FMI Releases New Report on the Turbo Compounding Systems Market 2016-2026
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Global Turbo compounding Systems Market Dynamics
The global turbo compounding systems market is expected to be driven by implementation of stringent regulations pertaining to emissions and fuel economy for vehicles in order to reduce CO2 emissions across the globe. Turbo compounding systems help achieve improved efficiency, reduced emissions and an optimum power output. Thus, increasing efforts on the part of automotive companies towards improving efficiency of engines without having to compromise on their power output is another factor that is expected to drive the adoption and growth of global turbo compounding systems market over the forecast period. The increasing electricity demand is also a one of the prominent factors driving global turbo compounding systems market growth.
The turbo compounding systems technology is in its nascent phase and is not extensively commercialized yet. Its use, as of now, is limited to heavy vehicles and motorsport engines. Wide-scale commercialization of turbo compounding systems involves certain technological limitations such as heat recovery and packaging constraints associated with these systems. Besides, the higher cost associated with these systems is another restraining factor for global turbo compounding systems market
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Global Turbo compounding Systems Market: Regional Outlook
Geographically, the Global turbo compounding systems market can be divided by major regions which include North America, Latin America, Western and Eastern Europe, Asia-Pacific region, Japan, Middle East and Africa. North America and Europe accounted for a major share in the global turbo compounding market due to the technological adoption rate in these regions. The turbo compounding market in Asia-Pacific is projected to grow with fastest rate in near future. The application of these systems in power generation as gen sets is anticipated to drive the market growth in this region.
Global Turbo Compounding Systems Market Players
Some of the major players operating in global turbo compounding systems market include Bowman Power Group, Voith Turbo GmbH & Co KG, Mitec Automotive AG, and others. The companies are channelizing efforts towards research & development so as to make the system more economic. Manufacturers such as John Deere and Caterpillar are currently having turbo compounding systems under development phase.
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