
- Technological advancement such as using electronic and methanol fuel injection systems is projected to create significant growth opportunities for the market.
Scope of the Report
The report on the global marine fuel injection system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Marine Fuel Injection System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Defense [Destroyers, Submarines, Frigates, and Aircraft Carriers] and Commercial [Tankers, Passenger Cruise, Container Ships & Bulk Carrier, and Others]), and Components (Fuel Valve, Fuel Injector, Electronic Control Unit, Fuel Pump, and Others).
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Woodward, Inc.; Caterpillar, Inc.; Yanmar Co. Ltd.; Liebherr International AG.; and Rolls-Royce Plc.
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Market Segment Insights
Commercial segment is expected to grow at a rapid pace
Based on applications, the global marine fuel injection market is bifurcated into defense and commercial. The defense segment is further segregated into destroyers, submarines, frigates, and aircraft carriers. The commercial segment is further segmented into tankers, passenger cruise, container ships & bulk carrier, and others. The commercial segment is expected to grow at a rapid pace during the forecast period due to escalated maritime tread across the globe, increasing the demand of new ships, and retrofitting of old ships with latest technology. As a result, demand of components of marine fuel injection system is increasing.
ECU segment is projected to expand at a considerable CAGR
On the basis of components, the market is divided into fuel valve, fuel injector, electronic control unit (ECU), fuel pump, and others. The fuel injector segment is expected to hold a major market share in the coming years attributed to wide use of fuel injector in the system. The component is responsible for maintaining injection pressure in marine engines as these injectors are highly exposed to wear and tear; therefore, injectors are substituted at frequent intervals resulting in high demand of fuel injectors. On the other hand, the ECU segment is projected to expand a considerable CAGR during the forecast period due to ECU play important role in reducing emission and high engine performance. Furthermore, ECU alters and regulates vital control units such as injection timing, air, and fuel.
Asia Pacific is anticipated to constitute a key market share
In terms of region, the global marine fuel injection market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key share of the market during the projected period owing to rapid expansion of shipbuilding activities across the region. However, the Europe market is anticipated to increase at a rapid pace during the forecast period due to high rate of maritime tourism and increasing popularity of water sports, which in turn, rising the demand of ships with advance technologies.
Segments
Segments Covered in the Report
The global marine fuel injection system market has been segmented on the basis of
Applications
- Defense
- Destroyers
- Submarines
- Frigates
- Aircraft Carriers
- Commercial
- Tankers
- Passenger Cruise
- Container Ships & Bulk Carrier
- Others
Components
- Fuel Valve
- Fuel Injector
- Electronic Control Unit [ECU]
- Fuel Pump
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Woodward, Inc.
- Caterpillar, Inc.
- Yanmar Co. Ltd.
- Liebherr International AG.
- Rolls-Royce Plc
Competitive Landscape
Key players competing in the global marine fuel injection market are Woodward, Inc.; Caterpillar, Inc.; Yanmar Co. Ltd.; Liebherr International AG.; and Rolls-Royce Plc.
Companies are investing in research & development for developing new, innovative, and advanced component for fuel injection systems. Furthermore, companies are focusing on collaborations, partnerships, and merger & acquisitions for expanding their market share. In November 2018, Liebherr International AG. announced its newly developed and designed hydraulic injection components for the Chinese market.
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