Ships Turbocharger Market to Reach USD 861 Million by 2028

Vantage Market Research

Nov 12, 2021

According to analysts at Vantage Market Research, the Ships Turbocharger market is expected to reach USD 861 Million by 2028, growing at a CAGR of 3.9% from 2021 to 2028. The rising use of ships and increasing marine tourism between nations is rising the demand for Ships' turbochargers in the market.

Key Findings

  • The low-speed engines segment is projected to expand over 3.6% CAGR over the forecast period. The low-speed engine in the ship's turbocharger is represented by 80–120 RPM (revolutions per minute), rated speeds in the bracket. In all scenarios, it is an engine (two-stroke) that is supercharged by exhaust-gas turbochargers.
  • The tanker segment held a market share of more than 2.8% in 2020, owing to increasing exports and imports between nations. A tanker is a ship that is designed to store or transport gases or liquids in bulk. Key types of tanker include the chemical tanker, the oil tanker, and the gas carrier. Tank ships also carry products such as molasses, vegetable oils, and wine.
  • Asia Pacific is expected to expand at a CAGR of over 3.1% from 2021 to 2028 owing to rapid development in marine tourism, increasing use of naval vessels in warfare, owing to ongoing border tensions and geopolitical issues. Nations are investing in the development of their naval fleet which is existing by procurement of submarines and new warships and replacing older naval vessels.

Some of the key players in the Ships Turbocharger market are ABB, MHI, MAN Energy Solutions, IHI, Garrett, Cummins, Wabtec, KBB, BorgWarner, CSIC, MHI, IHI, ABB, Cummins, MAN Diesel & Turbo, among others. The market is comprised of a high degree of competition due to the presence of numerous key players. Manufacturers are focusing on opting for various inorganic growth strategies such as acquisitions, mergers, and geographical expansion to leverage their market share and gain a competitive advantage.

Ships turbochargers are witnessing growth in demand owing to the factor that the new vessels (total number of vessels) being made has grown, and this surge is expected to continue in the coming decade. Owners of ships are progressively investing in new, improved, and advanced technologies, for instance, electric propulsion and hybrid engines systems, which aspire to more adequate turbochargers than conventional diesel engines do. Furthermore, growing rules and regulations related to environmental diffusion are also fuelling up demand for ships' turbochargers.

Asia Pacific region is poised to record a substantial CAGR, owing to increasing focus on developing naval force capabilities in nations such as China and India. Furthermore, investments in naval vessels by the government in the Asia Pacific are propelling the torpedo market.

Ships Turbocharger Market by Product (low-speed engines, For medium-speed engines, For high-speed engines For medium-speed engines For high-speed engines) by Application (Naval Vessels, Cruise, Ferries, Tanker, Bulk Carrier, Container, Other s) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028