Marine Turbochargers Market

Marine Turbochargers Market Outlook (2022-2032)

Expanding at a CAGR of 6.3%, the global marine turbochargers market is projected to increase from a valuation of  US$ 635.6 million in 2022 to US$ 1.17 billion by 2032.

A favourable trend has been observed in the worldwide cruise industry as a result of the expansion of tourism, rising per capita income, and globalization. As a result, there is a growing market for marine boats, where marine turbochargers are in great demand for marine engines.

Report Attributes	Details
Marine Turbochargers Market Size (2022E)	US$ 635.6 Million
Forecasted Market Value (2032F)	US$ 1.17 Billion
Global Market Growth Rate (2022-2032)	6.3% CAGR
North America Market Share (2022)	25%
Europe Market Share (2022)	21%
Key Companies Profiled	ABB Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. MAN Diesel & Turbo Kawasaki Heavy Industries, Ltd. Napier Turbochargers Ltd. Marine Turbo Diesel Inc. Cummins Inc., BorgWarner Turbo Systems IHI Corporation Rotomaster International Liaoning Rongli Turbocharger Co., Ltd.

Worldwide Marine Turbocharger Consumption Analysis (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Since exhaust gases are recycled to increase an engine's overall efficiency, a turbocharger is a crucial component of a marine engine. It has two parts - the turbine sides and the blower, both of which require equal care during routine maintenance procedures.

During the projection period, market expansion is likely to be driven by the expanding need to lower operating costs and boost engine efficiency.

The need for environment-friendly ship engines is anticipated to increase due to strict maritime emission regulation framework and growing environmental concerns. An improvement in engine manufacturers' propensity to comply with IMO Tier III emission requirements will bode well for the industry's size.

The global marine turbochargers market is set to expand at a CAGR of 6.3% to reach US$ 1.17 billion by the end of 2032.

What’s Influencing Marine Turbochargers Market Growth?

“Rising Seaborne Trade & Sea Transportation Activities”

Marine turbocharger sales are being boosted by the rise in demand for marine boats brought on by expanding seaborne commerce practices around the world.

Increasing demand for precious metals and minerals, an increase in marine tourism, and the use of fuel-efficient turbochargers to improve ship performance are some of the main drivers of the worldwide marine turbocharger market.

To increase the overall performance and efficiency of marine engines, turbochargers are being employed more and more in the maritime industry.

Due to increasing seaborne trade and transportation operations as well as the expanding trend of marine tourism around the world, the global market for marine turbochargers is anticipated to have enormous development opportunities.

A marine turbocharger's blower and turbine sides are its two main parts. The need for environmentally friendly ship engines is expected to increase due to strict maritime emission regulations and growing environmental concerns.

“Rising Demand from Marine Industry & Growing Adoption of Improved Technologies”

The rising demand from the marine industry is caused by the growing adoption of cutting-edge technologies in turbochargers to improve the performance of marine engines. This is a key driver fuelling the expansion of the global market and has presented numerous opportunities to industry participants.

Market players for marine turbochargers are utilizing evolving technology advancements to build sizable consumer bases. In the coming years, it is anticipated that the adoption and rising demand for new technologies across industries will propel the global marine turbochargers market.

Numerous prospects for expansion are being created by the rising popularity of technology including single turbochargers, twin turbochargers, and electro-assist turbochargers.

“High Maintenance Cost & Adverse Effects of COVID-19 Pandemic”

The sea transportation and marine tourism market have been disturbed badly, due to the widespread COVID-19 infection, which subsequently decreases the sales of marine turbochargers.

The market for marine turbochargers is anticipated to be constrained by the growing trend of electric marine vessels. Also, the global demand for marine turbochargers is likely to face difficulties due to high maintenance costs.

Which Regional Markets are Lucrative for Marine Turbocharger Manufacturers?

“Rapidly Rising Recreational Boats & Water-based Sports Activities in North America”

Rising popularity of recreational boats in the North American region boosts the sales of marine turbochargers. Recreational boats in North America may provide income prospects due to the growing popularity of marine and coastal tourism.

In 2022, North America is likely to account for 25% of the global market share.

One of the major factors boosting the growth of the North America marine turbochargers market is the rise in consumer participation in water-based adventurous activities and water sporting events.

Due to the extensive sea trade that takes place in Saudi Arabia, South Africa, and other Middle Eastern and African regions are anticipated to drive the sales of marine turbochargers.

Why are Radial Flow Turbochargers Highly Preferred?

“Cost Efficiency & Availability in Different Sizes Driving Sales of Radial Flow Turbochargers”

Due to their expanding use in tiny, four-stroke engines, radial flow turbochargers held the majority of the market share for marine turbochargers globally. Product penetration will increase due to innovation in its designs with lower emission levels and higher pressure ratios.

Additionally, it is predicted that cost efficiency and availability in a range of sizes will increase product acceptance.

Due to expanding applications in powerful two-stroke engines, the axial flow turbochargers are anticipated to expand at a steady rate. The development of small, high-capacity turbochargers has considerably increased weight and initial cost reduction without sacrificing power performance.

Additionally, it is projected that greater part-load performance would support industry expansion coupled with higher productivity and efficiency.

Key Segments Covered in Marine Turbochargers Industry Research

• Marine Turbochargers Market by Application :

  • Cargo Ships
  • High-speed Boats
  • Cruises
  • Naval Ships

• Marine Turbochargers Market by Exhaust Flow :

  • Axial Flow Turbochargers
  • Radial Flow Turbochargers

• Marine Turbochargers Market by Engine Layout :

  • Single-turbo
  • Twin-turbo
  • Variable Geometry Turbo

• Marine Turbochargers Market by Turbocharger System :

  • Constant Pressure System Turbocharging
  • Pulse System of Turbocharging

• Marine Turbochargers Market by Operation :

  • Diesel
  • Electric
  • Hybrid

• Marine Turbochargers Market by End Use :

  • Navy & Defense Systems
  • Cargo & Shipping Industries
  • Fisheries
  • Oil & Gas

• Marine Turbochargers Market by Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA