Marine Turbocharger Market size worth over $787.9 Mn by 2026
Published Date: January 4, 2021 Authors: Kiran Pulidindi, Hemant Pandey
Marine Turbocharger Market size is set to exceed USD 787.9 million by 2026; according to a new research report by Global Market Insights, Inc.
Growing ship production coupled with the proliferating seaborne trade activities is one of the major factors driving the global marine turbocharger industry growth. The demand for turbochargers is majorly increasing due to their several benefits including relatively low-emission levels and higher power density. Additionally, the increasing popularity of outdoor recreational activities among the youth population is positively affecting the industry growth. Increasing consumer spending along with the proliferating economic growth is expected to fuel the adoption of new generation powerboats.
Increased product adoption owing to new IMO regulations
Due to strict IMO emission regulations on the reduction of NOx exhaust gas emissions, the adoption of the new propulsion system is growing rapidly. New repair and remanufacturing techniques using additive manufacturing technology are being implemented by major players in the marine turbocharger market. For instance, Tru-Marine added the 3D printing technology for nozzle ring production, further creating future opportunities for components of the remanufacturing method.
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Increasing R&D investments
The radial turbocharger segment is projected to grow at the highest CAGR through 2026 fueled by constant development activities for advanced designs. Increasing R&D investments and improving production capabilities will further boost market revenue. In 2019, MAN Diesel & Turbo invested USD 56 million in its new Augsburg test and testing center. This expansion aims to develop a new range of radial turbos.
Browse key industry insights spread across 237 pages with 234 market data tables, 24 figures & charts from the report, “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, 2020 – 2026” in detail along with the table of contents:
Rising demand for the twin-turbochargers
The twin marine turbocharger market is expected to hold over 15% share in 2026 driven by improved turbocharging efficiency compared to a single turbo with similar pressure ratios. In conjunction with Miller engine cycles, higher power density substantially leads to lower fuel consumption and decreased exhaust gas emissions. Electro-assist turbo dominated the global marine turbocharger industry as it incorporates a highly efficient and compact electric motor that assists in the driving of the turbocharger.
Innovative wheel designs to impact the overall efficiency
The growing need for improved engine performance and fuel efficiency provides new opportunities for compressor wheel design. The use of advanced techniques, such as FEA and ANSYS, leads to versatile processes of production that enable later stage modifications. Improved velocity, higher acceleration, and higher compression ratio provided by advanced compressors will enhance product penetration.
Proliferating recreational spending to propel product demand
The increasing registration of recreational boats for leisure activities is one of the key factors driving the global marine turbocharger market revenue. Rising consumer expenses in tourism & outdoor activities and the availability of innovative recreational boats will further support industry growth. Increasing expenditure on defense will boost the adoption of ships, thereby, propelling the demand for marine turbochargers. Considering the above-mentioned parameters, the segment is likely to exhibit 7.7% CAGR through 2026.
Industry players focus on new product launches
The global marine turbocharger market share is highly fragmented due to the presence of a large number of players including Kompressorenbau Bannewitz GmbH, Napier Turbochargers Ltd., MAN Diesel & Turbo, Heavy Industries Marine Machinery & Equipment Co., Ltd., Istanbul MarineTurbine Service, Hedemora Turbo & Diesel AB, Shanghai Daewin Marine Parts, Rotomaster International, La Meccanica Turbo Diesel. BorgWarner Turbo Systems, Cummins, Inc., Kawasaki Heavy Industries, Ltd., Mitsubishi IHI Corporation, Liaoning RongLi Turbocharger Co., Ltd., PBS Turbo s.r.o., ABB, and MTU Friedrichshafen.
Industry participants mainly focus on strategic alliances, product innovation, and portfolio expansion to maintain their position in the market. For instance, in June 2019, ABB launched its new A260-L and A255-L turbochargers designed for small and medium bore two-stroke gas & diesel marine engines.
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