NEW
YORK, July 23, 2024 /PRNewswire/ -- The global
industrial turbocharger market size is estimated to grow by
USD 773.4 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 3.33% during the forecast period. Stringent
emission regulations is driving market growth, with a
trend towards increase in adoption of additive manufacturing.
However, easy availability of counterfeit industrial
turbochargers poses a challenge. Key market players include
ABB Ltd., BMTS Technology GmbH and Co. KG, BorgWarner Inc., Cardone
Industries Inc., Caterpillar Inc., Comp Turbo Technology Inc.,
Continental AG, Cummins Inc., Eaton Corp. Plc, Hitachi Ltd.,
Honeywell International Inc., IHI Corp., Keyyang Precision Co.
LTD., Komatsu Ltd., Kompressorenbau Bannewitz GmbH, MAHLE GmbH,
Mitsubishi Heavy Industries Ltd., Niitsu Turbo Industries M Sdn.
Bhd., Toyota Industries Corp., and WESTINGHOUSE AIR BRAKE
TECHNOLOGIES CORP..
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Industrial
Turbocharger Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.33%
|
Market growth
2024-2028
|
USD 773.4
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.18
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 55%
|
Key
countries
|
China, US, Japan,
Germany, and UK
|
Key companies
profiled
|
ABB Ltd., BMTS
Technology GmbH and Co. KG, BorgWarner Inc., Cardone Industries
Inc., Caterpillar Inc., Comp Turbo Technology Inc., Continental AG,
Cummins Inc., Eaton Corp. Plc, Hitachi Ltd., Honeywell
International Inc., IHI Corp., Keyyang Precision Co. LTD., Komatsu
Ltd., Kompressorenbau Bannewitz GmbH, MAHLE GmbH, Mitsubishi Heavy
Industries Ltd., Niitsu Turbo Industries M Sdn. Bhd., Toyota
Industries Corp., and WESTINGHOUSE AIR BRAKE TECHNOLOGIES
CORP.
|
Market Driver
Additive manufacturing (AM), specifically selective laser
melting (SLM), is revolutionizing the industrial turbocharger
market. This advanced technique allows for the creation of complex
shapes with minimal material waste, reducing the need for large
inventories and leading to cost savings. SLM's ability to produce
net shape or near-net shape components on demand offers design
freedom and flexible processing, making it an attractive option for
turbocharger manufacturers. However, high costs currently hinder
widespread adoption. Yet, the declining average price of metal AM
machines is expected to drive growth in this market, as more
companies adopt this technology for the manufacturing of industrial
turbochargers.
The Industrial Turbocharger Market is experiencing significant
growth due to increasing industrialization and urbanization. Fuel
types, including electricity, fuels, and biofuels, are driving the
demand for more efficient engines. In the automotive sector,
turbochargers are becoming standard in passenger cars and
commercial vehicles to improve engine performance and reduce CO2
emissions. The aviation and locomotive industries also use
turbochargers to enhance mechanical power and fuel economy.
Electric vehicles are adopting turbochargers to utilize waste
exhaust power. The WLTP emissions test and van segment are key
focus areas for turbocharger manufacturers. A turbocharger
functions by compressing air and forcing it into the engine
cylinder, increasing the combustion process's efficiency. The pair
of fans in a turbocharger, the turbine and compressor, use oxygen
molecules from exhaust gases to generate mechanical power.
Turbochargers provide weight saving benefits and improved fuel
economy, making them an essential component for various
industries.
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Market Challenges
- The industrial turbocharger market faces a significant
challenge from counterfeit products, which infringe on the
intellectual property rights of key vendors. Since the financial
crisis of 2008, the demand for counterfeit goods has grown due to
improved internet access in developing and under-developed
countries, such as China.
Counterfeit industrial turbochargers are labeled and marketed under
established brand names at discounted prices. These products can
lead to machinery breakdowns and even human casualties. The
presence of counterfeit goods in the market negatively impacts
end-users and damages the brand value and reputation of leading
vendors. Vendors face losses in goodwill, sales, and trademark
dilution, as well as the costs of protecting and enforcing IP
rights. The ease of access to counterfeit goods will hinder the
growth of the global industrial turbocharger market during the
forecast period.
- The Industrial Turbocharger Market faces several challenges in
various sectors. In the Automotive segment, meeting stringent
emission norms and regulations is a major concern for Gasoline
turbochargers in passenger cars and Diesel vehicles. Hybrid
vehicles, electrification, and battery-powered systems are changing
the game, impacting the demand for traditional turbochargers.
