Turbocharger Market Share

Turbocharger Market Share Analysis

The marine industry is experiencing a surge in investments, primarily driven by extensive research and development efforts aimed at fostering the development of environmentally friendly technologies for diesel turbochargers. This trend is notably evident in both developing nations such as India, Bangladesh, and Indonesia, as well as developed countries like the United States, Germany, and the United Kingdom. The global recognition of the strategic importance of constructing and maintaining robust ships equipped with the latest technologies is a key factor contributing to the growth of the industrial diesel turbochargers market.
According to data from the Organisation for Economic Co-Operation and Development (OECD), the year 2018 witnessed a remarkable 70% increase in shipbuilding contracts compared to the previous year, with significant contracts concentrated in countries within the Asia-Pacific region. Notably, China claimed a substantial 35% share, followed by Japan and South Korea with shares of 31% and 20%, respectively, of the total number of contracts. This surge in shipbuilding activity in Asia-Pacific, particularly in China, has had a cascading effect on the production of industrial diesel turbochargers, reflecting the region's dominance in both shipbuilding and related technologies. China alone accounted for USD 18 billion in the shipbuilding market, while South Korea contributed USD 16 billion in 2017.

The International Marine Organisation (IMO), a part of the United Nations, introduced new regulations in 2018 with the goal of achieving a 50% reduction in carbon emissions to safeguard the environment. This initiative aligns with global efforts toward decarbonization, prompting countries worldwide to make significant investments in research and development. Within the marine industry, these investments extend to marine engines, of which diesel turbochargers form an integral part. As a result, the heightened focus on developing and utilizing energy-efficient components in ships is expected to be a driving force behind the growth of the global industrial diesel turbochargers market in the forecast period.

The imperative for environmentally sustainable practices, coupled with the push for cutting-edge technologies in the marine sector, underscores the pivotal role of diesel turbochargers in this evolving landscape. The investments in research and development not only contribute to the growth of the industrial diesel turbochargers market but also align with broader global initiatives for a cleaner and more sustainable future. As the marine industry continues to embrace advancements and efficiency-driven technologies, the forecast for the industrial diesel turbochargers market remains optimistic, propelled by the increasing emphasis on environmental stewardship and technological innovation in shipbuilding.