• Blog
  • Marine Turbocharger Market Growth Analysis | 2023-2028

    Marine Turbocharger Market Growth Analysis | 2023-2028

    Marine Turbocharger Market Growth Analysis | 2023-2028
    Report code - SRCG237 Published On : Jul,2023 No. of Pages: 140
    Marine Turbocharger Market Size, Share, Trend, Forecast, Competitive Analysis, & Growt See more...

    Market Highlights

    The Marine Turbocharger Market is likely to grow at a promising CAGR of 2.6%, in the long run, to reach US$ 1.6 Billion in 2028.

    Wish to get a free sample? Register Here

    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. 

    Growing requirements for minimizing operating costs and increasing engine efficiency, a shifting inclination towards decreasing fuel consumption and emission levels coupled with enhancements in the efficiency of engines, stringent maritime emission regulatory norms, increasing environmental concerns, and the strong presence of manufacturers are the major factors driving the growth of the market.

    Recent Product Developments:

    • By 2025, Accelleron will release next-generation axial turbochargers for net-zero carbon fuel applications, such as green ammonia, in low-speed and large medium-speed turbochargers for the marine and power industries.
    • In 2020, Accelleron launched the TPX Turbocharger for high-speed diesel and gas engines, which is 30% lighter in weight and requires 16% less space.

    Recent Market Collaborations:

    • 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. the rights to manufacture and sell its MET turbochargers. 

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Platform-Type Analysis

    Commercial Ships, Recreational Boats, and Military Ships

    The Commercial ship is anticipated to be the biggest demand generator for turbochargers in the coming years.

    Engine-Type Analysis

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

    Low- & medium-speed engines are the dominant engine type due to their high usage in commercial ships.

    Mode of Operation-Type Analysis

    Radial Turbochargers and Axial Turbochargers

    Radial turbocharger is projected to be the dominant segment over the forecast period.

    Technology-Type Analysis

    Single Turbo, Twin Turbo, Electric-Assist Turbo, and Variable Geometry Turbo.

    Single-turbo technology type is projected to be the leading segment in the years to come.

    Sales-Type Analysis

    Products & Services

    Services are estimated to remain the largest source of income in the market in years to come.

    Regional Analysis

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

    Asia-Pacific is expected to remain the largest market over the next five years, as it is the manufacturing base for marine vessels.

    By Platform Type

    Based on platform type, the market is segmented into commercial ships, recreational boats, and military ships. Commercial Ships are 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. Also, commercial ships require a large number of turbochargers for diesel engines for enhanced power output, especially merchant ships. Military ships and recreational boats prefer to have high-speed engines, with the engine sizes of military and superyachts being 2-15MW.

    Want to get more details about the segmentations? Register Here

    By Mode of Operation

    Based on the mode of operation, the marine turbocharger market is segmented into radial turbochargers and axial turbochargers. Radial turbocharger is projected to be the dominant segment of the market owing to their increasing applications in small-sized four-stroke engines. New innovative ideas for recreating its design with minimized emission levels, higher-pressure ratios, cost-effectiveness, and availability in various sizes are further expected to boost product demand during the forecast period.

    On the other hand, the axial turbocharger is estimated to witness a significant growth rate during the forecast period, owing to increasing applications in large two-stroke engines. Further, enhancements in turbochargers with compact size and high capacity are leading to a decrease in weight and initial cost without compromising power output, fueling the market growth in the coming years.

    By Engine Type

    Based on the engine type, the marine turbocharger market is segmented into low- & medium-speed engines and high-speed engines. Low & medium-speed engines are projected to be the dominant engine types of the market owing to the high usage of low-speed engines 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); hence, the larger fleet of commercial ships, offshore vessels, and cruise ships have a higher number of low- & medium-speed engines. The high-speed engine is preferred in military ships and recreational boats. High-speed engines are lighter in weight and require less maintenance.

    By Technology-Type

    Based on the technology type, the market is segmented into single turbo, twin-turbo, electric-assist turbo, and variable geometry turbo. Single turbo is estimated to remain the dominant technology type during the forecast period. Single turbos are becoming increasingly popular in Asia-Pacific and Europe due to the high usage of turbochargers in China and Japan. Single turbos are cost-effective and reliable, making them a good choice for smaller engines. They are also less complex and easier to maintain than the twin turbos, which makes them a good choice for powerboats and cruise applications. Two-stroke engines are more commonly used for low-speed engines, as they are simpler and less expensive than four-stroke engines.

    Regional Analysis

    In terms of regions, Asia-Pacific is expected to remain the largest market for marine turbochargers during the forecast period. This region has a large number of ship-building activities, and the presence of major OEMs, such as Mitsubishi Heavy Industries and MAN Energy Solutions, in the Asia-Pacific region make the region a growth engine of the marine industry. Most of the marine turbocharger suppliers also have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing marine programs. Rising global trade with China, Japan, and India is also driving the region’s growth.

    Want to know which region offers the best growth opportunities? Register Here

    Key Players

    The market is moderately consolidated with the presence of a few regional and global players. Most of the major players compete on some of the governing factors including price, technology, product offerings, regional presence, etc. The following are the key players in the marine turbocharger market.

    • Accelleron, (ABB Ltd.)
    • Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd.
    • Cummins Inc.
    • Wabtec Corporation
    • MAN Energy Solutions
    • Kompressorenbau Bannewitz GmbH
    • MTU Friedrichshafen GmbH
    • BorgWarner Turbo Systems GmbH

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s marine turbocharger market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner 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 to 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 such 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

    Which 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 requirement?

    10% free customization

    Customization Options

    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 requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

     

    Frequently Asked Questions (FAQs)

    The marine turbocharger market is estimated to grow at a CAGR of 2.6% by 2028, driven by growing requirements of turbochargers for minimizing operating costs and increasing engine efficiency, increasing marine fleet, and shifting inclination towards decreasing fuel consumption and emissions.

    Accelleron (ABB Ltd.), Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd., Cummins Inc., Wabtec Corporation, and MAN Energy Solutions are the leading players in the marine turbocharger market.

    The Marine Turbocharger Market is likely to grow at a promising CAGR and is expected to reach US$ 1.6 Billion in 2028.

    Asia-Pacific is estimated to remain dominant in the market in the foreseeable future. The key economies driving the regions 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.

    •   

      Why are We Class Apart?

      We Track Fast-Changing Market Dynamics for Clients

      Our Intelligence is Powered by Industry Voice

      >60% of the First Buyers Come Back to Us

      >95% Client Satisfaction Ratio, the Industry's Highest

      We Serve Companies Across the Value Chain

      Know High Growth Opportunities