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Marine Turbocharger Market Size
Marine Turbocharger Market size valued at USD 559.5 million in 2019 and will grow at a CAGR of 7.8% from 2020 to 2026. Shifting focus toward reducing fuel consumption and emission levels along with enhancement in engine efficiency will drive the market growth.
A turbocharger is an important part of a marine engine since the exhaust gases are reused to improve the engine's overall efficiency. It consists of two components, turbine sides and the blower, that need equal attention when routine maintenance procedures are carried out. The growing requirements for reducing operating costs and increasing engine efficiency are likely to spur the market expansion during the forecast period. Stringent maritime emission regulatory framework and rising environmental concerns are expected to boost the demand for environmental-friendly ship engines. A change in engine manufacturers' tendency to conform to the emission limits of IMO Tier III will provide an optimistic outlook for the size of the industry.
| Report Attributes | Details |
|---|---|
| Base Year: | 2019 |
| Market Size in 2019: | USD 559.5 Million |
| Forecast Period: | 2020 to 2026 |
| Forecast Period 2020 to 2026 CAGR: | 7.8% |
| 2026 Value Projection: | USD 787.9 Million |
| Historical Data for: | 2016 to 2019 |
| No. of Pages: | 237 |
| Tables, Charts & Figures: | 258 |
| Segments covered: | Mode of Operation, Technology, Component, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Rising need for fuel-efficient marine engines is also propelling the adoption of marine turbochargers. To reduce fuel consumption at lower loads, modern ship motors are fitted with a large range of technologies. Upgrading existing equipment plays a vital role in optimizing the reliability and quality of operation. Technological developments in ship engines including intelligent tuning of engines will lead to product acceptance at all load points. Various studies have been conducted by several organizations, such as the UN Economic Commission for Europe, World Health Organization, and European Environmental Agency, on the deteriorating air quality and its effects on the environment.
Marine Turbocharger Market Analysis
The radial turbochargers segment dominated the global marine turbocharger market owing to its rising applications in small-sized four-stroke engines. Innovation in its designs with reduced emission levels and higher-pressure ratios will escalate product penetration. Moreover, cost-effectiveness and availability in various size ranges are predicted to enhance product adoption.
The axial marine turbochargers segment is poised to witness around 9.4% growth rate till 2026 due to surging applications in large two-stroke engines. Advancements in turbochargers with compact size and high capacity are significantly contributing to the reduction in weight and initial cost without compromising on power output. Additionally, improved part-load performance along with increased output and efficiency is anticipated to augment the industry growth.
The recreational boats segment in the marine turbocharger market is projected to reach USD 700 million in 2026. With the growing tourism industry, the sales of luxury marine vessels including yachts, motorboats, and houseboats are also estimated to increase. This, in turn, is likely to drive the demand for turbochargers in recreational boats. The demand for advanced motorboats is rapidly growing due to rising sports and recreational activities.
The military ships segment is set to showcase significant growth led by the increasing usage of marine turbochargers by the defense and naval forces. Rising military budgets will offer new opportunities for the expansion and upgrade of naval fleets. Regional military issues and geopolitical disputes contribute to the adoption of new generation warships. Therefore, these innovations and developments are slated to propel the demand for turbochargers and boost the overall industry expansion.
Electro-assist turbocharger incorporates a compact and highly efficient electric motor that assists in the driving of the turbocharger. In 2014, Calnetix Technologies and Mitsubishi Heavy Industries developed a unique system called the Electro-Assist Turbocharger (EAT). It provides optimization of plant efficiency, especially when a ship is operating under slow steaming.
The marine turbocharger market for twin turbo segment crossed USD 80 million in 2019. A variety of requirements are imposed on modern ship engines including lower noise, higher output, better fuel economy, and the ability to use heavy fuel oil. Parallel or sequentially mounted twin turbos offer various advantages including improved power output, air pressure, & density, resulting in lower exhaust emissions and fuel consumption.
Turbine segment will hold 45% of the market share in 2026. Efficient extraction of energy from exhaust gases with minimal frictional loss is achieved using turbine wheels to move the compressor at the expected speed. The availability of turbine blades in various sizes and variants of nozzle rings will spur product penetration.
North America marine turbocharger market accounts for 50% of the revenue share in 2026 impelled by the growing demand for recreational boats. Rising popularity of marine and coastal tourism is providing potential opportunities for recreational boats. Surging participation of consumers in water-based sporting events and recreational boating activities is also one of the key factors augmenting the regional growth.
Asia Pacific will grow at the fastest pace owing to the strong presence of ship manufacturers in the region. An increase in trading volumes with rapid expansion of the e-commerce industry is driving the need for modern sea vessels.
Marine Turbocharger Market Share
Leading industry participants operating in the marine turbocharger market include:
- Kompressorenbau Bannewitz GmbH
- Napier Turbochargers Ltd
- MAN Diesel & Turbo
- Heavy Industries Marine Machinery & Equipment Co., Ltd
- Istanbul MarineTurbine Service
- Hedemora Turbo & Diesel AB
- Shanghai Daewin Marine Parts
- Rotomaster International
- La Meccanica Turbo Diesel
- BorgWarner Turbo Systems
- Cummins, Inc
- Kawasaki Heavy Industries, Ltd
- Mitsubishi IHI Corporation
- Liaoning RongLi Turbocharger Co., Ltd
- PBS Turbo s.r.o
- ABB
- MTU Friedrichshafen
Industry players are constantly expanding their product portfolio to cater to the surging demand.
The marine turbocharger market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Units & revenue in USD million from 2016 to 2026 for the following segments:
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Market, By Operation
- Axial
- Radial
Market, By Technology
- Single Turbo
- Twin Turbo
- Electro-assist Turbo
- Variable Geometry Turbo
Market, By Component
- Compressor
- Turbine
- Central Shaft
- Others
Market By Application
- Military Ships
- Commercial Ships
- Bulk Carriers
- Container Ships
- Oil & Chemical Tankers
- Off-shore Vessels
- Cargo Ships
- Tugboat
- Others
- Recreational Boats
The above information is provided on a regional and country basis for the following:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Netherlands
- Russia
- Poland
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
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