Marine Turbochargers Market Size to hit $780mn by 2026

Marine Turbochargers Market size is set to exceed USD 780 million by 2026; according to a new research report by Global Market Insights, Inc.
 

Increasing production of ships along with proliferating seaborne trade activities are significantly propelling the marine turbochargers market share over the projected timeframe. Increasing product demand is attributed towards multiple benefits including higher power density and relatively low emission levels. Increasing inclination of youth population to engage in outdoor recreational activities is positively contributing towards industry growth. Proliferating economic growth in conjunction with increased consumer spending are providing a positive outlook for adoption of new generation powerboats.

 

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New IMO regulations promoting increased adoption

Stringent IMO emission requirements are promoting the adoption of latest propulsion systems for reducing the NoX exhaust gas emissions. Industry participants are introducing new repair and remanufacturing techniques utilizing additive manufacturing technologies. Tru-Marine added 3D printing technology for manufacturing nozzle rings, further providing potential opportunities for remanufacturing system components. However, extensive analysis of components for determining optimum design and material properties will restrict marine turbochargers market demand over the forecast timeframe.
 

Increasing R&D investments

Radial turbochargers will witness substantial growth due to the ongoing development activities targeted towards development of advanced designs. Increasing investments for improving R&D and production capabilities will support the industry growth. For instance, in 2019, MAN invested USD 56 million for its new test and research center in Augsburg. This will enable the company to develop new range of radial turbos over the forecast timeframe.
 

Browse key industry insights spread across 212 pages with 258 market data tables, figures & charts from the report, “Marine Turbochargers 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” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-turbocharger-market
 

Upgrades in existing propulsion systems

Upgrades in existing systems with twin turbos to provide rapid response at lower engine speeds will support turbocharger growth. Twin turbochargers will showcase positive growth of 6.6% owing to their improved turbocharging efficiency as compared with single turbo with similar pressure ratios. Higher power density coupled with Miller engine cycles significantly contributes towards lower fuel consumption and reduced exhaust gas emissions.
 

Innovative compressor wheel designs impacting efficiency and engine performance

Marine Turbochargers Market, By Component, 2018 and 2026, (USD Million)
Marine Turbochargers Market, By Component, 2018 and 2026, (USD Million)

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Growing need to improve the fuel efficiency and engine performance is providing potential growth opportunities for development of compressor wheel designs. Utilization of advanced tools including ANSYS and FEA techniques result in flexible development processes enabling modifications at later stages. Higher acceleration, improved velocity and higher compression ratios imparted by advanced compressors will augment the product penetration over the study timeframe.
 

Growing recreational spending to propel market penetration

Recreational boats will account for a significant growth in the marine turbochargers market owing to their increasing registrations for leisure activities. Rising consumer spending patterns, along with availability of next generation recreational boats, enables a positive outlook for growth of marine turbochargers. Growing requirements of higher speed and power output for recreational sports activities will further fuel the product demand over the projected timeframe.
 

New product launches will drive the industry share

Industry participants are increasingly involved in developing and introducing new products to cater the wide consumer base. For instance, in June 2016, Kompressorenbau Bannewitz GmbH introduced its innovative ST27 series delivering pressure ratios up to 5.5:1. Moreover, expansion of business and manufacturing units will significantly contribute towards turbocharger sales.
 

Boosting production capacities for industry expansion

Increasing production volumes is significantly enhancing the profitability and market share. For instance, PBS Turbo (PBST) is planning to increase its annual production capacity from 2,600 units to 3,000 units by 2020. The global marine turbochargers market share is highly competitive owing to the presence of key players including MAN Diesel & Turbo, ABB, Napier Turbochargers Ltd., IHI Corporation, Cummins Inc., BorgWarner Turbo Systems, MTU Friedrichshafen and Liaoning RongLi Turbocharger Co., Ltd. Collaborative efforts and partnerships targeted toward product innovation and portfolio expansion are prominently enhancing their profitability.
 

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