Global Hybrid Turbocharger for Marine Engines Market, By Engine Layout (Single Turbo, Twin Turbo, Variable Geometry Turbo), Operation (Diesel, Electric, Hybrid), Application (Cargo Ships, High Speed Boats, Cruises, Naval Ships, Recreational Boats, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In the recent years, the hybrid turbocharger for marine engines are being highly deployed with the purpose of declining fuel consumption and operating cost. The maritime sector is investing heavily in research and development of marine engines with the purpose of lowering down harmful emissions from the ship.
Global Hybrid Turbocharger for Marine Engines Market was valued at USD 530.00 million in 2021 and is expected to reach USD 771.20 million by 2029, registering a CAGR of 4.80% during the forecast period of 2022-2029. Recreational Boats segment is expected to witness significant growth during the forecast period owing to the high demand for these boats. The market report curated by the Data Bridge Market Research team includes technological advancements, regulatory framework, PESTEL, porter's five forces analysis, industry standards-at a glance, raw material costs/ operational expenditure-overview, supply chain analysis, vendor selection criteria, pricing analysis, production analysis, and climate chain scenario.
Market Definition
Marine turbochargers refer to the add-on mechanical equipment that is utilized for facilitating enhanced combustion in marine engines. Turbochargers in marine engines are known to contribute more than 75% power of the engine. Marine hybrid turbocharger assist in alleviating harmful emissions from the ship along with reducing consumption and operating costs.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Engine Layout (Single Turbo, Twin Turbo, Variable Geometry Turbo), Operation (Diesel, Electric, Hybrid), Application (Cargo Ships, High Speed Boats, Cruises, Naval Ships, Recreational Boats, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa
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Market Players Covered
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Cummins Inc. (US), ABB (Sweden), IHI Corporation (India), Kawasaki Heavy Industries, Ltd. (Japan), La Meccanica Turbo Diesel Spa (Italy), MAN Energy Solutions (Germany), MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan), Napier Turbochargers (UK), Rotomaster. (India), BorgWarner Inc. (US), Hedemora Turbo & Diesel AB (Sweden), Istanbul Marin (Turkey), Kompressorenbau Bannewitz GmbH (Germany), Liaoning Rongli Turbocharger Co., Ltd. (China), Rolls-Royce plc (Germany), PBS Turbo S.r.o. (Czechia), and Shanghai Daewin Marine Parts Limited (China), among others
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Market Opportunities
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Hybrid Turbocharger for Marine Engines Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Focus On Reducing Fuel Consumption
The increase in the shift towards reducing fuel consumption and emission levels from the ship acts as one of the major factors driving the growth of hybrid turbocharger for marine engines market. Also, the rise in the adoption of theses turbochargers for the enhancement in engine efficiency also has a positive impact on the market.
- Integral Part of Marine Engine
The high importance of the turbocharger in the marine engine accelerate the market growth. The equipment assists in reusing the exhaust gases to improve the engine's overall efficiency. The turbine sides and the blower require equal attention when routine maintenance procedures being carried out.
- Stringent Regulatory Framework
The implementation of stringent maritime emission regulatory framework further influence the market. Also, the rise in environmental concerns across the globe assists in the expansion of the market in the forecast period.
Additionally, the surge in investments, expansion of oil and gas sector, and urbanization in the developing economies positively affect the hybrid turbocharger for marine engines market.
Opportunities
Furthermore, change in engine manufacturers' tendency to comply with the emission limits of IMO Tier III extend profitable opportunities to the market players 2022 to 2029. Also, rise of e-commerce and online trade will further expand the market.
Restraints/Challenges faced by the Hybrid Turbocharger for Marine Engines Market
On the other hand, surge in the freight rates and fees, and dependence on heavy liquid fuels are expected to obstruct the market. Also, structural factors increasing maritime transport costs, and Volatile oil and gas prices are projected to challenge the hybrid turbocharger for marine engines market in the forecast period of 2022-2029.
This hybrid turbocharger for marine engines market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the hybrid turbocharger for marine engines market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 had a minimal Impact on Hybrid Turbocharger for Marine Engines Market
The market for non-essential items got immensely affected during the Covid-19 lockdown. A decline in demand for hybrid turbocharger for marine engines was witnessed due to the restrictions on transportation and movement of logistic vehicles. The demand for new noiseless generator buying and installations decreases with the shutting down of other commercial points. The up-gradation of industrial units also stopped during the period of pandemic. However, demand for hybrid turbocharger for marine engines increased among end users longer than before. The hybrid turbocharger for marine engines market is expected to witness high growth due to the rise in trade globally.
Recent Development
- MAN Energy Solutions came into an agreement with Hyundai in February’2021. Hyundai has agreed to provide OPL solution to shipowners seeking EEXI compliance for their fleet under this agreement. The agreement will contribute to net-zero emission goals of maritime industry.
Global Hybrid Turbocharger for Marine Engines Market Scope
The hybrid turbocharger for marine engines market is segmented on the basis of engine layout, operation and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Engine Layout
- Single Turbo
- Twin Turbo
- Variable Geometry Turbo
Operation
- Diesel
- Electric
- Hybrid
Application
- Cargo Ships
- High Speed Boats
- Cruises
- Naval Ships
- Recreational Boats
- Others
Hybrid Turbocharger for Marine Engines Market Regional Analysis/Insights
The hybrid turbocharger for marine engines market is analyzed and market size insights and trends are provided by country, engine layout, operation and application as referenced above.
The countries covered in the hybrid turbocharger for marine engines market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Poland, Norway, Finland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Nigeria, Algeria, Angola, Ghana, Rest of Middle East and Africa.
Europe dominates the hybrid turbocharger for marine engines market because of the surge in investment in the renewable sector and presence of stringent regulations on emission levels by the governing bodies within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the rise in sea tourism industry in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Hybrid Turbocharger for Marine Engines Market Share Analysis
The the hybrid turbocharger for marine engines market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the hybrid turbocharger for marine engines market.
Some of the major players operating in the hybrid turbocharger for marine engines market are
- Cummins Inc. (US)
- ABB (Sweden)
- IHI Corporation (India)
- Kawasaki Heavy Industries, Ltd. (Japan)
- La Meccanica Turbo Diesel Spa (Italy)
- MAN Energy Solutions (Germany)
- MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
- Napier Turbochargers (UK)
- Rotomaster. (India)
- BorgWarner Inc. (US)
- Hedemora Turbo & Diesel AB (Sweden)
- Istanbul Marin (Turkey)
- Kompressorenbau Bannewitz GmbH (Germany)
- Liaoning Rongli Turbocharger Co., Ltd. (China)
- Rolls-Royce plc (Germany)
- PBS Turbo S.r.o. (Czechia)
- Shanghai Daewin Marine Parts Limited (China)
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