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Marine Turbocharger Market Estimated to Experience a Hike in Growth by 2021-2031
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Growth in tourism and the coastal sector across the globe is likely to increase the sales of recreational boats, including yachts and motorboats, which, in turn, is anticipated to boost the marine turbocharger market.
The rising seaborne trade activities across the globe is also significantly fueling the demand for marine vessel, which, in turn, is projected to drive the demand for marine turbocharger. Major presence of marine vessel manufactures across the globe is estimated to increase the demand for marine turbocharger.
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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.
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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.
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.
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Marine Turbocharger Market Players
Prominent players operating in the global marine turbocharger market include 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, and Shanghai Daewin Marine Parts.
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