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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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 

1. 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
2. Distribution Channel
   • 2.1 OEM
   • 2.2 Aftermarket
3. 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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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
• • OEM
  • Aftermarket
• 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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 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.

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SOURCE Technavio