Some of the major marine turbocharger market participants are Napier Turbochargers Ltd., MAN Diesel & Turbo, Heavy Industries Marine, Machinery & Equipment Co., Ltd., BorgWarner Turbo Systems, Cummins Inc. and Mitsubishi IHI Corporation.
SELBYVILLE, Del., Jan. 11, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the marine turbocharger market which estimates the market valuation for marine turbocharger will cross US$ 787.9 million by 2026. Stringent emission regulations and developments in propulsion technologies will boost the demand for marine turbochargers.
Due to proliferating economic growth and improved consumer spending power, the demand for recreational boats equipped with the latest propulsion technology is increasing rapidly. Additionally, the growing popularity of recreational sports activities will accelerate product penetration in the upcoming years. Additionally, the rising need for excellent power output and higher speed in recreation boats will further boost the adoption of turbochargers. Shipping companies are seeking to increase the ability of cargo transport and the size of ships to increase seaborne trade. Therefore, this is likely to offer new growth opportunities for industry growth.
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Growing demand from ship operators for improved engine & turbocharger efficiencies to meet the EEDI goals and IMO regulations will have a positive effect on product adoption. The demand for advanced marine turbochargers is on the rise as it offers improved efficiency and higher-pressure ratios, thereby reducing the environmental impact. Additionally, strong growth in the military sector will augment the adoption of military ships, thereby propelling the marine turbocharger industry growth. Furthermore, the use of advanced tools, such as ANSYS and FEA techniques, leads to versatile development processes that allow later stage modifications in turbochargers. Thus, these developments in turbochargers are likely to offer growth opportunities in the near future.
The inclusion of adjustable turbocharger vanes contributes to the change in aspect ratios, further altering their effective turbine area. Improvements in reducing lag time and pressure ratios will greatly improve the overall performance of the engine and allow flexible air control for optimized combustion. Electric-assist turbocharger integration provides low specific fuel consumption at high speeds & in low load conditions and retains speed variations.
Major industry players are focusing on utilizing new mechanisms and materials for achieving higher pressure ratios and lightweight structures. Additionally, manufacturers are also focused on strategic alliances to enhance their market share in the industry. For instance, Mitsubishi (precisely MHI-MME) took over the production of MET turbochargers from Mitsubishi Hitachi Power Systems, Ltd. effective from 1st January 2020.
Some major findings of the marine turbocharger market report include:
Growing trade activities by seaways and supporting trade guidelines will boost the adoption of new commercial ships
Rising importance of effective control, monitoring, and diagnosis of turbochargers is inducing the integration of power electronics and digital solutions
Optimization of turbochargers for achieving high-performance and maximum operational flexibility will provide a positive outlook for the industry size
Digital turbocharger monitoring ensures improved performance over longer operating times, product lifecycle extension, and fault detection & reduction of damage
Stringent IMO emission standards facilitate the use of marine turbochargers for the reduction of nitrogen oxide exhaust
The market is highly competitive with the presence of several small & big players and has a high barrier level for new entrants due to high capital investments and stringent regulations
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Partial chapters of report table of contents (TOC):
Chapter 3 Marine Turbocharger Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2026
3.3 COVID 19 impact on industry landscape
3.4 Industry ecosystem analysis
3.4.1 Distribution channel analysis
3.4.2 Value chain disruption analysis (COVID 19 impact)
3.4.3 Vendor matrix
3.5 Technology landscape
3.6 Pricing trends
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Cost structure analysis
3.8 Regulatory landscape
3.9 Industry impact forces
3.9.1 Growth driver
3.9.2 Industry pitfalls & challenges
3.10 Innovation & sustainability
3.11 Growth potential analysis, 2019
3.12 Porter's analysis
3.12.1 Supplier power
3.12.2 Buyer power
3.12.3 Threat of new entrants
3.12.4 Industry rivalry
3.12.5 Threat of substitutes
3.13 Company market share analysis, 2019
3.13.1 Top players analysis
3.13.2 Strategy dashboard
3.14 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.