Marine Turbocharger Market Growth Analysis | 2024-2030

Marine Turbocharger Market Growth Analysis | 2024-2030

Marine Turbocharger Market Growth Analysis | 2024-2030
Report code - SRCG237 Published On : Oct,2024 No. of Pages: 140
Marine Turbochargers Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis See more...

Market Insights

“The marine turbochargers market was estimated at USD 1.5 billion in 2023 and is likely to grow at a CAGR of 2.8% during 2024-2030 to reach USD 2.0 billion in 2030.”

Marine-Turbochargers-Market-Insights

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Market Dynamics

Introduction

Marine turbochargers' technological evolution has been crucial in the development and improvement of naval engine designs. These devices have undergone significant changes over time, driven by the need to increase efficiency, reduce emissions, and meet the performance standards required by modern navigation.

Initially, marine turbochargers were adapted versions of those used in land applications. With time, specific designs have been developed adhering to maritime navigation's particular conditions and demands. The optimization of the size and efficiency of turbochargers, allowing for better utilization of exhaust gases and increased engine output power has been one of the most important aspects of this evolution in the field.

Another significant advancement is the introduction of more durable and resistant materials for marine turbochargers. The use of high-temperature and corrosion-resistant alloys has increased the service life of these devices, thereby reducing maintenance costs and increasing reliability during prolonged maritime operations.

Market Drivers

Key Factors Nudging the Market’s Long-Term Growth:

The marine industry has been experiencing the most disruptive journey in the past few decades, with the key emerging trends being net zero emissions, fuel efficiency, alternative fuels, and increasing lifespan.

  • Increasing Shipbuilding: Trade growth has been one of the hallmarks of the global economy in recent decades, and maritime transport is the backbone of international trade. Ships built globally, in terms of gross million tonnage, stood at 64.8 in 2023, approximately 17% higher than that in 2022.
  • Increasing Marine Vessels: The increase in the number of marine vessels over the years is positively impacting market growth. The global marine vessel fleet (oil tankers, bulk carriers, general cargo, container ships, and other ships), in terms of million dead-weight tons, was 2,273 in 2023, which equated to a massive 105 thousand units.

Segments Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Platform Type

Commercial Ship, Recreational Boat, and Military Ship

The commercial ship is expected to be the biggest demand-generator for turbochargers through 2030.

Mode of Operation Type

Radial Turbocharger and Axial Turbocharger

Radial turbocharger is anticipated to remain the dominant technology type by 2030.

Technology Type

Single Turbo, Twin Turbo, Electro-Assist Turbo (EAT), and Variable Geometry Turbo (VGT)

Single turbo is expected to remain at the forefront throughout the study period. EAT to offer lucrative growth opportunities.

Engine Type

Low- & Medium-Speed Engine and High-Speed Engine

Low- & medium-speed engines are likely to grab a bigger share of the market by 2030.

Sales Type

Products and Services

Services generated a higher demand, whereas products grew at a higher rate.

Regional Analysis

North America, Europe, Asia-Pacific, and The Rest of the World

Asia-Pacific took the biggest chunk of the market and is also expected to mark the highest growth.

By Platform Type

Commercial ships are expected to remain the dominant platform during the forecast period.

  • Turbochargers are used in a wide array of marine vessels, such as bulk carriers, container ships, recreational boats, military vehicles, and cruise ships.
  • Increasing demand for large commercial ships owing to a rise in international trade. The average useful life of a turbocharger is 20-30 years, usually, they are highly customized.
  • Low & medium-speed engines are highly preferred in commercial ships.

Marine-Turbocharger-Market-Segment-Analysis-By-Platform-Type

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By Mode of Operation Type

Radial turbocharger is expected to remain the dominant and faster-growing mode of operation during the forecast period.

  • The market is segmented into radial turbochargers and axial turbochargers.
  • Radial turbochargers are more used in the 0.5-6,000 KW range for both auxiliary and main medium-speed engines.
  • Radial turbochargers are generally simpler and cheaper to manufacture and maintain and are particularly beneficial in applications where rapid start-up is important, due to their compact size and robust blades.
  • Key players are Accelleron (ABB), Mitsubishi Heavy Industries, MAN Energy Solutions, etc.
  • Usage of axial turbochargers is expected to grow in two-stroke engines with the increase in the penetration of low & medium-speed engines.

By Technology Type

Single turbo maintained an unequivocal lead in the market from 2018-2023 and is expected to continue dominating the market during the forecast period as well.

  • The market is segmented into single turbo, twin-turbo, electro-assist turbo, and variable geometry turbo.
  • A single turbo takes up much less space than a twin-turbo and cools better. The single turbo itself, as well as its installation, is more cost-efficient. As opposed to twin-turbo, it produces a maximum boost at higher RPM (revolutions per minute).
  • A single turbo is preferably used in powerboats and cruise applications.
  • Two-stroke engines are more often used for low-speed engines, especially in marine applications. Their design is particularly well-suited for large vessels such as cargo ships, tankers, and bulk carriers.
  • Electric assist turbo is mainly used in low-speed engines, and it helps in reducing emissions and noise coming from engines.

