Industrial Diesel Turbocharger Market Growth Overview:
Global Industrial Diesel Turbocharger Market is projected to gain a value of USD 5,420.3 Million by 2027, at an 8.72% CAGR during the forecast period, 2020–2027.
The report covers segmentation and market dynamics for a better glimpse of the market in the coming years. A turbocharger consists of two main components, which are the turbine and the compressor. The turbine comprises a turbine wheel and turbine housing. A turbocharger features a compressor wheel and an exhaust gas turbine wheel that is coupled together by a solid shaft, which is used to boost the intake air pressure of an internal combustion engine.
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The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Mitsubishi Heavy Industries, Ltd, Volkswagen AG, ABB, Rolls-Royce plc, Cummins Inc, Toyota Motor Corporation, Napier Turbochargers Ltd, BorgWarner Inc, Turbo Service International BV, and KompressorenbauBannewitz GmbH are a few of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development as their key growth strategy in the global industrial diesel turbocharger market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their global market presence by heavily investing in product development during the forecast period.
Based on region, the report on the Global Industrial Diesel Turbocharger Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The industrial diesel turbocharger market in Asia-Pacific has grown significantly in the last two decades and is expected to grow substantially during the study period. Industries such as marine, power, railways, and construction have experienced a significant boom in countries, including India, China, South Korea, Singapore, and Thailand. Industrial diesel turbochargers are widely installed in the marine industry in this region. Rising seaborne trade in several countries in the region, such as China, South Korea, and India, drives the industrial diesel turbocharger market.
Global Market for Industrial Diesel Turbochargers has been segmented based on Sales Channel and End User.
Based on sales channel, the global market has been segmented into OEM and aftermarket. In 2019, the OEM segment accounted for the larger market share of 72.11%, with a market value of USD 2,192.1 million. It is projected to register an 8.96% CAGR during the projected timeframe.
Based on the end-user, the global market has been segmented into marine, power generation, agricultural equipment, construction equipment, railways, mining equipment, and others. In 2019, the marine segment accounted for the largest market share of 22.60%, with a market value of USD 687.0 million. It is projected to register an 8.98% CAGR over the forecast period.
Global Industrial Diesel Turbocharger Market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
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