Marine Turbocharger Market Size - 2021, Development Share, Regional Product Demand, Trends, Region by Forecast to 2031 | ABB, BorgWarner Turbo Systems, Cummins Inc.

Transparency Market Research (TMR) has unveiled its findings that suggest the worldwide Marine Turbocharger market is poised to reach a worth of around US$ 1.5 billion by 2031's end. The study forecasts a steady growth trajectory for this market, with an estimated CAGR of 7.14% during the period spanning from 2021 to 2031.

At its core, the TMR report strives to deliver a holistic appraisal of the global market landscape, encompassing key players within the Marine Turbocharger domain. Through a presentation of both past and present market statuses, along with forecasts of market size and directional trends, the assessment is rendered in a reader-friendly format. Additionally, the report provides essential data on market volume, share, revenue, production, and sales metrics.

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Expansion of Marine Turbocharger Market

The rising trend of fuel-efficient marine engines among marine vessel manufacturers is likely to propel the adoption of marine turbochargers. Consequently, manufacturers are investing heavily on research and development to improve the fuel-efficiency. In July 2021, ABB partnered with HSD Engine for marine engine performance optimization platform. This partnership helps shipping companies to achieve substantial fuel savings and reductions in greenhouse gas emission. Under the agreement, HSD Engine is expected to offer the software as an option to ship owners, strengthening the company's position in the market.

Based on technology, the global marine turbocharger market has been segmented into single turbocharger, twin turbocharger, electro-assist turbocharger, VGT turbocharger, and others. The electro-assist turbocharger segment is likely to dominate the global market during the forecast period. The twin turbocharger segment also held a notable share of the global market, in terms of volume and revenue, in 2020. Twin turbochargers offer high output power and high air pressure as compared to others, which in turn is likely to propel the marine turbocharger market.

Based on vessel type, the global marine turbocharger market has been segmented into navy, recreational, and commercial vessels. The recreational vessel segment dominated the global marine turbocharger market. Rise in sale of yachts, cruise ships, and powerboats across the globe is estimated to increase the demand for marine turbochargers.

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Regional Analysis of Marine Turbocharger Market

In terms of region, the global marine turbocharger market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America dominated the global marine turbocharger market in 2020. It is anticipated to hold a leading share of the global market during the forecast period due to rise in seaborne trade activities across the region. Increase in disposable income of consumers across North America is prompting consumers to own yachts and powerboats, which, in turn, is projected to propel the demand for marine turbochargers across the region.

Marine Turbocharger Market Players:

ABB
BorgWarner Turbo Systems
Cummins Inc.
Hedemora Turbo & Diesel AB
IHI Corporations
Istanbul Marine Turbine Service
Kawasaki Heavy Industries, Ltd
Kompressornenbau Bannewitz GmbH
La Meccania Turbo Diesel
Liaoning RongLi Turbocharger Co., Ltd.
MAN Diesel & Turbo
Mitsubishi Heavy Industries
Marine Machinery & Equipment Co., Ltd.
MTU Friedrichshafen
Napier Turbochargers Ltd.
PBS Turbo s.r.o.
Rotomaster International
Shanghai Daewin Marine Parts

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Global Marine Turbocharger Market: Segmentation

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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