The industrial turbocharger market size is expected to grow by USD 773.4 million during 2024-2028. Strict emission regulations will accelerate market development, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ — The size of the global industrial turbocharger market is estimated to grow $773.4 million According to Technavio in the years 2024–2028. The market is estimated to grow at a CAGR of almost 3.33% during the forecast period. Stringent emission regulations are driving market growth, with the trend towards increasing use of additive manufacturing. However, the ready 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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Key market trends driving growth

Additive manufacturing (AM), in particular selective laser melting (SLM), is revolutionizing the industrial turbocharger market. In this process, objects are built layer by layer, enabling the creation of complex shapes and reducing the need for inventory. The use of SLM in turbocharger production leads to cost savings, design freedom and on-site production. Despite high costs, the falling average price of AM metal machines will increase their popularity, driving market growth.

The industrial turbocharger market is experiencing significant growth, especially in sectors such as automotive and heavy industry. The use of vehicles and equipment requiring greater power and efficiency is driving demand for turbochargers. The key elements of these devices are compressors and engines. Locomotives, engines and vehicles are common applications.

The market is also influenced by the trend towards cleaner and more efficient energy sources. Vehlus, Electric and Vehicles are some of the sectors showing increased interest. Compressors and engines require regular maintenance, and companies invest in research and development to improve their efficiency and durability. The turbocharger market is expected to continue to grow in the coming years.

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Market challenges

• The global industrial turbocharger market is challenged by counterfeit products that infringe intellectual property rights and negatively impact key suppliers. Since the 2008 financial crisis, demand for these imitations has increased due to improved Internet access in countries such as China. Counterfeits lead to loss of sales, goodwill and brand reputation, as well as intellectual property protection costs. These products, marked as recognized brands, can cause machine failures and human casualties. End users are affected and the supplier’s brand value will suffer. Easy availability of the market hampers the growth of the market during the forecast period.
• The industrial turbocharger market faces several challenges. Diesel engines are an important application, but their implementation requires compliance with regulations such as emissions standards.
• Cost-effective production is crucial to maintaining competitiveness. The complexity of turbocharger systems requires advanced technology and skilled labor. Additionally, the market is seeing increasing competition from alternative drive systems such as electric vehicles. Regulations, technology and competition are the key challenges shaping the industrial turbocharger market landscape.

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Segment overview

1. End user

• 1.1 Mining and construction equipment
• 1.2 Agricultural equipment
• 1.3 Oil and gas industry
• 1.4 Energy
• 1.5 Maritime industry

Distribution channel

Geography

• 3.1 Asia and the Pacific
• 3.2 North America
• 3.3 Europe
• 3.4 Near East AND Africa
• 3.5 South America

1.1 Mining and construction equipment- The industrial turbocharger market is characterized by continuous growth due to the increasing demand for energy efficiency and productivity in various industries. Key players include Honeywell International, Mitsubishi Heavy Industries and Garrett’s move. These companies supply turbochargers for applications in the automotive, aerospace and industrial sectors. Market expansion is driven by factors such as stringent emission standards and rising fuel prices. Turbochargers improve engine performance, improve fuel economy and reduce greenhouse gas emissions.

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Research analysis

The industrial turbocharger market includes the production and distribution of turbocharging systems for high-performance vehicles, including light-duty diesel and gasoline models. These systems use a pair of fans, a turbine and a compressor to force more air into the engine, improving combustion and increasing fuel economy. The exhaust gas power is used to drive a turbine, reducing dependence on fuels such as diesel and gasoline.

Thanks to stringent emission standards, vehicle hybridization and the emergence of electric turbochargers, the market is experiencing significant growth. Applications extend beyond cars and include agriculture, aircraft and locomotives, helping to reduce CO2 emissions and improve engine efficiency. Electric vehicles also use turbocharging technology to increase their power output.

Market research review

The industrial turbocharger market includes the manufacturing, supply and installation of turbine-driven forced induction systems used in industrial applications. These systems improve engine performance by increasing air intake and reducing emissions. The market is driven by factors such as stringent emission standards, rising demand for energy efficiency and growing trend towards sustainable industrial processes.

Compressors and turbines are the basic elements of industrial turbochargers, and their production uses materials such as steel, nickel and titanium. The market is segmented based on application, industry and region. Applications include stationary power generation, marine, oil and gas and others. Industries include automotive, heavy machinery and others. Regions include North America, Europe, Asia and the Pacificand the rest of the world. This market is expected to grow significantly due to the increasing demand for energy efficiency and the need to reduce emissions in various industries.

Innovations in vehicle emissions technology are transforming light vehicles, from gasoline-powered passenger cars to their diesel and electric counterparts. State-of-the-art solutions, including hybrid electric marine propulsion engines and industrial turbochargers, increase efficiency and reduce greenhouse gas emissions. These advances, combined with sustainable electricity sources, are shaping the future of environmentally friendly transportation.

Contents:

1 Summary
2 Market landscape
3 Market size
4 Historical market size
5 Five Forces Analysis
6 Market segmentation

• End user
• Mining and Construction Equipment
• Agricultural equipment
• Oil and gas industry
• Energy industry
• Maritime industry
• Distribution channel
• Geography
• APAC
• North America
• Europe
• Middle East and Africa
• South America

7 Customer landscape
8 Geographic landscape
9 Factors, challenges and trends
10 Company landscape
11 Company analysis
12 Annex

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SOURCE Technavio