Marine Turbocharger Market: Current Analysis and Forecast (2022-2028)

Report Description

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Global Marine Turbocharger Market is expected to grow at a significant rate of 7 % during the forecast period. The marine turbocharger is an integral part of the ship’s marine engine. The turbocharger basically reuses exhaust gases in order to increase the overall efficiency of the engine. It consists of two parts – turbine sides and blower.  Turbocharging is a method of internal combustion that uses an exhaust gas turbocharger. In this, the turbocharger uses hot exhaust gas from the engine to spin a turbine, which runs a centrifugal compressor to draw cold compressed air into the engine. The main components of a turbocharger are a turbine, a compressor, and a shaft connecting the two components. In recent years, the demand for Turbochargers has risen dramatically owing to the increase in sales of motorboats, yachts and further the rising need for marine destinations. Furthermore, the constant advancement in technology has boosted market growth. In addition, major players in the market are working towards launching technically advanced turbochargers. In 2021, Toyota launched LC300 Land Cruiser with twin turbochargers V6 engines that offer 415 horsepower and 480 pound-feet of torque. Thus, the growing focus and investment of key stakeholders for the research and development of technologically advanced turbochargers is further expected to support market growth.

ABB, BorgWarner Turbo Systems GmbH, Cummins Inc., Hedemora Turbo & Diesel AB, Kompressorenbau Bannewitz GmbH, MAN Energy Solutions, Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd., MTU Friedrichshafen GmbH, Napier Turbochargers Ltd., PBS Turbo s.r.o. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst operations type, Radial category to witness higher CAGR during the forecast period”

Based on operations type, the market is segmented into axial marine turbochargers and radial marine turbochargers. Radial category to witness higher CAGR during the forecast period owing to the growing applications in small-sized four-stroke engines. Other factors such as recreating the design with minimized emission levels, higher-pressure ratios, its cost-effectiveness, and availability in various size ranges are further expected to boost the product demand during the forecast period Additionally, key stakeholders are concentrating on launching new marine turbochargers with enhanced features in order to increase sales and strengthen their position in a highly competitive market.

“Amongst technology type, the Electo-assists Turbo to hold a significant share in the market in 2020”

On the basis of technology type, the market is categorized into the single turbo, twin-turbo, electro-assist turbo, and variable geometry turbo. Among these, the electro-assist turbocharger holds a significant share of the market. This is mainly due to the advantages it offers as compared to its others. It has been witnessing higher adoption due to its compact nature and high efficiency providing plant efficiency especially when ships operate in low streams. In November 2021, Hyundai Global Service in collaboration with ABB Turbocharging introduced an engine part-load optimization (EPLO) service for ship owners seeking to reduce emissions.

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“North America to hold a significant share in the market”

In 2020, North America held a significant share of the global turbocharger market. This is mainly attributed to the factors such as the rising popularity of coastal and marine tourism giving different opportunities for recreational boats. Increasing consumer interests in underwater sporting events and recreational boating activities are some of the main factors boosting the regional market growth over the forecast period. For instance, In 2020,  Mitsubishi Turbocharger and Engine America (MTEA), which is one of the main the distributor of Mitsubishi Marine Propulsion Engines in the Americas, including Canada, Mexico, and Central and South America announced the expansion of the production line by introducing mechanically controlled, EPA Tier 4, 1,260-horsepower heavy-duty marine propulsion engine. In addition, Technological advancements, increasing R&D activities, and rising number of OEMs and aftermarket players in the region are key factors driving the global marine turbocharger market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Marine Turbocharger Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global marine turbocharger Market were the three major steps undertaken to create and analyze the adoption of the marine turbocharger in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global marine turbocharger Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the marine turbocharger market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the marine turbocharger market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as operation type, technology type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the marine turbocharger market. Further, we conducted factor analysis using dependent and independent variables such as need of boats and ships due to the rise in coastal and marine tourism. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the marine turbocharger market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marine turbocharger market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the marine turbocharger market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global marine turbocharger market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global marine turbocharger market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of operation type, technology type, and application in the global marine turbocharger market.

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The main objective of the Global Marine Turbocharger Market Study

The current & future market trends of the global marine turbocharger market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the marine turbocharger market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of operation type, technology type, and application.
• Define and analysis of the regulatory framework for the marine turbocharger market.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the marine turbocharger market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the marine turbocharger market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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