Marine turbocharger market size is projected to register USD 787.9 million by 2026. Considering the thriving market space, several shipping companies are looking forward to enhancing the ability of cargo transport as well as the size of the ships in order to increase seaborne trade which is likely to open new growth avenues for the industry.Another important growth rendering factor complementing the market growth is the stringent regulatory scenario regarding toxic emissions. For instance, the IMO emission standards necessitate the usage of marine turbocharging systems for reducing nitrogen oxide exhaust.
Stringent regulations to curb harmful gas emissions and advancements in propulsion technologies will augment the demand for marine turbochargers. A growing number of merchant fleets across the globe will positively impact marine turbocharger market expansion in the forthcoming years. Reportedly, in the global fleet ownership ratio, Europe and Northern America accounted for nearly 41% and 6% respectively in January 2020.
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The incorporation of adjustable turbocharger vanes leads to changes in aspect ratios which enable alteration in effective turbine area. The reduction in lag time and improvements in pressure ratios will enhance the holistic performance of the engine and allow effective air control for combustion optimization. Integrating electric-assist turbocharger substantially helps in reducing fuel consumption and load conditions, which further allow ships to maintain a steady speed.
In terms of the application segmentation, military segment is anticipated to grow substantially over the forthcoming years owing to increased adoption of marine turbochargers driven by growing demand for military ships. Besides, introduction to technological developments such as ANSYS and FEA techniques has offered versatility in the development processes which allows later stage modifications in turbochargers which will enhance the segment growth further.
Elaborating further, recreational boats segment across marine turbocharger market is anticipated to observe a notable growth during the coming years. The growth can be credited to increasing demand for recreational boats integrated with advanced propulsion technology. This is majorly due to the rising popularity of recreational sports activities coupled with increased disposable income.
Prominent manufacturers are also eyeing on strategic ventures to gain a competitive advantage in the global market. For example, Mitsubishi (precisely MHI-MME) on January 1 2020, acquired the production rights of MET turbochargers from Mitsubishi Hitachi Power Systems, Ltd.
Leading companies operating in the global marine turbocharger industry are emphasizing on utilizing modern technology and equipment for manufacturing lightweight structures and attaining greater pressure ratios. The growing need to develop the holistic capabilities of vessels on account of rising travel and transport burden will positively impact the global marine turbocharger market growth.
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Partial Chapter of the Table of Content
Chapter 5 Marine Turbocharger Market, By Technology
5.1 Global marine turbocharger market share by technology, 2019 & 2026
5.2 Single Turbo
5.2.1 Market estimates and forecast, 2016 - 2026
5.2.2 Market estimates and forecast, by region, 2016 - 2026
5.3 Twin Turbo
5.3.1 Market estimates and forecast, 2016 - 2026
5.3.2 Market estimates and forecast, by region, 2016 – 2026
5.4 Electro-assist Turbo
5.4.1 Marine turbocharger market estimates and forecast, 2016 - 2026
5.4.2 Market estimates and forecast, by region, 2016 – 2026
5.5 Variable Geometry Turbo
5.5.1 Market estimates and forecast, 2016 - 2026
5.5.2 Market estimates and forecast, by region, 2016 - 2026
Chapter 6 Marine Turbocharger Market, By Component
6.1 Global market share by component, 2019 & 2026
6.2.1 Market estimates and forecast, 2016 - 2026
6.2.2 Market estimates and forecast, by region, 2016 - 2026
6.3.1 Market estimates and forecast, 2016 - 2026
6.3.2 Market estimates and forecast, by region, 2016 – 2026
6.4 Central Shaft
Chapter 7 Marine Turbocharger Market, By Application
7.1 Global market share by application, 2019 & 2026
7.2 Military Ships
7.2.1 Market estimates and forecast, 2016 - 2026
7.2.2 Market estimates and forecast, by region, 2016 – 2026
7.3 Commercial Ships
7.3.1 Market estimates and forecast, 2016 - 2026
7.3.2 Market estimates and forecast, by region, 2016 – 2026
7.4 Recreational Boats
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