December 20, 2019
According to the research report titled ‘Marine Turbocharger Market Size By Operation (Axial, Radial), By Technology (Single Turbo, Twin Turbo, Electric-assist Turbo, Variable Geometry Turbo), By Component (Compressor, Turbine, Central Shaft), By Application (Military ships, Commercial Ships [Bulk Carriers, Container Ships, Oil & Chemical Tankers, Off-shore Vessels, Cargo Ships, Tugboats], Recreational Boats), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global marine turbocharger market is expected to be worth USD 780 million by the year 2026.
Rising marine trade activities, coupled with growing focus towards increasing cargo capacity by shipping companies are major factors driving the marine turbocharger market. Surging need for high speed power outputs, in tandem with high performance and operational flexibility offered by optimized turbochargers are aiding the expansion of the market. As per the report, the market is expected to register considerable growth, owing to advancements in propulsion technologies, rising integration of electronics and digital solutions in turbochargers.
Growing disposable income across the globe is bolstering the sales of recreational boats. These boats offer high power output resulting into higher speed, which makes them suitable for recreational sport activities. Moreover, favorable trade reforms, strict government policies over reducing global emissions, and growing inclination towards effective monitoring, diagnosis and control of operations are augmenting the market outlook.
In terms of type of component, marine turbocharger market is categorized into central shaft, compressor, and turbine. While, as per operation, the market is classified as radial and axial. The application spectrum of marine turbocharger industry includes military ships, recreational boats, and commercial ships.
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Based on technology, the market is classified into variable geometry turbo, electric-assist turbo, twin turbo, and single turbo. Marine turbocharger market from electric-assist turbo segment is expected to expand significantly during the estimated timeframe, since its integration improves fuel efficiency and maintains speed variations in low load conditions.
The prominent companies operating in marine turbocharger market are PBS Turbo S.R.O, Kompressorenbau Bannewitz GmbH, Liaoning RongLi Turbocharger Co. Ltd., Mitsubishi Heavy Industries Marine Machinery & Equipment Co. Ltd., IHI Corporation, Cummins, Inc., Napier Turbochargers Ltd., MAN Diesel & Turbo, and ABB among others.
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