Feb 17, 2021/IndustryNewsGlobal/--The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Marine Turbocharger Market.
It was estimated prior to this unanticipated outbreak Marine Turbocharger Market will reach CAGR of 4.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Marine Turbocharger Market Insights
Marine Turbocharger Market is likely to witness a CAGR of 7.5% during the forecast period. Growing requirement for minimizing operating cost and increasing engine efficiency, shifting inclination towards decreasing fuel consumption and emission level coupled with enhancement in the efficiency of engines, stringent maritime emission regulatory norms and increasing environmental concerns, and strong presence of manufacturers are some of the major factors driving the growth of the market during the forecast period.
Market Share Analysis
Marine Turbocharger Market Share: By Mode of Operation Type
Based on the mode of operation type, the market is segmented as axial and radial. The radial marine turbocharger is projected to be the dominant segment of the market owing to its increasing applications in small-sized four-stroke engines during the forecast period. New innovative ideas for recreating its 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.
On the other hand, axial marine turbocharger is estimated to witness significant growth rate in market during the forecast period owing to increasing applications in large two-stroke engines. Further, enhancements in turbochargers with compact size and high capacity is leading to decrease in weight and initial cost without compromising on power output, fueling the growth of the industry over the forecast period.
Marine Turbocharger Market Share: By Technology Type
Based on the technology type, the market is segmented as single turbo, twin turbo, electro-assist turbo, and variable geometry turbo. The electro-assist turbocharger is projected to be the leading technology type in the market during the forecast period owing to its compact and highly efficient electric motor which provides optimization of plant efficiency, especially when a ship operates under slow steaming. On the other hand, twin turbocharger is estimated to account for a significant share of the market during the forecast period owing to various useful features, such as enhanced power output, air pressure & density, resulting in lower exhaust emissions and fuel consumption, offered by it.
Marine Turbocharger Market Share: By Component Type
Based on the component type, the market is segmented as compressor, turbine, central shaft, and others. The turbine segment is projected to hold the major share of the market during the forecast period. In addition, factors such as turbine wheels performing efficient extraction of energy from exhaust gases with least frictional loss and availability of turbine blades in various sizes and variant nozzle rings are expected to fast-track the segment’s growth during the forecast period.
Marine Turbocharger Market Share: By Application Type
Based on the application type, the market is segmented as military ships, commercial ships, and recreational boats. The recreational boats’ segment is estimated to hold the largest share of the market owing to increasing sales of luxury marine vessels with the growing tourism industry during the forecast period. On the other hand, the military ships’ segment is projected to witness significant growth rate in the market owing to growing usage of marine turbochargers by the defense and naval forces during the forecast period. Factor such as increase in military budgets, offering lucrative opportunities for the expansion and upgrade of naval fleets is further expected to fuel the overall growth of the industry during the forecast period.
Marine Turbocharger Market Share: By Region
In terms of regions, North America is estimated to account for the largest share of the market owing to increasing demand for recreational boats during the forecast period. Factors such as growing popularity of marine and coastal tourism providing potential opportunities for recreational boats and increasing consumer participation in water-based sporting events and recreational boating activities are some of the major factors fueling the regional market growth over the forecast period. Also, Asia-Pacific is expected to be the fastest-growing region owing to the strong presence of a large number of ship manufacturers in the region during the forecast period. Europe is also expected to offer substantial growth opportunities during the forecast period.