The free transfer from Newcastle missed four good chances against Valencia on Wednesday and has scored just four goals in six pre-season games.
The Old Trafford faithful have yet to be convinced about the 29- year-old former Liverpool striker.
His lengthy injury record and disappointing four-year spell at St James' Park have led many critics to suggest he is past his best and has little left in the tank.
But United gaffer Fergie insisted: "Michael may have reached the stage in his career where he won't figure in every game - but he'll score a lot of goals for us.
"It'll be in keeping with his tremendous record throughout his career for England, Liverpool and Newcastle."
Fergie believes Owen can take inspiration from new team-mate Paul Scholes, who came back time and again from injury to feature in last season's Champions League final at the age of 34.
Ferguson said: "Michael was perhaps our most controversial summer signing but I believe he'll continue to surprise people.
"There seems to be constant debate about the injuries he's picked up over the years but look at Paul Scholes.
"He's had two or three injuries and he's always come back. So we are not worried about Michael.
"If players have the resolve to get back then they always will and there's no doubt Michael still loves the game and is hungry to play."
Fergie paired Owen with his old England strike partner Wayne Rooney against Valencia as Three Lions boss Fabio Capello watched from the stands.
And United chief executive David Gill revealed they were planning to sign Owen for several months before swooping at the beginning of July.
Gill said: "Watching from the sidelines, I've been delighted. He's enthusiastic and very happy to be here.
"We had discussed signing him for a while as we were aware he was out of contract at the end of the season.
"So he was someone we had kept an eye on and I hope he'll prove to be a great signing."
Fergie admits he is still undecided whether England hopeful Ben Foster or Tomasz Kuszczak will be his No 1 keeper for the start of the season.
SunSport revealed on Wednesday that first-choice Edwin van der Sar is out for two months with a broken finger.
Back-ups Foster and Kuszczak were each given 45 minutes against Valencia with Pole Kuszczak taking his chance to shine after half-time.
And Fergie admitted: "Both players have outstanding qualities. Tomasz made two great saves against Valencia as he did against Boca Juniors the week before - but we'll see."