MarketThe ship turbocharger is a device and crucial part of the ship engine. The components of the turbocharger are air compressor, shaft, turbine and other components. The main function of the turbocharger is to rise the flow of fuel into the engine to improve the power of the engine. The ship turbocharger receives energy from the reuse of the exhaust gases from the engines, this reduces the energy requirement by the engine and reduces the operational costs. The turbochargers are used to maximize the efficiency of the marine engine.
The upsurge in demand for the reduction in operational costs and enhance engine efficiency are majorly contributing to the demand for the ship turbo chargers. Since these turbo chargers’ functions on the exhaust gases, it reduces the emission of harmful gases. The rising environmental concerns for the emission of gases and strict government regulations to control the emissions are propelling the market growth.
Ship Turbocharger Market Dynamics
The Global Ship Turbocharger Market was valued at USD 604.26 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.0% between 2021 to 2028. The COVID-19 outbreak has significantly hampered the ship turbocharger market. The nationwide lockdowns had halted the production of turbochargers and the research and development turbochargers was also 10;The decline in number of the COVID-19 infections have resumed the manufacturing processes at lower levels as compared to pre-COVID levels. The market is slowly recovering from pandemic impact The ship turbocharger market is primarily divided on the basis of the component, mode of application and technology.
The prominent suppliers for the ship turbines are PBS Velka Bites, Mitsubishi Heavy Industries, Hartzell Engine Technologies, ABB limited, Rolls-Royce Main Turbo Systems, Cummins, Kawasaki Heavy Industries and MAN Energy solutions. These manufactures are investing in development of the ship turbines to provide improved efficiency ship turbines. Regionally, Europe accounts for the largest market share owing to the presence of well-established ship turbine vendors in the region. The countries like Germany and France implement stringent regulations for the gaseous emissions. All these factors heavily contribute to the dominance of the Europe 160;