Off-Highway Turbocharger Market is Forecasted to Reach US$3.2 Billion in 2030, Says Stratview Research

Stratview Research, a global market research firm has launched a report on the global off-highway turbocharger market which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics

Market Size in 2023: US$2.5 billion

Market Size in 2030: US$3.2 billion

Growth (CAGR): 2.8% during 2024-2030

Cumulative Sales Opportunity 2024 to 2030: 20.94 billion

Leading End-Use Industry Type: Marine

Leading Mode of Operation Type: Radial Turbochargers

Leading Technology Type: Single Turbo

Leading Engine Type: Low- & Medium-Speed Engine

Leading Sales Type: Services

Leading Region: Asia-Pacific

Forecast Period: 2024-2030

Trend Period: 2018-2022

Base Year: 2023

Number of Segments Covered: 7

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Off-Highway Turbocharger Market:

The global off-highway turbocharger market is segmented based on End-Use Industry type, Mode of Operation type, Technology type, Engine type, Sales type, and Region.

Based on Technology Type –

The market is segmented into single turbo, twin-turbo, electro-assist turbo, and variable geometry turbo. A single turbo takes up much less space than a twin-turbo and cools better. The single turbo itself, as well as its installation, is more cost-efficient. As opposed to twin-turbo, it produces a maximum boost at higher RPM (revolutions per minute). A single turbo is preferably used in powerboats and cruise applications. Two-stroke engines are more often used for low-speed engines, especially in marine applications. Electric assist turbo is mainly used in low-speed engines, and it helps in reducing emissions and noise coming from engines.

Based on the Engine Type –

The market is segmented into low- & medium-speed engines and high-speed engines. Low & medium-speed engines are the major market category in marine, whereas high-speed engines are preferred in the energy category. Low-speed engine is preferred in commercial ships, especially merchant ships with single engine sizes of 8-80 MW. The medium-speed engine is preferred for coastal and inland vessels, offshore vessels, ferries, and cruise ships (2-20 MW single engine size).

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia-Pacific is expected to remain the largest market for off-highway turbochargers during the forecast period. Asia-Pacific to hold its unassailable lead by 2030. Increasing presence of all major turbocharger manufacturers for both products and services. Huge commercial shipbuilding in three countries (China, South Korea, and Japan). Asia-Pacific is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions by 2050. Key players in the region are Mitsubishi Heavy Industries, BorgWarner Turbo Systems, Cummins Inc., Acelleron (ABB), and MAN Energy Solutions.

Off-Highway Turbocharger Market Drivers:

Some of the key drivers listed in the report are given below.

-         The marine industry has undergone significant transformation in recent decades, driven by key imperatives such as achieving net-zero emissions, improving fuel efficiency, adopting alternative fuels, and extending vessel lifespan.

-         A notable surge in demand occurred in 2023, primarily propelled by heightened activity in the merchant marine and gas compression sectors. This upswing is expected to continue through the first half of 2024, with a gradual normalization anticipated in the latter half of the year.

Top Companies in the Off-Highway Turbocharger Market:

The global market for Off-Highway Turbocharger is highly concentrated, with the top four companies capturing a lion’s share. Apart from technological expertise and financial capabilities, the growth of companies is directly dependent on government support and overall industry conditions. Stratview Research has identified the following companies as the top market players:

-         Accelleron (ABB LTD.)

-         Mitsubishi Heavy Industries Engine & Turbocharger, Ltd.

-         Cummins Inc.

-         MAN Energy Solutions SE

-         MTU Friedrichshafen GmbH

-         Wabtech Corporation

-         Kompressorenbau Bannewitz GmbH

-         BorgWarner Turbo Systems GmbH

Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the off-highway turbocharger market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

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Related Reports:

-      Marine Turbocharger Market

-      Automotive Fastener Market

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