NEWARK, Del, March 06, 2023 (GLOBE NEWSWIRE) -- The global marine fuel injection system market is anticipated to amass a revenue of US$ 7954.2 million by 2033, as opposed to US$ 5568.6 million in 2023. The target market is set to grow at a sluggish CAGR of 3.63% from 2023 to 2033. The marine fuel injection system market is estimated to grow by 1.4 times during this period of observation.
The development and advancement of the marine sector are accountable for the steady growth of the marine fuel injection system market. Global trade is benefiting from the reduced import and export restrictions and low subsidies and since maritime transportation is often preferred by traders, it will likely have a positive impact on the sales of the marine fuel injection system market.
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Historically, the target market witnessed a CAGR of 3.60% from 2017 to 2021 and reached a value of US$ 5196.4 Million in 2021. Fuel injection systems are a vital part of a ship’s complete propulsion system. These ensure that there is sufficient fuel in the combustion chamber at all times and help in the smooth running of the engine.
Rising demand for efficient marine ships, increasing use of boats, yachts, personal watercraft, and recreational boats, and growing demand for more efficient marine fuel injection systems will drive the market growth of the same in the upcoming years. The continuous development of boats and shipbuilders, repair shops, maintenance suppliers, and the overall marine sector further propels the marine fuel injection system market.
Increasing demand for sea travel as it uses less carbon than other modes of transportation will also fuel the expansion of the market. Enhancement in the efficiency of marine trade, rising adoption of electronic and methanol fuel injection systems, better engine efficiency, and strict control of emission by maritime regulations are some of the other factors abetting the growth of the marine fuel injection system market.
Though the market witnesses steady growth over the forecast period, it is not without its limitations. High maintenance needs for injection control units and corresponding electronics as well as a dearth of skilled personnel will stymie the growth of the marine fuel injection system market.
Key Takeaways:
- North America will account for 36.6% of the overall market share with an estimated value of US$ 7.9 billion in 2033.
- High demand for commercial boats will push the marine fuel injection system market in the US to a value of US$ 211.6 million by 2023.
- As an important boat manufacturing country, China’s marine fuel injection system market will reach US$ 348.1 million by 2033.
- By sales channels, the aftermarket segment will dominate the market due to a surge in repair needs.
- Based on engine type, the 4-stroke engine category will gain rapid demand during the forecast period.
Competitive Landscape
Caterpillar Inc., Robert Bosch GmbH, MAN SE, Liebherr International AG, and Yanmar Co. Ltd, among others, are some of the key players in the marine fuel injection system market profiled in the full version of the report.
Eminent market players are focusing on product development and the launch of novel products. These businesses are keen on enhancing the efficiency of engines. A few of these participants also employ various expansion strategies including mergers and expansions. In recent developments, Liebherr’s Fuel Systems divisions started the production of low-pressure direct injection hydrogen fuel systems as they are suitable for internal combustion engines.
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More Insights in to Marine Fuel Injection System Market
FMI offers the latest, unbiased, and detailed analysis of the global marine fuel injection system market, providing historical data from 2015 to 2022 and forecast statistics for 2023 to 2033. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of sales channel, engine capacity, application, engine type, and region.
According to the reports, based on segmentation, the cargo ship application of marine fuel injection systems will dominate the global marketplace due to an upsurge in seaborne trade. In terms of application, the aftermarket system will lead to the market growth due to rising repair demands. This segment accounted for 63.5% of the market share in 2022.
By engine type, the 4-stroke segment will dominate the international space. Based on region, the marine fuel injection system market in North America will dominate the market with an estimated value of US$ 7.9 billion by 2033. Power plants and government support offer lucrative opportunities for growth for the marine fuel injection system market. Countries like the US and China contribute significantly to the overall growth of the marine fuel injection system market.
Marine Fuel Injection System Market Outlook by Category
By Sales Channel:
- Original Equipment Manufacturer
- Aftermarket
- Fuel Injector
- Fuel Valve
- Fuel Pump
- Nozzles
- Electronic Control Unit
By Engine Capacity:
- Up to 2000 HP
- 2000 to 10000 HP
- 10000 to 20000 HP
- 20000 to 50000 HP
- 50000 to 80000 HP
- Above 80000 HP
By Application:
- Service Vessels
- Passenger Vessels
- Cruise Ships
- Ferries
- Cargo Carriers
- Tankers
- Container Ships
- Bulk Carriers
- Other Cargo Ships
- Fishing Vessels
- Personal Watercraft & Sailboats
- Others
By Engine Type:
- 2-Stroke
- 4-Stroke
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Table of Content
1. Executive Summary | Marine Fuel Injection System Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Material Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
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