NEWARK, Del, July 22, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the marine fuel injection system market is estimated to be worth around USD 5,765.7 Million in 2024. It is forecasted to further expand at a CAGR of 3.5% and reach a valuation of USD 8,132.1 Million by 2034.
Marine fuel injectors are becoming increasingly popular globally as ship owners seek to improve their vessels' efficiency and performance to comply with emission norms. Demand for marine vessels such as personal watercraft, luxury yachts, leisure boats, and sailboats is expected to surge the marine fuel injection conversion kits market substantially.
Rising needs from the shipbuilding and boating industries are anticipated to elevate marine fuel injection systems sales. Expansion of international seaborne trade activities would also drive demand for marine direct fuel injection systems in the coming days.
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Key Takeaways from the Marine Fuel Injection System Market Study Report:
- The global sales of marine fuel injection systems have been forecasted to produce an incremental opportunity of USD 2,400 Million over the next ten years.
- The United States marine engine fuel injection system market is forecasted to expand at a sluggish 2% CAGR over the next ten years.
- In Europe, Germany is the most lucrative market, which is expected to register a CAGR of 5.1% through the projected years.
- There is a lot of potential for expansion in the Chinese marine fuel injection system industry, which is expected to grow at a CAGR of 5.9% from 2024 to 2034.
- India and Australia are two remarkably growing markets in Asia, with estimated CAGRs of 3.5% and 3.8%, respectively, through 2034.
- The marine fuel injection system aftermarket is expected to be the preferred sector globally, with a 65.8% market share in 2024.
What are the key opportunities for the Marine Fuel Injection System Manufacturers?
Rise in the adoption of seaborne business can provide several opportunities for the market players. Increase in seaborne business routes is one of the key opportunity for the market players. Owing to the efficient delivery of delicate manufacturing materials and other products along with cost effectiveness through cargo shipping are leading to the necessity of the efficient and enhanced fuel injection system providing several opportunities for the key players.
The seaborne routes are chosen for import and export purposes by many countries at a global level as the cargo ships can carry huge cargo through just one single voyage saving the cost of transportation. Furthermore, small and medium size companies are extensively using marine trade solutions as they aim for making more profit through efficient modes of transportation.
Also, Rise in globalization and international trade through sea routes can provide considerable opportunities for the market players to provide efficient and reliable marine fuel injection system.
“Combustion engine manufacturers are focusing on decarbonizing and switching locomotives from fossil fuels to alternative fuels such as hydrogen, methanol, and ammonia. So, many leading marine engine fuel injector manufacturers are investing heavily in research and development activities to ensure they have suitable solutions before this transition,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The market is concentrated due to the presence of established leading marine engine fuel injection system manufacturers in industrialized economies of Europe and the United States. However, the improving industrial sector and the expansion of maritime trade in emerging economies have fragmented the market landscape recently.
Recent Developments:
- In May 2023, Woodward introduced a novel injection system for P2X fuels in big engines. The product ranges from 100 kW/cylinder to over 1000 kW/cylinder to enable all feasible combustion models. Woodward is developing a High-Pressure Dual-Fuel (HPDF) platform for methanol and ammonia injection with complete diesel backup capabilities to help the worldwide energy transition to low-carbon fuels.
- In September 2022, MAN Energy Solutions introduced its MAN 49/60DF engine type at the SMM trade show in Hamburg. The dual-fuel engine, the newest model in the company's four-stroke engine lineup, can run on LNG, diesel, and HFO in addition to a variety of more environmentally friendly fuels such as biofuel blends and synthetic natural gas. The state-of-the-art fuel injection system that can be compatible with a variety of fuels is a significant development of the firm in this project.
Major Players Profiled in the Report:
- Robert Bosch GmbH
- Caterpillar Inc.
- Delphi Automotive Plc
- Yanmar Co. Ltd
- Suzuki Motor Corporation
- MAN SE
- Liebherr International AG
- DENSO Corporation
- Rolls-Royce Power Systems AG
- OMT - Officine Meccaniche Torino SpA
- Heinzmann GmbH & Co. KG
- Marren Fuel Injection
- Walbro LLC
- DUAP AG
- Chongqing Hongjiang Machinery Company Limited
- Synerject LLC
- Firad S.p.A.
- ChinahanJi Power Co., Ltd
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Marine Fuel Injection System Market Segmentation Analysis:
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
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- Middle East and Africa (MEA) Market
About Future Market Insights – Industrial Automation Division:
The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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