Market Scenario
Global Aircraft and Marine Turbochargers Market are projected to reach USD 348.74 Million by 2026, registering a CAGR of 2.6% between 2019 and 2026. A turbocharger or turbo is a turbine-driven forced induction device, which increases an internal combustion engine's efficiency and power output by forcing extra air into the combustion chamber.
Market Synopsis
The Global Aircraft and Marine Turbochargers Market have registered high growth over the past few years owing to the increasing demand for new aircraft and growth in maritime tourism. However, the complex design of aircraft turbochargers is expected to restrain the market growth to some extent during the forecast period.
Market USP
Increasing need to improve engine performance and efficiency.
Market Drivers
- Increasing Demand for New Aircraft: There has been an increase in air passenger traffic from the last few years in developing countries such as India, China, and Brazil. Therefore, to cater to the rising number of passengers, there has been a corresponding increase in the demand for new aircraft. Moreover, turbochargers are an integral part of the aircraft turboprop and piston engines. Thus, it is expected to drive the market growth with increasing demand for new aircraft.
- Growth in Maritime Tourism
Market Opportunities
- Growing Demand for Lightweight Aircraft Engines
- Adoption of 3d Printing for Aircraft Turbocharger Manufacturing
Segmentation
By Platform
- Aircraft: The segment is expected to register a steady growth rate during the forecast period. Increasing demand for small aircraft for personal and domestic use is expected to drive the growth of this segment during the forecast period 2019 to 2026.
- UAV: The segment is expected to record the highest growth during the forecast period from 2019 to 2026. The increasing use of UAVs for surveillance, border patrol, intelligence, reconnaissance, missile detection, and satellite communications by the military agencies and for commercial applications globally is driving the growth of this segment.
- Marine: The segment accounted for the largest market share in 2019. The increasing seaborne global trade and maritime tourism are expected to increase the demand for new ships, which is expected to boost the demand for high-performance turbochargers during the forecast period.
By Technology
- Single Turbo: The segment accounted for the largest market share in 2019 and is expected to record the highest growth rate during the forecast period from 2019 to 2026. The single turbo units are largely used in aircraft, UVs, and marine engines. This is expected to drive the growth of this segment.
- Twin Turbo: The segment is expected to record high growth during the forecast period from 2019 to 2026. The increasing demand for twin turbo for small jets is expected to drive the growth of this segment.
By Region
- North America: North America dominates the aircraft and marine turbochargers market. This trend is projected to continue during the forecast period due to the presence of prominent players such as Cummins, General Electric, Textron Inc., and Continental Motors Group, and the high investments made by them in the development of aircraft and marine turbochargers.
- Europe: The increasing adoption of UAVs by the military forces for tactical missions is expected to drive the growth of the European market in the review period.
- Asia-Pacific: The market in this region is projected to exhibit a high CAGR during the forecast period. The increasing demand for new aircraft and increasing defense expenditures in countries such as India and China are expected to drive market growth.
- Middle East & Africa: The increase in defense expenditures by countries such as Saudi Arabia, the UAE, and Israel is driving the market growth in the Middle East & Africa.
- Latin America: In Latin America, there has been an increase in the use of UAVs for intelligence gathering on drug trafficking and rebel groups, deforestation monitoring, and control of illegal migration, which is expected to drive the market growth.
Key Players:
- ABB (Switzerland)
- Cummins (US)
- General Electric (US)
- Hartzell Engine Technologies (US)
- Kawasaki Heavy Industries (Japan)
- Main Turbo Systems (US)
- Mitsubishi Heavy Industries (Japan)
- PBS Velka Bites (The Czech Republic)
- Rolls-Royce (UK)
- Textron Inc. (US)
Other Prominent Players:
- Continental Motors Group (US)
- Jrone Turbocharger (China)
- Lycoming Engines (US)
- Man Energy Solutions (Germany)
Frequently Asked Questions (FAQ) :
From 2019 to 2026, Aircraft and Marine Turbochargers Market growth rate can be 2.6%.
Aircraft and Marine Turbochargers Market value by 2026 can be USD 348.74 Million.
The top growth boosters in the market include increasing demand for new aircraft and growth in maritime tourism.
Growing demand for lightweight aircraft engines along with the rising adoption of 3d printing to manufacture aircraft turbochargers are some of the lucrative opportunities in the market.
Marine is the platform-based market segment that can take the leading position.
