Marine Turbochargers Market is Forecasted to Reach US$ 2.0 Billion in 2030, Says Stratview Research

The global marine turbochargers market is projected to witness a growth rate of 2.8% annually from 2024 to 2030, with an anticipated size of US$ 2.0 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global marine turbochargers market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights

Segment Insights on the Marine Turbochargers Market:

The global marine turbochargers market is segmented based on platform type, mode of operation type, technology type, engine type, sales type, and region.

Based on platform type – The marine turbochargers market is bifurcated into commercial ship, recreational boat, and military ship. Commercial ships are expected to remain the dominant platform during the forecast period. Turbochargers are used in a wide array of marine vessels, such as bulk carriers, container ships, recreational boats, military vehicles, and cruise ships. Increasing demand for large commercial ships owing to a rise in international trade. The average useful life of a turbocharger is 20-30 years, usually, they are highly customized. Low & medium-speed engines are highly preferred in commercial ships.

Based on mode of operation type – The market is segmented into radial turbocharger and axial turbocharger. Radial turbocharger is expected to remain the dominant and faster-growing mode of operation during the forecast period. Radial turbochargers are more used in the 0.5-6,000 KW range for both auxiliary and main medium-speed engines. Radial turbochargers are generally simpler and cheaper to manufacture and maintain and are particularly beneficial in applications where rapid start-up is important, due to their compact size and robust blades. Key players are Accelleron (ABB), Mitsubishi Heavy Industries, MAN Energy Solutions, etc. Usage of axial turbochargers is expected to grow in two-stroke engines with the increase in the penetration of low & medium-speed engines.

Based on technology type – The marine turbochargers market is bifurcated into single turbo, twin turbo, electro-assist turbo, and variable geometry turbo. Single turbo maintained an unequivocal lead in the market from 2018-2023 and is expected to continue dominating the market during the forecast period as well. A single turbo takes up much less space than a twin-turbo and cools better. The single turbo itself, as well as its installation, is more cost-efficient. As opposed to twin-turbo, it produces a maximum boost at higher RPM (revolutions per minute). A single turbo is preferably used in powerboats and cruise applications. Two-stroke engines are more often used for low-speed engines, especially in marine applications. Their design is particularly well-suited for large vessels such as cargo ships, tankers, and bulk carriers. Electric assist turbo is mainly used in low-speed engines, and it helps in reducing emissions and noise coming from engines.

Based on engine type – The market is segmented into low & medium speed engine and high-speed engine. Low & medium-speed engines maintained an unequivocal lead in the market from 2018-2023 and are expected to continue dominating the market during the forecast period as well. Low-speed engines are preferred 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). High-speed engines are preferred in recreational boats, cruises, and yachts.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for marine turbochargers during the forecast period. This growth outlook is majorly attributed to the following–

• Asia-Pacific is to hold its unassailable lead by 2030.
• Increasing presence of all major turbocharger manufacturers for both products and services.
• Huge commercial shipbuilding in three countries (China, South Korea, and Japan).
• Key players in the region are Mitsubishi Heavy Industries, Acelleron (ABB), and MAN Energy Solutions.

Likewise, With a large and affluent consumer market, North America is likely to fuel the demand for recreational boats. The USA has a robust boating culture and a significant number of boating enthusiasts.

Marine Turbochargers Market Drivers:

Some of the key drivers listed in the report are given below.

• Increasing Shipbuilding: Trade growth has been one of the hallmarks of the global economy in recent decades, and maritime transport is the backbone of international trade. Ships built globally, in terms of gross million tonnage, stood at 64.8 in 2023, approximately 17% higher than that in 2022.
• Increasing Marine Vessels: The increase in the number of marine vessels over the years is positively impacting market growth. The global marine vessel fleet (oil tankers, bulk carriers, general cargo, container ships, and other ships), in terms of million dead-weight tons, was 2,273 in 2023, which equated to a massive 105 thousand units.

Top Companies in the Marine Turbochargers Market:

The market is moderately consolidated with the presence of <50 players globally. Established companies with a long history in the industry have a competitive advantage due to their technological know-how, research & development, and established customer relationships. To enhance their market position and expand their offerings, companies participate in collaborations or partnerships. Stratview Research has identified the following companies as the top market players (arranged alphabetically).

• Accelleron (ABB LTD.)
• Mitsubishi Heavy Industries Engine & Turbocharger, Ltd.
• Cummins Inc.
• Wabtech Corporation
• MAN Energy Solutions SE
• Kompressorenbau Bannewitz GmbH

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Related Reports:

• Turbocharger Market
• Off-Highway Turbochargers Market

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