Marine Turbocharger Market is likely to witness a CAGR of 7.5% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Marine Turbocharger Market
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.
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.
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Report Scope & Market Segmentation
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.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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