The projection of a spark plug is measured as the distance from the end of the metal shell to the tip of the centre electrode as shown here.
A projected spark plug protrudes into the combustion chamber further and provides higher ignitability and improved performance. Simply this can be understood by representing the combustion chamber as a circle. A projected spark plug in effect produces a spark in the middle of the circle (or combustion chamber) allowing for an even flame spread. Conversely, a non-projected spark plug means the flame spread is not even.
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