First of all, let’s find an answer for the following question:
What is driving the turbocharger market?
- Growing maritime tourism
- Increasing consumption of precious metals and minerals.
- Higher efficiency demand for large size ships
The current market size for this sector is estimated to be around 473 million euros with an expected real growth of 8% until 2026.
This trend is driven by a shift in focus towards the reduction of fuel consumption and the need to adapt to ever stricter emission levels, thus boosting demand for more efficient engines.
Covid-19’s impact and the future of the marine sector
The 2020 lockdowns, imposed to combat the Covid-19 pandemic, had negative repercussions on the research and development efforts of turbocharger makers (as it did on other sectors as well).
The strong economic recovery experienced by the most advanced economies in the world is translating into a higher demand for these types of engines.
As government restritions are being reduced, especially those that affected international travel and tourism, it is possible to forecast a considerable increase in turbocharger’s demand.
Factors driving the market
1. Need for efficiency
The higher demand for high efficiency marine engines is pushing up the turbocharger market.
Therefore, it’s important to remember the key technological elements for adjusting to current efficiency criteria.
Among the different strategies that are being implemented by the makers to meet these criteria, we can highlight the following as the most used ways for technological updating that allow for cost control.:
- Purchase of new engines
2. Precious metals and minerals’ consumption increase.
The higher demand for these materials is mainly due to the rise in the production of electronic gadgets, appliances and vehicles. This has taken the mining industry’s manufacturing capacity to the limit, leading to several shortage periods in the last year.
This has also driven maritime exploration in search for new mineral reserves, thus increasing the demand for more efficient engines equipped with turbochargers,
The marine sector sails on.