Marine Turbocharger Market Size

Marine Turbocharger Market Size

Marine Turbocharger Market size valued at USD 559.5 million in 2019 and will grow at a CAGR of 7.8% from 2020 to 2026. Shifting focus toward reducing fuel consumption and emission levels along with enhancement in engine efficiency will drive the market growth.

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A turbocharger is an important part of a marine engine since the exhaust gases are reused to improve the engine's overall efficiency. It consists of two components, turbine sides and the blower, that need equal attention when routine maintenance procedures are carried out. The growing requirements for reducing operating costs and increasing engine efficiency are likely to spur the market expansion during the forecast period. Stringent maritime emission regulatory framework and rising environmental concerns are expected to boost the demand for environmental-friendly ship engines. A change in engine manufacturers' tendency to conform to the emission limits of IMO Tier III will provide an optimistic outlook for the size of the industry.

Rising need for fuel-efficient marine engines is also propelling the adoption of marine turbochargers. To reduce fuel consumption at lower loads, modern ship motors are fitted with a large range of technologies. Upgrading existing equipment plays a vital role in optimizing the reliability and quality of operation. Technological developments in ship engines including intelligent tuning of engines will lead to product acceptance at all load points. Various studies have been conducted by several organizations, such as the UN Economic Commission for Europe, World Health Organization, and European Environmental Agency, on the deteriorating air quality and its effects on the environment.