Marine Turbocharger Market Size By Operation (Axial, Radial), By Technology (Single Turbo, Twin Turbo, Electric-assist Turbo, Variable Geometry Turbo), By Component (Compressor, Turbine, Central Shaft), By Application (Military ships, Commercial Ships [Bulk Carriers, Container Ships, Oil & Chemical Tankers, Off-shore Vessels, Cargo Ships, Tugboats], Recreational Boats), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2026
Published Date: Oct 2019 | Report ID: GMI4399 | Authors: Kiran Pulidindi, Hemant Pandey
Marine Turbocharger Market size valued at USD 525.9 million in 2018 and will grow at a CAGR of 5.1% from 2019 to 2026.
Get more details on this report - Request Free Sample PDF
Marine turbocharger is component used in ship engines that utilizes exhaust gases to boost the overall efficiency of the engine. Internal combustion engines in ships, require steady supply of air, for maintaining optimum ignition performance inside the cylinder. The product enables the recovery of exhaust gas stream to perform useful work. The casing incorporates a turbine connected to the compressor wheel through rotor shaft and bearings. The exhaust gas drives the turbine wheels and eventually propels the compressor to pump air with higher density.
Growing requirements for reducing the operating costs and increasing the engine efficiency are likely to drive the marine turbocharger market over the forecast timeframe. Increasing environmental concerns along with stringent regulatory framework for maritime emissions is creating demand for eco-friendly ship engines. Shifting inclination of engine manufacturers to adhere with IMO Tier III emission limits will provide a positive outlook for the industry size.
Modern ship engines are equipped with wide range of technologies to minimize fuel consumption at lower loads. Upgradation of existing equipment plays a vital role in maximizing the reliability and efficiency of operation. Technological advancements in ship engines including the intelligent tuning of engines are significantly contributing towards the product adoption to operate efficiently at all load points.
|Base Year:||2018||Market Size in 2018:||USD 525.9 million/ 234,490 units|
|Historical Data for:||2014 to 2018||Forecast Period:||2019 to 2026|
|Forecast Period 2019 to 2026 CAGR:||3.6%||2026 Value Projection:||USD 780 million/ 301,500 units|
|Pages:||212||Tables, Charts & Figures:||258|
|Geographies covered (19):||U.S., Canada, Germany, UK, France, Italy, Russia, Netherlands, Poland, China, India, Japan, South Korea, Australia, Brazil, Argentina, Saudi Arabia, UAE, South Africa|
|Segments covered:||Operation, Technology, Component, Application|
|Companies covered (17):||ABB, MAN Diesel & Turbo, Napier Turbochargers Ltd., Cummins Inc., BorgWarner Turbo Systems, IHI Corporation, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd., Liaoning RongLi Turbocharger Co., Ltd., MTU Friedrichshafen, Kompressorenbau Bannewitz GmbH, PBS Turbo s.r.o., Hedemora Turbo & Diesel AB, Rotomaster International, Kawasaki Heavy Industries, Ltd., Shanghai Daewin Marine Parts, Istanbul MarineTurbine Service, La Meccanica Turbo Diesel|
|Pitfalls & Challenges:||
Progressive compactness with same power density and pressure ratios
Development of high capacity and compact size products is significantly contributing towards reducing the initial cost, weight without compromising power output. Moreover, better part-load performance in conjunction with increased output and efficiency are likely to augment the segment growth. Axial marine turbocharger market is expected to grow rapidly, exhibiting over 5.2% compound growth from 2019 to 2026 owing to their surging applications in large two stroke engines.
Radial marine turbochargers are likely to dominate the industry owing to their increasing incorporation in small size four stroke engines. New variants offering higher pressure ratios and reduced emission levels are gaining a higher visibility. Further, economical production costs along with availability of numerous size options will escalate the product penetration.
Surging sales of recreational boats to propel future investment
Recreational boats will hold dominance in marine turbocharger market with more than two-thirds the volume share owing to the proliferating tourism expenditures. Increasing participation in recreational and sports activities is inducing the demand for advanced motorboats offering higher power range and acceleration. This is likely to bring more investment to boat manufacturers, propelling the overall turbocharger sales. Rising concerns for reducing the emission levels and environmental impacts will further escalate the product penetration over the forecast timeframe.
