Summary

Global Marine Turbocharger Market is expected to grow at a significant rate of 7 % during the forecast period. The marine turbocharger is an integral part of the ship’s marine engine. The turbocharger basically reuses exhaust gases in order to increase the overall efficiency of the engine. It consists of two parts – turbine sides and blower. Turbocharging is a method of internal combustion that uses an exhaust gas turbocharger. In this, the turbocharger uses hot exhaust gas from the engine to spin a turbine, which runs a centrifugal compressor to draw cold compressed air into the engine. The main components of a turbocharger are a turbine, a compressor, and a shaft connecting the two components. In recent years, the demand for Turbochargers has risen dramatically owing to the increase in sales of motorboats, yachts and further the rising need for marine destinations. Furthermore, the constant advancement in technology has boosted market growth. In addition, major players in the market are working towards launching technically advanced turbochargers. In 2021, Toyota launched LC300 Land Cruiser with twin turbochargers V6 engines that offer 415 horsepower and 480 pound-feet of torque. Thus, the growing focus and investment of key stakeholders for the research and development of technologically advanced turbochargers is further expected to support market growth.

ABB, BorgWarner Turbo Systems GmbH, Cummins Inc., Hedemora Turbo & Diesel AB, Kompressorenbau Bannewitz GmbH, MAN Energy Solutions, Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd., MTU Friedrichshafen GmbH, Napier Turbochargers Ltd., PBS Turbo s.r.o. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst operations type, Radial category to witness higher CAGR during the forecast period”
Based on operations type, the market is segmented into axial marine turbochargers and radial marine turbochargers. Radial category to witness higher CAGR during the forecast period owing to the growing applications in small-sized four-stroke engines. Other factors such as recreating the design with minimized emission levels, higher-pressure ratios, its cost-effectiveness, and availability in various size ranges are further expected to boost the product demand during the forecast period Additionally, key stakeholders are concentrating on launching new marine turbochargers with enhanced features in order to increase sales and strengthen their position in a highly competitive market.

“Amongst technology type, the Electo-assists Turbo to hold a significant share in the market in 2020”
On the basis of technology type, the market is categorized into the single turbo, twin-turbo, electro-assist turbo, and variable geometry turbo. Among these, the electro-assist turbocharger holds a significant share of the market. This is mainly due to the advantages it offers as compared to its others. It has been witnessing higher adoption due to its compact nature and high efficiency providing plant efficiency especially when ships operate in low streams. In November 2021, Hyundai Global Service in collaboration with ABB Turbocharging introduced an engine part-load optimization (EPLO) service for ship owners seeking to reduce emissions.

“North America to hold a significant share in the market”
In 2020, North America held a significant share of the global turbocharger market. This is mainly attributed to the factors such as the rising popularity of coastal and marine tourism giving different opportunities for recreational boats. Increasing consumer interests in underwater sporting events and recreational boating activities are some of the main factors boosting the regional market growth over the forecast period. For instance, In 2020, Mitsubishi Turbocharger and Engine America (MTEA), which is one of the main the distributor of Mitsubishi Marine Propulsion Engines in the Americas, including Canada, Mexico, and Central and South America announced the expansion of the production line by introducing mechanically controlled, EPA Tier 4, 1,260-horsepower heavy-duty marine propulsion engine. In addition, Technological advancements, increasing R&D activities, and rising number of OEMs and aftermarket players in the region are key factors driving the global marine turbocharger market.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
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