Marine Turbocharger Market is expected to display a steady growth due to the rise in the coastal and marine tourism | UnivDatos Market Insights

NOIDA, India, March 20, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Global Marine Turbocharger was valued at USD 650 million in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Operation type (Axial, Radial); Technology Type (Single Turbo, Twin Turbo, Electro-assist Turbo and Variable Geometry Turbo); Region/Country.

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The Marine Turbocharger market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Marine Turbocharger market. The Marine Turbocharger market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Marine Turbocharger market at the global and regional levels.

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Market Overview

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. This along with the rapid rise in demand and supply for marine boats due to growth in coastal and marine tourism brought on by expanding seaborne commerce practices across the globe. Also, the increasing demand for precious minerals and metals and the use of fuel-efficient turbochargers to improve ship performance are some of the main drivers of the worldwide marine turbocharger market. For instance, In 2021, Garrett Motion is developing e-turbos for mass-market passenger vehicles set for launch in 2021, the e-turbo has a  fuel efficiency improvement of up to 10%.

Some of the major players operating in the market include 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.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the marine turbocharger industry and has transformed the way turbochargers is delivered. The Marine Turbocharger market has been significantly affected during these times owing to the downfall in tourism sector during the pandemic.

The global Marine Turbocharger market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on Operation type, the market is segmented into axial marine turbochargers and radial marine turbochargers. The radial category is 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. For instance, In 2021, Toyota launched LC300 Land Cruiser which has a twin turbochargers V6 engines having 415 horsepower and 480 pound-feet of torque.
• On the basis of technology type, the market is categorized into single turbo, twin turbo, electro-assist turbo, and variable geometry turbo. Among these, the electro-assist turbocharger to hold a significant share in the market in 2021. 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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Marine Turbocharger Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

North America is anticipated to grow at a substantial CAGR during the forecast period. 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.

The major players targeting the market include

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the marine turbocharger market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the marine turbocharger market?
• Which factors are influencing the marine turbocharger market over the forecast period?
• What are the global challenges, threats, and risks in the marine turbocharger market?
• Which factors are propelling and restraining the marine turbocharger market?
• What are the demanding global regions of the marine turbocharger market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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