The global marine fuel injection system market size is expected to reach USD 6.30 billion by 2027, registering a CAGR of 3.36% over the forecast period, according to a new study conducted by Grand View Research, Inc. Marine fuel injection system is a combination of several components that include injectors, pumps, and valves. These components form a vital part in the entire propulsion system of the ship and are responsible for maintaining the adequate supply of the fuel in the combustion chamber for efficient functioning of the engine.
These systems require frequent replacements or repairs when used for marine applications. In addition, the shipbuilding companies are required to abide by the stringent emission regulations imposed by the government of their respective nations. Therefore, proper and efficient functioning of these systems is required to maintain the engine efficiency.
The product suppliers across the globe are undertaking strategic initiatives to develop innovative products with better efficiency and enhanced engine performance. Moreover, growing concern with regards to emission regulation is also making component suppliers to improvise their product offerings.
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Further key findings from the study suggest:
- A rise in the global seaborne trade is one of the major factors driving the market growth
- Fuel injector segment is expected to account for the largest market share during the forecast period owing to the short lifespan of these components
- Commercial application segment led the market in 2018 and is expected to maintain its dominance throughout the forecast years owing to widespread usage of cargo/container ships
- Asia Pacific is anticipated to be the largest regional market followed by Europe owing to increasing demand for personal watercrafts in countries including Australia and China
- The key companies in the market include Caterpillar, Inc.; Rolls-Royce Plc; Yanmar Co. Ltd.; Woodward, Inc.; and Liebherr International AG