A device used in boosting an engine’s power yieldis termed as a turbocharger. A turbocharger compresses the air flow into the engine thus allowing more air flow into cylinder. With increase in fuel addition, the power output of engine per stroke increases as well. Additional features of turbocharger include machine efficiency, high weight to power ratio, reduction in engine weight and increased power output. As per study, it is estimated that turbochargers are capable of increasing the functioning capacity of the engine up to four times thus contributing to almost 75% of engine power. Speed, structural load and temperature are considered to be key factors that influencethe performance of turbochargers. With technological advancement at its peak, turbochargers seem to gain popularity which in turn is expected to propel the Industrial turbochargers market through the forecast period.
The Industrial turbochargermarket is expected to grow at a CAGR of6.2% through the forecast period with current valuation at $7.5 bn in 2016. Rapid industrialization along with increasing global population is expected to increase the demand for energy conservation especially in emerging economies of developing countries. Although fossil fuels continue to dominate over renewable energy sources, rapid energy consumption on a global basis is likely to result in depletion of them in the upcoming years. Stringent government policies for regulated usage of energy across global industries seem to augment the adoption of technologies such as turbocharging for cost effective and efficient functioning of the machines. The usage of turbochargers over varied segments of industry is expected to propel the market significantly through the forecast period. With the growth in the technological advancements, a 2nd generation two-way turbocharger is going to be introduced in the marine industry in the coming years. They specialize in reduction of required energy for compressing high-air pressure thus reducing the level of workforce. Apart from offering fuel efficiency, two-stage turbochargers are indulged in providing increased power output, reduction in Nox emissions and reduction in engine size as well.
Industrial Turbocharger market can be segmented based onits widespread applications over end user segments such as Marine, Agricultural equipment,Power, Oil & gas and Mining & construction. Turbochargers used in field tractors are involved in generating huge power without increasing engine size which is likely to augment the global market as well. As per study, mining and construction segment accounts for almost 43% of the total market share which includes use of powerful and heavy duty machines such as cranes, excavators and demolition grapples which are hugely dependent on industrial turbochargers for enhancing engine power output. Additionally, continuous development in infrastructure activities across major countries of the globe along with increasing demand from food & beverages, automotive and pharmaceuticals industries is likely to fuel the Industrial turbochargers market through the forecast period.
North America,being a developed economy, stands out to be a leader in the global Industrial turbochargers market with its current penetration in technological innovation for providing machine efficient power output and cost effective progression. Europe, alongwith North America is expected to experience a steep rise in the industrial turbochargers market owing to their huge market size. However, Asia Pacific region is likely to experience high growth rate pertaining to the increased demand of iron and steel from construction, chemicals, electrical utilities and agriculture thus leading to growth of mining industry. Moreover, increasing investments in gas and oil exploration activities from national organizations in APAC region is likely to trigger construction of refineries thus enhancing the requirement of turbocharged construction equipment significantly.
Some of the major players involved in Industrial turbochargers market are Honeywell, Mitsubishi Heavy Industries, Cummins, Precision Turbo and Engine, HS Turbochargers, Napier Turbochargers, Marine Turbo Engineering Ltd., BorgWarner, Man Diesel Turbo and ABB among others.