Military ships will also benefit from increased investments and purchases owing to their increasing adoption by naval and defense forces. Growing military budgets are providing potential opportunities for naval fleet expansion and upgradation. Geopolitical disputes and regional military concerns are collectively contributing towards adoption of new generation warfare ships. Introduction of new frigates, destroyers and amphibious ships incorporating higher endurance platforms to perform multiple missions will support the product adoption.
Electric turbocharging boosts performance limits
Get more details on this report - Request Free Sample PDF
Electrically assisted turbochargers incorporating electric drives are prominently contributing towards rapid acceleration and reduced turbo-lag. Higher power and air pressures are utilized for engine efficiency improvements and PM emission control. Integration of power electronics optimizes the electrical boost and delivers optimum power with response to sudden loads. Strategic mergers and acquisitions targeted towards development and introduction of electrically assisted turbocharges will expand the segment size. For instance, in September 2017, Rolls-Royce acquired G+L innotec to utilize the technology of electrically assisted turbocharging for MTU engines.
Twin turbo segment in marine turbocharger market was valued at more than USD 70 million in 2018 and will grow at a significant rate in future. Modern ship engines are subjected to a variety of requirements including higher output, lower noise, better fuel economy and ability to use heavy fuel oil. Twin turbos mounted parallelly or sequentially offer multiple benefits including improved power output, air pressure and density are resulting in lower exhaust emissions and fuel consumption. Availability of products in compact designs with integrated intermediate air coolers guarantees the optimum operational performance for commercial ships.
Development in compressor wheels to spur the product sales
Compressors will showcase gains with more than 5% compounded growth in the future owing to the ongoing research and development activities in their material compositions. Advanced turbochargers featuring optimized blade offer enhanced operational flexibility and performance reliability. Design optimization techniques for maintaining optimum angle of incidence and vane profile will prominently improve the compressor efficiency.
Turbines accounted for close to 1/3rd the revenue share in 2018 and will grow significantly between 2019 and 2026. Turbine wheels perform efficient extraction of energy from the exhaust gases with minimum frictional losses to drive the compressor at an intended speed. Availability of turbine blades in numerous sizes and nozzle ring variants will spur the product penetration. Easy availability of turbine wheel configurations for 2-stroke and 4-stroke turbocharged engines is attributed towards strong supplier network.
North America boating industry will drive the industry
Get more details on this report - Request Free Sample PDF
North America held around 55% share in 2018 owing to the proliferating sales of recreational boats across the region. Increasing consumer spending in conjunction with growing economic conditions are providing potential opportunities for adopting new generation boats. Moreover, military ship modernization and upgradation plans adopted by the U.S. Department of Defense will further contribute towards propelling the regional growth.
Asia Pacific marine turbocharger market will witness the fastest growth owing to the strong presence of ship manufacturers across the region. Surging trading volumes with rapid expansion of e-commerce market is fueling the requirement for modern sea vessels. For instance, in 2017, China, Japan and Korea accounted for 90.5% of global commercial ship deliveries. Production of modern ships equipped with marine turbochargers offering reduced fuel consumption and reduced operating costs will augment the industry expansion.
New product launches to boost sales
Industry players are continuously involved in introducing new products to generate annual demand and elevate product benchmarking. For instance, in August 2018, Mitsubishi launched new MET-MBII axial series for 2-stroke engines and MET-ER radial turbocharger series for 4-stroke engines. These will provide additional advantages to meet new industry standards with high pressure ratio performance and cost-effective prices. Leading industry participants operating in the marine turbocharger market include ABB, MAN Diesel & Turbo, Napier Turbochargers Ltd., Cummins Inc., BorgWarner Turbo Systems, IHI Corporation, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd., Liaoning RongLi Turbocharger Co., Ltd. and MTU Friedrichshafen.
The marine turbocharger market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Units & revenue in USD million from 2016 to 2026, for the following segments:
- Single Turbo
- Twin Turbo
- Electro-assist Turbo
- Variable Geometry Turbo
- Central shaft
- Bulk Carriers
- Container Ships
- Oil & Chemical Tankers
- Off-shore Vessels
- Cargo Ships
- Recreational Boats
The above information is provided on a regional and country basis for the following:
- North America
- The Netherlands
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
Frequently Asked Questions (FAQ) :
Take a free trial of GMIPuse, our report store; designed to provide clients a range of market research services, all on a single platform.Start Your Free Trial
Benefits of Association
Data Coverage & Quality
GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.
Client Trust & Security
GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.
Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.