Industrial Turbocharger Market size is set to grow by USD 773.4 million from 2024-2028, Stringent emission regulations to boost the market growth, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ -- The global industrial turbocharger market  size is estimated to grow by USD 773.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.33%  during the forecast period. Stringent emission regulations is driving market growth, with a trend towards increase in adoption of additive manufacturing. However, easy availability of counterfeit industrial turbochargers  poses a challenge. Key market players include ABB Ltd., BMTS Technology GmbH and Co. KG, BorgWarner Inc., Cardone Industries Inc., Caterpillar Inc., Comp Turbo Technology Inc., Continental AG, Cummins Inc., Eaton Corp. Plc, Hitachi Ltd., Honeywell International Inc., IHI Corp., Keyyang Precision Co. LTD., Komatsu Ltd., Kompressorenbau Bannewitz GmbH, MAHLE GmbH, Mitsubishi Heavy Industries Ltd., Niitsu Turbo Industries M Sdn. Bhd., Toyota Industries Corp., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP..

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Key Market Trends Fueling Growth

Additive manufacturing (AM), specifically selective laser melting (SLM), is revolutionizing the industrial turbocharger market. This process builds objects layer by layer, enabling complex shapes and reducing inventory needs. SLM's adoption in turbocharger production leads to cost savings, design freedom, and on-site manufacturing. Despite high costs, the declining average price of metal AM machines will boost adoption, fueling market growth. 

The Industrial Turbocharger Market is experiencing significant growth, particularly in sectors such as automotive and heavy industries. The use of vehicles and equipment that require more power and efficiency is driving the demand for turbochargers. Compressors and engines are key components of these devices. Locomotives, engines, and vehicles are common applications.

The trend towards cleaner and more efficient energy sources is also influencing the market. Vehlus, Electric, and Vehicles are some of the sectors showing increased interest. Compressors and engines require regular maintenance, and companies are investing in research and development to improve their performance and longevity. The market for turbochargers is expected to continue growing in the coming years. 

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Market Challenges

• The global industrial turbocharger market faces challenges from counterfeit products, which infringe on IP rights and negatively impact key vendors. Since the 2008 financial crisis, demand for these imitations has grown due to improved internet access in countries like China. Counterfeits lead to loss of sales, goodwill, and brand reputation, as well as costs for IP protection. These products, labeled as established brands, can cause machinery breakdown and human casualties. End-users are affected, and vendor brand value suffers. Easy market availability hinders market growth during the forecast period.
• The Industrial Turbocharger Market faces several challenges. Diesel engines are a significant application, but their implementation requires addressing regulatory compliance, such as emission norms.
• Cost-effective manufacturing is crucial to remain competitive. The complexity of turbocharger systems necessitates advanced technology and skilled labor. Additionally, the market is witnessing increasing competition from alternative powertrains like electric vehicles. Regulations, technology, and competition are key challenges shaping the Industrial Turbocharger Market landscape.

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Segment Overview 

1. End-user 
• 1.1 Mining and construction equipment
• 1.2 Agriculture equipment
• 1.3 Oil and Gas Industry
• 1.4 Power Industry
• 1.5 Marine Industry
2. Distribution Channel
• 2.1 OEM
• 2.2 Aftermarket
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Mining and construction equipment-  The industrial turbocharger market experiences continuous growth due to increasing demand for energy efficiency and productivity in various industries. Key players include Honeywell International, Mitsubishi Heavy Industries, and Garrett Motion. These companies supply turbochargers for applications in automotive, aerospace, and industrial sectors. The market's expansion is driven by factors such as stringent emission norms and rising fuel prices. Turbochargers enhance engine performance, reduce fuel consumption, and lower greenhouse gas emissions.

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Research Analysis

The industrial turbocharger market encompasses the production and distribution of turbocharging systems for high-performance vehicles, including light-duty diesel and gasoline models. These systems utilize a pair of fans, a turbine, and a compressor, to force more air into the engine, enhancing combustion and boosting fuel efficiency. Waste exhaust power is harnessed to drive the turbine, reducing dependence on fuels like diesel and gasoline.

With stringent emission norms, vehicle hybridization, and the emergence of electric turbochargers, the market is witnessing significant growth. Applications extend beyond automobiles to agriculture, aircraft, and locomotives, contributing to reduced CO2 emissions and improved engine performance. Electric vehicles are also adopting turbocharging technology to enhance their power output.

Market Research Overview

The Industrial Turbocharger Market encompasses the production, supply, and installation of turbine-driven forced induction systems used in industrial applications. These systems enhance engine performance by increasing the air intake and reducing emissions. The market is driven by factors such as stringent emission norms, rising demand for energy efficiency, and the growing trend towards sustainable industrial processes.

Compressors and turbines are the primary components of industrial turbochargers, with materials like steel, nickel, and titanium used in their manufacturing. The market is segmented based on application, industry, and region. Applications include stationary power generation, marine, oil and gas, and others. Industries include automotive, heavy machinery, and others. Regions include North America, Europe, Asia Pacific, and the rest of the world. The market is expected to grow significantly due to the increasing demand for energy efficiency and the need to reduce emissions in various industries.

Innovations in vehicular emissions technology are transforming light-duty vehicles, from gasoline passenger cars to diesel and electric alternatives. Cutting-edge solutions, including Hybrid Electric Marine Propulsion Engines and Industrial Turbochargers, enhance efficiency and reduce emissions. These advancements, coupled with sustainable electricity sources, drive the future of eco-friendly transportation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Mining And Construction Equipment
• Agriculture Equipment
• Oil And Gas Industry
• Power Industry
• Marine Industry
• Distribution Channel
• OEM
• Aftermarket
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio