The marine turbocharger is an integral part of the ship’s marine engine. The turbocharger basically reuses exhaust gases in order to increase the overall efficiency of the engine. It consists of two parts – turbine sides and blower. Turbocharging is a method of internal combustion that uses an exhaust gas turbocharger. In this, the turbocharger uses hot exhaust gas from the engine to spin a turbine, which runs a centrifugal compressor to draw cold compressed air into the engine. The main components of a turbocharger are a turbine, a compressor, and a shaft connecting the two components.
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The Marine Turbocharger Market is expected to grow at a steady rate of around 7 % during the forecast period (2022-2028) owing to the increase in sales of motor boats, yachts and further, the rising need for marine destinations is contributing to the growth of the market. Major companies in the market offer Turbocharger for different applications with technologically advanced features. For instance, in 2021, Garrett Motion is developing e-turbos for mass-market passenger vehicles set for launch in 2021, the e-turbo has a fuel efficiency improvement of up to 10%.
According to UnivDatos Market Insights (UMI)’ research report “Global Marine Turbocharger Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growth in coastal and marine tourism. Moreover, the increase in sales of motorboats, and yachts and the constant advancement in technology have boosted the market growth[UAK1] [UAK2] .
Based on operation type, the market is segmented into axial marine turbochargers and radial marine turbochargers. The radial category is to witness higher CAGR during the forecast period owing to the growing applications in small-sized four-stroke engines. Other factors such as recreating the design with minimized emission levels, higher-pressure ratios, its cost-effectiveness, and availability in various size ranges are further expected to boost the product demand during the forecast period. For instance, In 2021, Toyota launched LC300 Land Cruiser which has twin turbochargers V6 engines having 415 horsepower and 480 pound-feet of torque.
Based on the technology type, the market is categorized into single turbo, twin-turbo, electro-assist turbo, and variable geometry turbo. Among these, the electro-assist turbocharger holds a significant share of the market. This is mainly due to the advantages it offers as compared to its others. It has been witnessing higher adoption due to its compact nature and high efficiency providing plant efficiency especially when ships operate in low streams
North America to witness extensive growth
For a better understanding of the market adoption of the Marine Turbocharger industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the factors such as the rising popularity of coastal and marine tourism giving different opportunities for recreational boats. Increasing consumer interests in underwater sporting events and recreational boating activities are some of the main factors boosting the regional market growth over the forecast period. For instance, In 2020, Mitsubishi Turbocharger and Engine America (MTEA), which is one of the main the distributor of Mitsubishi Marine Propulsion Engines in the Americas, including Canada, Mexico, and Central and South America announced the expansion of the production line by introducing mechanically controlled, EPA Tier 4, 1,260-horsepower heavy-duty marine propulsion engine. In addition, Technological advancements, increasing R&D activities, and rising number of OEMs and aftermarket players in the region are key factors driving the global marine turbocharger market.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Marine Turbocharger market are Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp[UAK3] .
“Global Marine Turbocharger Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
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Market Segmentation:
1. By Operations Type (Axial, Radial)
2. By Technology Type (Single Turbo, Twin Turbo, Electro-assist Turbo and Variable Geometry Turbo)
3. By Application (Military Ships, Commercial Ships, Recreational Boats)
4. By Region (North America, Europe, Asia-Pacific, Rest of the World)
5. By Company (ABB, BorgWarner Turbo Systems GmbH, Cummins Inc., Hedemora Turbo & Diesel AB, Kompressorenbau Bannewitz GmbH, MAN Energy Solutions, Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd., MTU Friedrichshafen GmbH, Napier Turbochargers Ltd., PBS Turbo s.r.o.)
Key questions answered in the study:
1. What are the current and future trends of the global marine turbocharger industry?
2. How the industry has been evolving in terms of operation type, technology type, and application?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global marine turbocharger industry?
What is the customer orientation, purchase behavior, and expectations from the global Marine