Marine Turbocharger Market Analysis | 2024-2030

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.

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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

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.

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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 a 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 Insights

“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.

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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)

• Accelleron (ABB LTD.)
• Mitsubishi Heavy Industries Engine & Turbocharger, Ltd.
• Cummins Inc.
• Wabtech Corporation
• MAN Energy Solutions SE
• Kompressorenbau Bannewitz GmbH

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

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The marine turbochargers market is segmented into the following categories:

By Platform Type

• Commercial Ship
• Recreational Boat
• Military Ship

By Mode of Operation Type

• Radial Turbocharger
• Axial Turbocharger

By Technology Type

• Single Turbo
• Twin Turbo
• Electro-assist Turbo
• Variable Geometry Turbo

By Engine Type

• Low- & Medium-Speed Engine
• High-Speed Engine

By Sales Type

• Products
• Services

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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 of 2024 to 2030. After a continuous interest in our marine turbochargers market report from the industry stakeholders, we have tried to further accentuate our research scope to the marine turbochargers market to provide the most crystal-clear picture of the market. The report segments and analyses 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 1000 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 [email protected].

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.