By Engine Type

Low & medium-speed engines maintained an unequivocal lead in the market from 2018-2023 and are expected to continue dominating the market during the forecast period as well.

  • The market is segmented into low- & medium-speed engines and high-speed engines.
  • Low-speed engines are preferred in commercial ships, especially merchant ships with single engine sizes of 8-80 MW. The medium-speed engine is preferred for coastal and inland vessels, offshore vessels, ferries, and cruise ships (2-20 MW single engine size). 
  • High-speed engines are preferred in recreational boats, cruises, and yachts.

Regional Analysis

Asia-Pacific is expected to remain the largest market for marine turbochargers during the forecast period.

  • Asia-Pacific is to hold its unassailable lead by 2030.
  • Increasing presence of all major turbocharger manufacturers for both products and services.
  • Huge commercial shipbuilding in three countries (China, South Korea, and Japan).
  • Key players in the region are Mitsubishi Heavy Industries, Acelleron (ABB), and MAN Energy Solutions.
  • With a large and affluent consumer market, North America is likely to fuel the demand for recreational boats. The USA has a robust boating culture and a significant number of boating enthusiasts.

Marine-Turbocharger-Market-Regional-Insights

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Key Players

The market is moderately consolidated with the presence of <50 players globally. Established companies with a long history in the industry have a competitive advantage due to their technological know-how, research & development, and established customer relationships. To enhance their market position and expand their offerings, companies participate in collaborations or partnerships. 

The following are the key players in the marine turbochargers market (Based on Dominance)

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s marine turbochargers market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Marine Turbocharger Market

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market Segment Analysis and Forecast

Who are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirements?

10% free customization

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players).
  • SWOT analysis of key players (up to three players).

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirements related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Market News

A huge number of strategic collaborations have been performed over the past few years:

  • In 2020, Imperial and Mitsubishi launched a turbocharger center to develop cleaner engines and more efficient through innovative designs for turbochargers. Detailed research will be carried out to improve engine performance and operation and enable low-carbon engine technology.
  • In 2021, Rolls-Royce and MAN Energy Solutions signed an agreement for a strategic partnership under which MAN's PBST brand will distribute state-of-the-art MTU turbochargers, developed and produced in-house by Rolls-Royce Power Systems, these turbochargers will thus be made available in additional markets.
  • In 2022, Accelleron, formerly known as ABB Turbocharging, and Japan Engine Corporation (J-ENG) have inked an agreement allowing Accelleron turbochargers to be utilized in UE Engines, one of the top three manufacturers of low-speed marine engines worldwide.
  • In 2022, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. (MHI-MME) concluded a licensing agreement, giving Mitsui E&S Machinery Co., Ltd. rights to manufacture and sell its MET turbochargers. 
  • In 2022, the new TCT axial-turbocharger series from MAN Energy Solutions was licensed by Mitsui E&S Machinery for Mitsui's two-stroke engines. The new TCT axial-turbocharger series will be provided by MAN Energy Solutions under the terms of the 10-year contract.

Frequently Asked Questions (FAQs)

Turbochargers increase the power and efficiency of marine engines. Turbochargers work by using the exhaust gases from an engine to drive a turbine, which, in turn, drives a compressor. The compressor then forces more air into the engines, which allows it to burn more fuel and produce more power. The marine industry has been experiencing the most disruptive journey in the past decades, with the key emerging areas being net zero emissions, fuel efficiency, alternative fuels, and increasing lifespan. Almost all the major turbocharger manufacturers are putting efforts into the development of turbochargers addressing most of these trends.

The marine turbochargers market is estimated to grow at a CAGR of 2.8% by 2030, driven by growing requirements for minimizing operating costs and increasing engine efficiency, an inclination towards decreasing fuel consumption and emission levels coupled with stringent maritime emission regulatory norms, and increasing environmental concerns.

Accelleron (ABB LTD.), Mitsubishi Heavy Industries Engine & Turbocharger, Ltd., Cummins Inc., Wabtec Corporation, MAN Energy Solutions SE, Kompressorenbau Bannewitz GmbH, and MTU Friedrichshafen GmbH are the leading players in the market.

The marine turbocharger market is likely to reach USD 2.0 billion in 2030.

Asia-Pacific is expected to remain dominant in the market in the foreseeable future. The key economies driving the region’s demand for marine turbochargers are China, India, and Japan. Also, the region is the manufacturing hub of commercial ships.

Commercial Ship is estimated to remain the dominant platform type during the forecast period owing to the increasing demand for large commercial ships due to the rise in international trade and the increasing demand for enhanced power output, especially in merchant ships.

Services are expected to be dominant in the market in the coming years. A large fleet of turbochargers paired with its long life (20-30 years) call for consistent services which include overhaul, repair, reconditioning, testing, and installation.

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