Marine Turbocharger Market to Cross US$ 1.5 Bn by 2031, TMR Report

ALBANY, N.Y., Feb. 2, 2022 /PRNewswire/ -- The marine turbocharger market is estimated to expand at a CAGR of 7.14% during the forecast period from 2021 to 2031. The proliferation of the marine industry for transportation of goods, travel to coastal destinations, and scientific expeditions is fueling the growth of the marine turbocharger market.

The growing economic prosperity is leading to increasing participation in water-based adventure sports among individuals of various age groups. Individuals and families travel to far-off coastal locations that are developed for marine recreation. Large section of populations in emerging economies with disposable income is leading to increasing ownership of yachts and powerboats for recreation. This explains significant share of Asia Pacific of the marine turbocharger market.

Declined seaborne trade and marine recreation due to restrictions of COVID-19 hampered the manufacturing and distribution of marine turbochargers to impede the growth of the marine turbocharger market. However, recovery of economies post the period of slump due to the pandemic is reviving the expansion of the marine turbocharger market.

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Marine Turbocharger Market – Key Findings of Report

• Significant volume of seaborne trade across the world that requires marine vessels underscores growth of the marine turbocharger market
• Increasing integration of advanced technologies in marine turbochargers to increase the performance of marine engines boosts demand from the marine industry
• Product advancements, which include the development of compact and high capacity turbochargers to fuel the demand from marine vessels
• Vast rise in popularity of marine and coastal tourism in North America impels demand for recreational boats in the region. This, along with substantial participation in water-based adventure sports and water sporting activities stimulates the marine turbocharger market
• Stringent marine emission regulations in place has led to the development of products with emissions within permissible range. This benefits the marine turbocharger market.
• Marine environment protection mandates to improve the fuel efficiency of marine engines are further leading to efforts from manufacturers to develop improved turbochargers
• Partnerships between companies to engage in R&D to improve the fuel efficiency of marine vessels stimulate the marine turbocharger market. The partnership between ABB and HSD Engine in July 2021 to develop marine engine performance optimization platform is a case in point. The agreement involves HSD Engine to offer software to ship owners to monitor fuel efficiency in order to comply with maritime emission regulations.
• Turbochargers with radial operation led the marine turbocharger market vis-à-vis volume and revenue in the recent past. This is due to less engine power of radial operation turbochargers in comparison with counterpart axial operation type turbochargers.

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Marine Turbocharger Market – Growth Drivers

• Proliferation of the marine industry for seaborne trade, water-based recreation and adventure sports, and scientific studies propels the marine turbocharger market
• Integration of advanced technologies, along with product development for compact size and high capacity to comply with maritime emission regulations cements growth of the marine turbocharger market

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Marine Turbocharger Market – Key Players

Some of the key players operating in the marine turbocharger market are;

• ABB
• Cummins Inc.
• IHI Corporations
• Kawasaki Heavy Industries Ltd
• La Meccania Turbo Diesel
• MAN Diesel & Turbo
• Marine Machinery & Equipment Co. Ltd.
• Napier Turbochargers Ltd.
• Rotomaster International
• BorgWarner Turbo Systems
• Hedemora Turbo & Diesel AB
• Istanbul Marine Turbine Service
• Kompressornenbau Bannewitz GmbH
• Liaoning Rongi Turbocharger Co. Ltd.
• Mitsubishi Heavy Industries
• MTU Friedrichshafen
• PBS Turbo s.r.o.
• Shanghai Daewin Marine Parts

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The marine turbocharger market is segmented as follows;

Marine Turbocharger Market, by Operation Type

• Axial
• Radial

Marine Turbocharger Market, by Technology

• Single Turbocharger
• Twin Turbocharger
• Electro-Assist Turbocharger
• VGT Turbocharger
• Others

Marine Turbocharger Market, by Vessel Type

• Navy
• Recreational/Private
• Commercial
• Container Ship
• Bulk Carriers
• Oil & Chemical Tankers
• Off-Shore vessels
• Cargo Ships
• Tug Boats

Marine Turbocharger Market, by Component

• Compressor
• Turbine
• Shaft
• Others

Marine Turbocharger Market, by Sales Channel

• OEM
• Aftermarket

Marine Turbocharger Market, by Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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