Marine Turbocharger Market to Surpass US$1.5 Billion by 2031, TMR Report
ALBANY, NY, February 2, 2022 /PRNewswire/ — The marine turbocharger market is expected to grow at a CAGR of 7.14% during the forecast period of 2021 to 2031. The proliferation of the marine industry for transporting goods, traveling to destinations coastal and scientific expeditions is fueling the growth of the marine turbocharger market.
Growing economic prosperity is leading to increasing participation in water adventure sports among people of various age groups. Individuals and families travel to remote coastal areas developed for marine recreation. A large portion of the population in emerging economies with disposable income leads to an increase in the ownership of yachts and motorboats for recreation. This explains a large part of Asia Pacific of the marine turbocharger market.
The decline in marine commerce and marine recreation due to COVID-19 restrictions has hampered the manufacturing and distribution of marine turbochargers to hamper the growth of the marine turbocharger market. However, recovering economies from the pandemic-induced slump is reviving the expansion of the marine turbocharger market.
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Marine Turbochargers Market – Key Findings of the Report
- Large volume of maritime trade across the globe that requires ships underscores the growth of the marine turbocharger market
- Increasing integration of advanced technologies in marine turbochargers to increase performance of marine engines is driving demand from marine industry
- Product advancements, which include the development of compact, high-capacity turbochargers to meet marine vessel demand
- Strong increase in the popularity of marine and coastal tourism in North America stimulates demand for recreational boats in the region. This coupled with substantial participation in adventure sports and water activities is driving the marine turbocharger market.
- The strict marine emission regulations in place have led to the development of products with emissions within the allowable range. This benefits the marine turbocharger market.
- Marine environmental protection mandates to improve the fuel efficiency of marine engines are further prompting manufacturers to develop improved turbochargers
- Business partnerships to engage in R&D to improve the energy efficiency of marine vessels are driving the marine turbocharger market. The partnership between ABB and HSD Engine in July 2021 developing a marine engine performance optimization platform is a good example. The agreement involves HSD Engine offering software to ship owners to monitor fuel efficiency in order to comply with maritime emissions regulations.
- Radial-operated turbochargers have dominated the marine turbocharger market in terms of volume and revenue in the recent past. This is due to the lower engine power of radial-operated turbochargers compared to counterpart axial-operated turbochargers.
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Marine Turbochargers Market – Growth Drivers
- The proliferation of marine industry for maritime commerce, water recreation and adventure sports, and scientific studies is propelling the marine turbocharger market
- Integration of advanced technologies, along with development of products for compact size and high ability to comply with marine emissions regulations are cementing the growth of the marine turbocharger market
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Marine Turbochargers Market – Key Players
Some of the key players operating in the marine turbocharger market are;
- ABB
- Cummins inc.
- IHI Companies
- Kawasaki Heavy Industries Ltd.
- The Meccania Turbo Diesel
- MEN Diesel & Turbo
- Marine Machinery & Equipment Co.Ltd.
- Napier Turbochargers Ltd.
- Rotomaster International
- BorgWarner Turbo Systems
- Hedemora Turbo & Diesel AB
- Istanbul Marine Turbine Service
- Kompressornenbau Bannewitz GmbH
- Liaoning Rongi Turbocharger Co.Ltd.
- Mitsubishi Heavy Industries
- MTU Friedrichshafen
- PBS Turbo sro
- Shanghai Daewin Navy Parts
Buy an exclusive research report on https://www.transparencymarketresearch.com/checkout.php?rep_id=74053 The marine turbocharger market is segmented as follows; Marine Turbocharger Market, By Operation Type Marine Turbocharger Market, By Technology Marine Turbocharger Market, By Vessel Type Marine Turbocharger Market, By Component Marine Turbocharger Market, By Sales Channel Marine Turbocharger Market, By Region Browse the Latest Automotive and Transportation Market Research Reports by TMR: About Transparency Market Research Transparency Market Research is a global market intelligence company, providing global market intelligence reports and services. Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports. For more information on advanced industries research, visit our YouTube channel – https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ Contact Sir Rohit Bhisey SOURCE Transparency Market Research
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