Marine Turbocharger Market Analysis Over 2021-2026 | Growth Forecast & Industry Share Report

By Ronak Bora

Marine turbocharger market size is projected to register USD 787.9 million by 2026. Considering the thriving market space, several shipping companies are looking forward to enhancing the ability of cargo transport as well as the size of the ships in order to increase seaborne trade which is likely to open new growth avenues for the industry.
Another important growth rendering factor complementing the market growth  is the stringent regulatory scenario regarding toxic emissions. For instance, the IMO emission standards necessitate the usage of marine turbocharging systems for reducing nitrogen oxide exhaust.
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Based on technology, electric-assist turbocharger segment is estimated to register significant gains over the upcoming years. This can be attributed to the advantages associated with this technology such as lower specific fuel consumption in low load situations and at high speeds. These turbochargers also retain speed variations. Moreover, electric-assist turbochargers offer high efficiency as compared to the traditional systems and provide higher reliability and improved overall performance of the system.
With regards to operation, axial segment is likely to show considerable growth over the foreseeable future owing to the vital role of axial flow in the overall system. It compresses the air into a very small space with the help of axial compressor fans or impeller. With the growing demand for sea vessels driven by the expanding cargo trade, axial flow turbochargers are experiencing a heightened demand which has urged the manufacturers to develop new products for effectively meeting the consumer demand.
In terms of the application segmentation, military segment is anticipated to grow substantially over the forthcoming years owing to increased adoption of marine turbochargers driven by growing demand for military ships. Besides, introduction to technological developments such as ANSYS and FEA techniques has offered versatility in the development processes which allows later stage modifications in turbochargers which will enhance the segment growth further.
Elaborating further, recreational boats segment across marine turbocharger market is anticipated to observe a notable growth during the coming years. The growth can be credited to increasing demand for recreational boats integrated with advanced propulsion technology. This is majorly due to the rising popularity of recreational sports activities coupled with increased disposable income.  
Apart from the above-mentioned segments, strategic initiatives undertaken by key market players in marine turbocharger market are also playing a major role in enhancing the business growth. For instance, in 2020, Mitsubishi (MHI-MME) took over the manufacturing of MET turbochargers from Mitsubishi Hitachi Power Systems, Ltd. effective from 1st January 2020.
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Partial Chapter of the Table of Content
Chapter 6   Marine Turbocharger Market, By Component
6.1    Global market share by component, 2019 & 2026
6.2    Compressor
6.2.1    Market estimates and forecast, 2016 - 2026
6.2.2    Marine turbocharger market estimates and forecast, by region, 2016 - 2026
6.3    Turbine
6.3.1    Market estimates and forecast, 2016 - 2026
6.3.2    Market estimates and forecast, by region, 2016 – 2026
6.4    Central Shaft
6.4.1    Market estimates and forecast, 2016 - 2026
6.4.2    Market estimates and forecast, by region, 2016 – 2026
6.5    Others
6.5.1    Market estimates and forecast, 2016 - 2026
6.5.2    Market estimates and forecast, by region, 2016 - 2026
Chapter 7   Marine Turbocharger Market, By Application
7.1    Global market share by application, 2019 & 2026
7.2    Military Ships
7.2.1    Market estimates and forecast, 2016 - 2026
7.2.2    Market estimates and forecast, by region, 2016 – 2026
7.3    Commercial Ships
7.3.1    Market estimates and forecast, 2016 - 2026
7.3.2   Marine turbocharger market estimates and forecast, by region, 2016 – 2026
7.4    Recreational Boats
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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....

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