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

- Companies in the marine turbocharger market engage in partnerships to develop software platforms to monitor fuel efficiency of marine engines in order to comply with maritime fuel emission regulations

- Growth of the maritime industry for expanding volume of seaborne trade and marine recreation stirs growth of the marine turbocharger market

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Transparency Market Research

Feb 02, 2022, 11:30 ET

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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