Marine Turbocharger Market is Forecast to Reach US$ 1.6 Billion in 2028, Says Stratview Research

The Marine Turbocharger Market is likely to rise at a CAGR of 2.6% during 2023-2028, to reach US$ 1.6 billion in 2028, states Stratview Research.

DETROIT, Mich., Sept. 20, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Marine Turbocharger Market which provides a comprehensive analysis of the global and regional industry forecast, current and emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Marine Turbocharger Market

The Marine Turbocharger Market is segmented based on Platform Type, Engine Type, Mode of Operation Type, Technology Type, Sales Type, and Region.

Based on Platform Type - The market is segmented into commercial ships, recreational boats, and military ships. Commercial Ships are estimated to remain the dominant platform type during the forecast period owing to the increasing demand for large commercial ships due to the rise in international trade. Also, commercial ships require a large number of turbochargers for diesel engines for enhanced power output, especially merchant ships. Military ships and recreational boats prefer to have high-speed engines, with the engine sizes of military and superyachts being 2-15MW.

Based on the Engine Type - The marine turbocharger market is segmented into low & medium-speed engines and high-speed engines. Low & medium-speed engines are projected to be the dominant engine types of the market owing to the high usage of low-speed engines in commercial ships, especially merchant ships with single engine sizes of 8-80 MW. The Medium-speed engine is preferred for coastal and inland vessels, offshore vessels, ferries, and cruise ships (2-20 MW single engine size); hence, the larger fleet of commercial ships, offshore vessels, and cruise ships have a higher number of low- & medium-speed engines. The high-speed engine is preferred in military ships and recreational boats. High-speed engines are lighter in weight and require less maintenance.

Based on the Mode of Operation Type - The marine turbocharger market is segmented into radial turbochargers and axial turbochargers. Radial turbocharger is projected to be the dominant segment of the market owing to their increasing applications in small-sized four-stroke engines. New innovative ideas for recreating its design with minimized emission levels, higher-pressure ratios, cost-effectiveness, and availability in various sizes are further expected to boost product demand during the forecast period.

On the other hand, the axial turbocharger is estimated to witness a significant growth rate during the forecast period, owing to increasing applications in large two-stroke engines. Further, enhancements in turbochargers with compact size and high capacity are leading to a decrease in weight and initial cost without compromising power output, fueling the market growth in the coming years.

Based on Technology Type - The market is segmented into single turbo, twin-turbo, electric-assist turbo, and variable geometry turbo. Single turbo is estimated to remain the dominant technology type during the forecast period. Single turbos are becoming increasingly popular in Asia-Pacific and Europe due to the high usage of turbochargers in China and Japan. Single turbos are cost-effective and reliable, making them a good choice for smaller engines. They are also less complex and easier to maintain than the twin turbos, which makes them a good choice for powerboats and cruise applications. Two-stroke engines are more commonly used for low-speed engines, as they are simpler and less expensive than four-stroke engines.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that Asia-Pacific is expected to remain the largest market for marine turbochargers during the forecast period. This growth is majorly attributed to the following – 

- This region has a large number of ship-building activities, and the presence of major OEMs, such as Mitsubishi Heavy Industries and MAN Energy Solutions, in the Asia-Pacific region makes the region a growth engine of the marine industry.

-  Most of the marine turbocharger suppliers also have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing marine programs.

-  Rising global trade with China, Japan, and India is also driving the region's growth.

Marine Turbocharger Market Drivers

Some of the key drivers listed in the report are given below.

-  Growing requirements for minimizing operating costs and increasing engine efficiency.
-  Shifting inclination towards decreasing fuel consumption and emission levels coupled with enhancements in the efficiency of engines.
-  Stringent maritime emission regulatory norms, increasing environmental concerns, and the strong presence of manufacturers.

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Top Companies in the Marine Turbocharger Market?

The market is moderately consolidated with the presence of a few regional and global players. Most of the major players compete on some of the governing factors including price, technology, product offerings, regional presence, etc. The following are the key players in the marine turbocharger market:

-  Accelleron, (ABB Ltd.)
-  Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd.
-  Cummins Inc.
-  Wabtec Corporation
-  MAN Energy Solutions
-  Kompressorenbau Bannewitz GmbH
-  MTU Friedrichshafen GmbH
-  BorgWarner Turbo Systems GmbH

What Deliverables Will You Get in this Report?

Related reports which might be useful:

•   Marine Battery Market
•   Off-Highway Turbocharger Market

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SOURCE Stratview Research