Performance expectations remain high, especially for
High-performance vehicles and Light-duty vehicles. In
non-automotive industries like Marine, Power generation, Mining,
and Farming equipment, turbochargers for Diesel engines continue to
dominate. Emissions regulations and emission limits are driving the
development process towards cleaner and more efficient solutions,
such as Electric turbochargers. Maintenance cost and product life
are crucial factors in these industries. Simulation, big data, and
cloud computing are essential tools in overcoming these challenges,
optimizing performance, and improving efficiency. Cast iron
components in the combustion chamber of Internal Combustion Engines
are under scrutiny due to their impact on emissions. Trucks,
especially Pick-up trucks, are another significant market for
turbochargers. Overall, the market must adapt to changing
technologies and regulations while maintaining performance and
cost-effectiveness.
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Segment Overview
This industrial turbocharger market report extensively covers
market segmentation by
- End-user
- 1.1 Mining and construction equipment
- 1.2 Agriculture equipment
- 1.3 Oil and Gas Industry
- 1.4 Power Industry
- 1.5 Marine Industry
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Mining and construction equipment- The
industrial turbocharger market is experiencing significant growth
due to increasing demand for energy efficiency and reduced
emissions in various industries. Key sectors, such as automotive
and power generation, are major contributors to this market's
expansion. Turbochargers enhance engine performance by forcing more
air into the engine cylinders, resulting in increased power output
and fuel efficiency. Manufacturers are focusing on developing
advanced technologies, such as variable geometry turbochargers and
twin-scroll turbochargers, to cater to this growing demand. The
market is expected to continue its upward trend in the coming
years.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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continuous improvements in fuel efficiency and emissions
control.
Research Analysis
The Industrial Turbocharger market refers to the business sector
focused on manufacturing and supplying turbochargers for various
industries. A turbocharger is a mechanical device that uses the
energy from waste exhaust gases to drive a pair of fans, one acting
as a turbine and the other as a compressor. This process forces
more air into the engine, increasing the combustion process and
enhancing engine performance. Turbochargers are commonly used in
high-performance vehicles, including diesel and gasoline engines in
light-duty vehicles, as well as in heavy-duty applications such as
agriculture, aircraft, locomotives, and marine vessels. The use of
turbochargers helps improve efficiency, reduce fuel consumption,
and lower CO2 emissions. Stringent emission norms have led to the
increasing adoption of electric turbochargers, which can provide
better response and lower emissions compared to traditional
turbochargers. The market also includes the development of
turbochargers for electric vehicles and vehicle hybridization, as
well as the use of turbochargers in the production of electricity
from various fuels.
Market Research Overview
The Industrial Turbocharger Market refers to the business sector
focused on manufacturing, supplying, and installing turbochargers
for various industries. A turbocharger is a mechanical device that
uses the waste exhaust power of an engine to compress air,
increasing the engine's efficiency and mechanical power output. The
device consists of a turbine and a compressor, connected by a
common shaft. The turbine is driven by the exhaust gases, while the
compressor compresses air and delivers it to the engine's
combustion chamber. Oxygen molecules in the air mix with fuel
during the combustion process, resulting in increased power and
reduced fuel consumption. Turbochargers are used in various
industries, including automotive, marine, power generation, mining,
agriculture, and railways, among others. The market is driven by
factors such as emission regulations, fuel economy, weight saving
benefits, and the development of high-performance engines. The
automotive segment, including gasoline, diesel, and electric
vehicles, is a significant contributor to the market's growth. The
increasing trend towards vehicle hybridization and electrification,
stringent emission norms, and the growing demand for performance in
various industries are also key factors driving the market. The
development process of turbochargers involves simulation, big data,
and cloud computing to optimize performance and reduce costs.
Turbochargers are used in various applications, including internal
combustion engines, electric motors, and battery-powered systems.
The market's growth is also influenced by the increasing
urbanization and industrialization, the growing demand for cleaner
and more efficient energy sources, and the need to reduce CO2
emissions. The maintenance cost and product life are critical
factors affecting the market's growth. Overall, the Industrial
Turbocharger Market is expected to continue growing due to the
increasing demand for high-performance engines and the need to
reduce emissions in various industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Mining And Construction Equipment
- Agriculture Equipment
- Oil And Gas Industry
- Power Industry
- Marine Industry
- Distribution Channel
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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technologies, spanning across 50 countries. Their client base
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
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Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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