Pune, April 28, 2021 (GLOBE NEWSWIRE) -- Industrial Diesel Turbocharger Market Analysis
Market Research Future (MRFR) predicts the global industrial diesel turbocharger market to hit USD 5,892.3 million at an 8.72% CAGR from 2020 to 2027 (forecast period).
The demand for industrial diesel turbochargers is expected to grow significantly during the forecast period. Rising usages of diesel turbochargers in marine, agricultural equipment, power generation, construction equipment, railways, mining equipment, and other applications drive market demand. Furthermore, the growing demand for machine safety and operation enhancement has an effect on the size of the industrial diesel turbocharger market.
Emerging markets around the world are expected to present untapped opportunities for pneumatic component uses. The Asia Pacific has emerged as a major manufacturing center for marine, agriculture, and construction equipment over the last decade. Many major corporations are establishing high-volume manufacturing facilities in the region. Furthermore, substantial demand for industrial diesel turbochargers from the power generation and railway sectors in developing countries will provide global firms with massive, lucrative opportunities in the near future.
There are many small components and devices used in industrial diesel turbochargers. Price fluctuations and the demand-supply gap in various main components are major factors limiting the market growth. Furthermore, high maintenance and operating costs are posing significant challenges to business development. Furthermore, industrial diesel turbocharger technology is quite pricey, which often raises the overall market price. As a result, high costs are regarded as a major factor that is expected to hinder business growth.
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COVID-19 Impact on the Global Industrial Diesel Turbocharger Market
The COVID-19 outbreak had a major effect on the industrial diesel turbocharger industry, resulting in the closure of many manufacturing facilities around the world. End-use industries such as marine, power generation, agricultural equipment, construction equipment, railways, mining equipment, and others experienced major sales losses as a result of the pandemic.
The coronavirus lockdown slowed the development of many main components in the global market, rising prices and decreasing demand for the product. Government-imposed strict lockdown mandates have limited cross-border trade between countries, another factor proving detrimental to the industrial diesel turbocharger market share.
However, the industrial diesel turbocharger industry is quickly returning to normal, owing primarily to the increased use of industrial diesel turbochargers in the burgeoning agricultural and construction equipment sectors. The market for industrial diesel turbochargers is expected to increase dramatically as businesses aim to reengineer supply chains in the aftermath of COVID-19.
Market Segmentation
The global industrial diesel turbocharger market has been segmented on the basis of sales channels and end-user.
By sales channel, the global industrial diesel turbocharger market has been segmented into OEM and aftermarket. The OEM segment commands the lion's share of the market. With a valuation of USD 2,192.1 million in 2019, the segment accounted for 72.11% of the market in 2019. During the assessment period, the OEM segment is projected to rise at an 8.96% CAGR.
By end-user, the global industrial diesel turbocharger market has been segmented into marine, power generation, agricultural equipment, construction equipment, railways, mining equipment, others. The marine segment accounts for the bulk of the market share. The segment held a 22.60% market share in 2019, with a market value of USD 687.0 million. During the assessment period, the marine segment is expected to expand at an 8.98% CAGR.
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Regional Analysis
By region, the global industrial diesel turbocharger market has been bifurcated into North America, South America, Europe, Asia Pacific, and Rest-of-the-World.
During the assessment period, the Asia Pacific region is expected to remain a particularly attractive market for industrial diesel turbochargers. Rapid growth in industries like marine, railways, power, and construction boosts the region's industrial diesel turbocharger market share.
India, Singapore, China, South Korea, and Thailand are the region's top revenue contributors to the industrial diesel turbocharger industry. The marine industry in this area is expanding as a result of increased seaborne trade in several countries, including China, South Korea, and India, which drives the demand for industrial diesel turbochargers.
Competitive Landscape
The industrial diesel turbocharger market remains fragmented and highly competitive, with many well-established players creating a competitive landscape. Strategic alliances, mergers and acquisitions, innovation, and expansion continue to be prevalent key trends for industrial diesel turbocharger manufacturers, as these strategic steps support their growth and expansion plans. They have dependable, cutting-edge products and services. As a result, they invest extensively in R&D to develop cutting-edge technology and a diverse product portfolio.
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Key Players
Volkswagen AG, Mitsubishi Heavy Industries, Ltd, ABB, Rolls-Royce plc, Toyota Motor Corporation, Cummins Inc, Napier Turbochargers Ltd, Turbo Service International BV, BorgWarner Inc, and Kompressorenbau Bannewitz GmbH are some of the affluent competitors holding sizeable industrial diesel turbocharger market share.
Industry News
Jan. 26, 2021 – Cummins Inc., a global leader in technology and power solutions, provided a 20-megawatt PEM electrolyzer system to produce green hydrogen. The Cummins electrolyzer system is installed at the Air Liquide hydrogen production facility in Quebec and was operational in late 2020.
Jan. 21, 2021 – Mitsubishi Heavy Industries Engine & Turbocharger (MHIET) and Japan's National Institute of Advanced Industrial Science & Technology (AIST) confirmed the completion of testing of a hydrogen engine to define the conditions needed to achieve stable combustion of 100% hydrogen without emitting CO2. MHIET stated that the joint research with AIST started in fiscal 2019 in order to improve its efforts to build a hydrogen engine based on its current diesel and gas engines.
Sep. 03, 2020 – Motor-Services Hugo Stamp, Inc. (MSHS), a supplier of diesel engine products and services, has completed the acquisition of TurboUSA, Inc., a provider of turbocharger maintenance and repair services. The acquisition is part of the company's investment plan to drive the company's continued growth as well as the ways in which it serves the marine and industrial markets.
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