- Commercial vessel application held around more than half of the marine fuel injection market share.
- The fuel injector segment dominated the market.
- The Asia-Pacific region is expected to witness high growth to demand marine fuel injection.
The marine fuel injection market is expected to grow from an estimated $4.3 billion in 2016 to $5.2 billion by 2021, at a CAGR of 3.9% from the 2016 to 2021. Growth of the shipbuilding industry, increase in international sea trade, and stringent marine emission would drive the market for marine fuel injection.
The report also provides an in-depth understanding of the competitive landscape, along with profiles of the leading marine fuel injection market players such as Cummins Inc. (U.S.), Liebherr International AG (Switzerland), Robert Bosch GmbH (Germany), Rolls-Royce Holding PLC. (U.K.), and Caterpillar Inc. (U.S.) Dominant players are trying to penetrate the emerging economies and are adopting various methods, such as signing contracts and agreements, expansions, mergers and acquisitions, and new product launches, to increase their market share.
Commercial vessel application to dominate the marine fuel injection market during the forecast period
Marine fuel injection systems have been categorized into three applications, namely, commercial vessels, inland waterways, and offshore support vessels. Commercial vessel application held around more than half of the marine fuel injection market share in 2015. Commercial vessels include container ship, cargo vessel, tanker, and bulker among others. Growth in sea borne trade would eventually increase the number of vessels used for trading goods across countries. This drives the market for marine fuel injection for commercial applications. Majority of commercial vessels are built in China, South Korea, and Japan; thus the demand for marine fuel injection systems will be high in these countries.
Fuel injector component to hold the major share of the marine fuel injection market during the forecast period
On the basis of component, the marine fuel injection market has been segmented into fuel injector, fuel pump, fuel valves, Electronic Control Unit (ECU), and others. The fuel injector segment dominated the market, followed by ECU and other components. Fuel injectors undergo high amount of wear tear, due to which they have limited life. They have to be replaced in order to maintain the required injection pressure in the engine. Therefore, the market for marine fuel injector components is expected to grow at the highest CAGR during the forecast period.
Asia-Pacific would see the highest growth for the marine fuel injection market
The report covers five regions, namely, Asia-Pacific, Europe, the Middle East & Africa, North America, and South America. The Asia-Pacific region is expected to witness high growth to demand marine fuel injection from 2016 to 2021. Moreover, increase in the commercial vessel and inland waterways vessel order book would drive the marine fuel injection market.