Marine Turbochargers Market Competitive Dynamics & Global Outlook 2018 to 2028

Marine turbochargers are supplementary mechanical devices that aid better combustion in marine engines, contributing to nearly 75% of the total power generated by the marine engine. Based on the type of exhaust flow, two key varieties of turbochargers can be recognized - radial flow turbochargers and axial flow turbochargers. Marine turbochargers come is a wide range of features and price range based on the specifications of the application. In the past few years, the market for marine turbochargers has witnessed expansion at a promising pace owing to a steady rise in maritime trade activities and a thriving tourism sector. The vast rise in R&D activities from manufacturers focused on delivering economical and energy efficient products has also worked well for the market in the past few years.

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The global marine turbochargers market is expected to exhibit lucrative growth opportunities in the next few years owing to the vast rise in demand for economical engines in the marine industry. As the marine sector finds itself embroiled in a number of mandates and regulations pertaining to energy conservation and pollution regulation, the implementation of turbochargers has also significantly increased. The trend is expected to remain strong in the next few years as well, further driving the global marine turbochargers market.

However, the high costs of turbochargers as compared to conventional counterparts and are also known to have overheating issues. These factors could act as key challenges for the market, hindering its growth prospects to a certain extent. Despite these factors, the market is expected to gain pace owing to the steady rise in demand witnessed by ergonomic engines having good fuel efficiency and a low carbon footprint. The steady rise in the number of technologically advanced products, thanks to increased funds diverted by manufacturers towards R&D activities, in the global market could also improve the growth prospects of the market to a notable extent.

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From a geographical standpoint, the global marine turbochargers market acquires its most revenue and growth opportunities from regions that have the most vibrant maritime trade sector and large numbers of import and export activities—Asia Pacific. The thriving consumer goods and electronics sectors in the region and vast imports of everyday essentials to sustain the massive population have all contributed to a thriving maritime trade sector in the region over the years and the region continues to remain a prime haven for the maritime trade industry, promising good growth opportunities to the marine turbochargers market.

Eastern Europe and Middle East and Africa also promise lucrative growth opportunities owing to the thriving maritime trade sector and are expected to emerge as promising contributors of revenue and growth opportunities for the market. The markets in South America and North America are also among leading markets for marine turbochargers owing to the vast rise in defense and cargo applications in the past few years.

Some of the leading companies operating in the global marine turbochargers market are MAN Diesel & Turbo, Mitsubishi Heavy Industries Marine Machinery & Equipment Co., Ltd., ABB, Napier Turbochargers Ltd., Marine Turbo Diesel Inc., Kawasaki Heavy Industries, Ltd., BorgWarner Turbo Systems, Cummins Inc., Rotomaster International, IHI Corporation, and Liaoning Rongli Turbocharger Co., Ltd.

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