(Aviation-NewsWire.Com, June 05, 2020 ) The Aircraft and Marine Turbochargers Market is projected to grow from $270 million in 2018 to $290 million by 2023, at a Compound Annual Growth Rate (CAGR) of 1.41% from 2018 to 2023. The rising demand for fuel-efficient aircraft engines, increasing number of aircraft deliveries, rising demand for light jets from countries such as the US, the UK, China, India, and Japan, and flourishing maritime tourism industry across the globe are leading to the growth of the aircraft and marine turbochargers market.
Based on component, the compressor segment is projected to be the largest contributor to the aircraft and marine turbochargers market during the forecast period.
Based on component, the compressor segment is projected to lead the aircraft and marine turbochargers market during the forecast period. Compressor wheels, which are commonly made of aluminum alloys, are the common component used in turbos. However, some commercial diesel and performance racing applications of aircraft and marine turbochargers have started using titanium wheels machined on 5-axes mills. Though these wheels are extremely expensive, they do tend to avert premature failures of turbocharger components witnessed in high boost applications in aircraft and ships.
Based on platform, the ultralight (turboprop) aircraft segment is projected to lead the aircraft and marine turbochargers market from 2018 to 2023.
In ultralight (turboprop) aircraft, turboprop engines are used. These engines are the advanced version of the traditional jet engines, wherein engine inlets are equipped with propellers. These propellers are rotated at high speed using power produced by engines, which is transferred to gearboxes. The use of turboprop engines is limited to applications, wherein aircraft operates at low speeds because of the huge size of propellers. These engines are used mainly in general aviation applications. The market for turboprop engines is projected to grow during the forecast period as they are more fuel-efficient than traditional jet engines.
The European region is projected to lead the aircraft and marine turbochargers market during the forecast period.
The European region is estimated to account for the largest share of the aircraft and marine turbochargers market in 2018. The growth of the Europe aircraft and marine turbochargers market can be attributed to the presence of a large number of turbocharger manufacturers in the region that include PBS Velka Bites (the Czech Republic), Rolls-Royce (UK), and ABB (Switzerland), among others. Moreover, the stringent implementation of various emission norms in countries such as Germany, the UK, and France of the region is also leading to the increased demand for fuel-efficient engines, which, in turn, is contributing to the growth of the aircraft and marine turbochargers market in the European region.
Key Market Players
The major vendors in the aircraft and marine turbochargers market are Hartzell Engine Technologies (US), PBS Velka Bites (the Czech Republic), Rolls-Royce (UK), Mitsubishi Heavy Industries (Japan), Main Turbo Systems (US), ABB (Switzerland), Cummins (US), Kawasaki Heavy Industries (Japan), and MAN Energy Solutions (Germany).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: