Turbocharger Market Growth with Worldwide Industry Analysis to 2025
A turbocharger is essentially a device which enhances efficiency and power output of internal combustion engines. Increase in efficiency is achieved by forcing extra air into the combustion chamber. The extra air forced into the combustion chamber results in fuel addition and better combustion rate, which eventually boosts the conventional or naturally aspirated engine. A turbocharger has a compressor which is powered by a turbine. The turbine is propelled by exhaust gas from the engine.
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Enhanced power output, high power to weight ratio, improved efficiency, and reduction in engine weight are some of the key advantages provided by the turbocharger system or device. Turbochargers allow an engine to burn more fuel and air by packing it more into the existing cylinders. The typical boost provided by a turbocharger is between 6 to 8 pounds per square inch (psi).
The turbocharger market can be segmented or categorized based on fuel type, vehicle type, technology type, and by industrial applications. Turbochargers are primarily used in vehicles. Apart from vehicles, they are also used in industries such as mining, off-shore drilling, and off-highway (heavy-duty construction, agricultural). Turbochargers are also employed in the marine industry (commercial speed boats, commercial liners and hovercrafts.), and power generation applications. Thus, turbochargers are generally used wherever there is a need for internal combustion engines.
Increase in demand for high fuel efficiency engines is one of the key drivers of the turbocharger market. Demand for fuel has increased significantly in transportation. A turbocharger device increases the air intake of IC engine, thus reducing the consumption of fuel. Strengthened emission legislation across the globe has also contributed to the expansion of the turbocharger market. The use of turbochargers for convention IC engines ensures complete fuel combustion which reduces harmful emissions.
A key restraint to the turbocharger market is the rise of electric or battery-operated vehicles. BEV (battery electric vehicles) are projected to replace conventional passenger vehicles in the near future, thereby posing a significant limitation to the turbocharger market.
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The turbocharger market has better growth opportunities in the global context. North America and Europe are projected to be the leading markets for turbochargers in the near future. These regions have the highest energy consumption rate and also the largest number of vehicles per capita. Asia Pacific is also projected to hold lucrative opportunities for the turbocharger market in the near future. Asia Pacific comprises some of the rapidly growing economies such as China, India, Indonesia, and Malaysia. These countries have a large population base and thereby have higher demand for fuel. Rapid urbanization and infrastructural developments in Asia Pacific are estimated to drive the need for high fuel efficient engines supported by turbocharger units.
Furthermore, infrastructural developments in Latin America and Middle East & Africa are propelling the economies of the regions. They are anticipated to offer attractive opportunities to the turbocharger market in the near future.
The turbocharger market has several well-established players who account for significant share. Some of the key players in the turbocharger market are MAN Diesel & Turbo, BorgWarner Turbo Systems, Cummins Inc, Honeywell International Inc., Continental AG, Mitsubishi Heavy Industries, Napier Turbochargers, Rotomaster International, Turbo Power Systems, AEROCHARGER, LLC., and IHI Turbo America.