Marine Turbocharger Market to Exceed Valuation of USD 1.5 Bn by 2031, Registering at a CAGR 7.14%
The growing popularity of marine holiday spots is a significant growth driver for the global marine turbocharger industry. Tourists are drawn to maritime tourism destinations such as Greece, France, and others because of its water adventure and sports activities.
Wilmington, Delaware, United States, Oct. 19, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global marine turbocharger market was estimated to have acquired US$ 725.89 million in 2020. It is anticipated to register a 7.14% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 1.5 billion.
Environmental regulations, such as those set by the International Maritime Organization (IMO), require the reduction of greenhouse gas emissions and pollutants from marine vessels. Turbochargers are a key technology used to improve engine efficiency, reduce fuel consumption, and lower emissions in marine engines. As these regulations become more stringent, the demand for turbochargers in the marine industry is expected to increase.
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The global shipping industry plays a crucial role in the transportation of goods, and it has been experiencing steady growth due to global trade expansion. To meet the growing demand for shipping services, ship owners and operators are looking for ways to enhance the performance and efficiency of their vessels. Turbochargers help increase engine power and efficiency, which can reduce operational costs and improve competitiveness in the industry. This growth in the shipping sector is expected to drive the demand for marine turbochargers.
Global Marine Turbocharger Market: Key Players
Key players on the global level are increasing their footprint through acquisitions and mergers with other industry participants. The following companies are well-known participants in the global marine turbocharger market:
- BorgWarner Turbo Systems
- Cummins Inc.
- Hedemora Turbo & Diesel AB
- IHI Corporations
- Istanbul Marine Turbine Service
- Kawasaki Heavy Industries, Ltd
- Kompressornenbau Bannewitz GmbH
- La Meccania Turbo Diesel
- Liaoning RongLi Turbocharger Co., Ltd.
- MAN Diesel & Turbo
- Mitsubishi Heavy Industries
- Marine Machinery & Equipment Co., Ltd.
- MTU Friedrichshafen
- Napier Turbochargers Ltd.
- PBS Turbo s.r.o.
- Rotomaster International
- Shanghai Daewin Marine Parts
Key Findings of the Market Report
- Global demand for energy-efficient marine engines is expected to drive up demand for marine turbochargers.
- The global demand for recreational boats is expected to drive the marine turbocharger industry.
- The global marine turbocharger market is expected to grow due to a high desire to lower operational costs.
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Market Trends for Marine Turbochargers
- The global marine turbocharger market is segmented into two segments based on operation type: axial and radial. In terms of volume and value, the radial segment led the global marine turbocharger market in 2020.
- Radial turbochargers utilize less engine power than axial turbochargers and are easier to install, hence demand for radial marine turbochargers is high. In terms of revenue, the axial sector also maintained a major proportion of the market in 2020. During the forecast period, the segment is expected to grow.
- In terms of revenue, the recreational boats category accounted for a significant part of the global market in 2020. The increased selling of yachts and motorboats around the world is expected to drive demand
Global Market for Marine Turbocharger: Regional Outlook
Various reasons are propelling the growth of the marine turbocharger market in different regions. These are:
- During the forecast period, North America and Asia Pacific are expected to be very profitable markets. The increased demand for recreational boats in these regions is expected to drive the marine turbocharger industry.
- The rising trend of marine and coastal tourism in these locations is expected to push the marine turbocharger market. Asia Pacific, after North America, accounted for a considerable share of the global market in terms of both revenue and volume in 2020. The existence of ship manufacturers throughout the region is also expected to propel the Asia Pacific marine turbocharger industry.
- In North America, there is a significant emphasis on upgrading and retrofitting existing marine vessels to meet stricter emission standards and improve fuel efficiency.
- Many older vessels may not meet current environmental regulations, and turbochargers are often retrofitted to existing engines to enhance their performance, reduce emissions, and comply with environmental standards. This need for retrofitting and upgrading older vessels is driving the demand for marine turbochargers in the North American market.
Key developments in the global market are:
|Hyundai Global Service (HGS||2021||Hyundai Global Service (HGS), an aftermarket division of shipbuilder and engine manufacturer Hyundai Heavy Industries, has teamed up with ABB Turbocharging to provide an engine part-load optimization (EPLO) service for shipowners looking to reduce emissions in accordance with International Maritime Organization (IMO) regulations.|
Global Marine Turbocharger Market Segmentation
- Operation Type
- Single Turbocharger
- Twin Turbocharger
- Electro-Assist Turbocharger
- VGT Turbocharger
- Vessel Type
- Sales Channel
- North America
- South America
- Asia Pacific
- Middle East & Africa
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