Marine Turbocharger Market: Current Analysis and Forecast (2022-2028)

Marine Turbocharger Market: Current Analysis and Forecast (2022-2028)

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.

The Marine Turbocharger Market is expected to grow at a steady rate of around 7 % owing to the increase in sales of motor boats, and 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%.

• Based on the 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, 2021, Toyota launched LC300 Land Cruiser which has twin turbochargers V6 engines having 415 horsepower and 480 pound-feet of torque.
• On the basis of technology type, the market is categorized into the 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. In November 2021, Hyundai Global Service in collaboration with ABB Turbocharging introduced an engine part-load optimization (EPLO) service for ship owners seeking to reduce emissions.
• Based on application, the Marine Turbocharger market has been classified into military ships, commercial ships, and recreational boats. The recreational boats segment is estimated to hold the largest share of the market owing to increasing sales of luxury marine vessels with the growing tourism industry during the forecast period. Hence, the rising coastal and marine tourism is giving different opportunities for recreational boats. Other factors such as rising participation in water-based sports events and recreational boating is fueling the overall growth of the industry during the forecast period.
• 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, 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.
• Some of the major players operating in the market include 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.