Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Marine Turbocharger Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The Marine Turbocharger Market is likely to grow at a promising CAGR of 2.6%, in the long run, to reach US$ 1.6 Billion in 2028.
The marine industry has been experiencing the most disruptive journey in the past decades, with the key emerging areas being net zero emissions, fuel efficiency, alternative fuels, and increasing lifespan. Almost all the major turbocharger manufacturers are putting efforts into the development of turbochargers addressing most of these trends.
Growing requirements for minimizing operating costs and increasing engine efficiency, a shifting inclination towards decreasing fuel consumption and emission levels coupled with enhancements in the efficiency of engines, stringent maritime emission regulatory norms, increasing environmental concerns, and the strong presence of manufacturers are the major factors driving the growth of the market.
The market is moderately consolidated with the presence of a few regional and global players. Most of the major players compete on some of the governing factors including price, technology, product offerings, regional presence, etc.
Market Segments' Analysis
Based on platform type, the market is segmented into commercial ships, recreational boats, and military ships.
Commercial Ships are estimated to remain the dominant platform type during the forecast period owing to the increasing demand for large commercial ships due to the rise in international trade. Also, commercial ships require a large number of turbochargers for diesel engines for enhanced power output, especially merchant ships. Military ships and recreational boats prefer to have high-speed engines, with the engine sizes of military and superyachts being 2-15MW.
Based on the mode of operation, the marine turbocharger market is segmented into radial turbochargers and axial turbochargers.
Radial turbocharger is projected to be the dominant segment of the market owing to their increasing applications in small-sized four-stroke engines. New innovative ideas for recreating its design with minimized emission levels, higher-pressure ratios, cost-effectiveness, and availability in various sizes are further expected to boost product demand during the forecast period.
On the other hand, the axial turbocharger is estimated to witness a significant growth rate during the forecast period, owing to increasing applications in large two-stroke engines. Further, enhancements in turbochargers with compact size and high capacity are leading to a decrease in weight and initial cost without compromising power output, fueling the market growth in the coming years.
Based on the engine type, the marine turbocharger market is segmented into low- & medium-speed engines and high-speed engines.
Low & medium-speed engines are projected to be the dominant engine types of the market owing to the high usage of low-speed engines in commercial ships, especially merchant ships with single engine sizes of 8-80 MW. The Medium-speed engine is preferred for coastal and inland vessels, offshore vessels, ferries, and cruise ships (2-20 MW single engine size); hence, the larger fleet of commercial ships, offshore vessels, and cruise ships have a higher number of low- & medium-speed engines. The high-speed engine is preferred in military ships and recreational boats. High-speed engines are lighter in weight and require less maintenance.
Based on the technology type, the market is segmented into single turbo, twin-turbo, electric-assist turbo, and variable geometry turbo.
Single turbo is estimated to remain the dominant technology type during the forecast period. Single turbos are becoming increasingly popular in Asia-Pacific and Europe due to the high usage of turbochargers in China and Japan. Single turbos are cost-effective and reliable, making them a good choice for smaller engines. They are also less complex and easier to maintain than the twin turbos, which makes them a good choice for powerboats and cruise applications. Two-stroke engines are more commonly used for low-speed engines, as they are simpler and less expensive than four-stroke engines.
In terms of regions, Asia-Pacific is expected to remain the largest market for marine turbochargers during the forecast period. This region has a large number of ship-building activities, and the presence of major OEMs, such as Mitsubishi Heavy Industries and MAN Energy Solutions, in the Asia-Pacific region make the region a growth engine of the marine industry. Most of the marine turbocharger suppliers also have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing marine programs. Rising global trade with China, Japan, and India is also driving the region's growth.
Recent Product Developments:
- By 2025, Accelleron will release next-generation axial turbochargers for net-zero carbon fuel applications, such as green ammonia, in low-speed and large medium-speed turbochargers for the marine and power industries.
- In 2020, Accelleron launched the TPX Turbocharger for high-speed diesel and gas engines, which is 30% lighter in weight and requires 16% less space.
Recent Market Collaborations:
- In 2022, Accelleron, formerly known as ABB Turbocharging, and Japan Engine Corporation (J-ENG) have inked an agreement, allowing Accelleron turbochargers to be utilized in UE Engines, one of the top three manufacturers of low-speed marine engines worldwide.
- In 2022, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd. (MHI-MME) concluded a licensing agreement, giving Mitsui E&S Machinery Co., Ltd. the rights to manufacture and sell its MET turbochargers.
Strategic Growth Opportunities
- Market Attractiveness Analysis
- Market Attractiveness by Platform Type
- Market Attractiveness by Engine Type
- Market Attractiveness by Mode of Operation Type
- Market Attractiveness by Technology Type
- Market Attractiveness by Sales Type
- Market Attractiveness by Region
- Market Attractiveness by Country
- Emerging Trends (Key Trends that May Shape the Market Dynamics in the Future)
- Key Strategic Implications (Changing Market Dynamics and their Key Implications)
- Key Success Factors (KSFs) (Identifying Some Factors that May Help Companies to Gain Business)
Company Profile of Key Players
- Accelleron, (ABB Ltd.)
- BorgWarner Turbo Systems GmbH
- Cummins Inc.
- Kompressorenbau Bannewitz GmbH
- MAN Energy Solutions
- Mitsubishi Heavy Industries Marine Machinery & Engine Co. Ltd.
- MTU Friedrichshafen GmbH
- Wabtec Corporation
For more information about this report visit https://www.researchandmarkets.com/r/r5ssys
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
