Latest News- Industrial Turbocharger Market: Mining and construction equipment is expected to lead the End-user segment during 2024-2028

The Industrial Turbocharger Market is being driven by Stringent emission regulations

The Industrial Turbocharger Market is expected to grow at a CAGR of 3.33% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 773.4 million. Additive manufacturing (AM), specifically Selective Laser Melting (SLM), is revolutionizing the industrial turbocharger market by enabling the production of intricate, net shape or near-net shape components. This advanced technology contrasts traditional manufacturing methods such as casting by adding material layer by layer, resulting in complex geometries that are challenging to achieve via conventional techniques. SLM's significance in turbocharger manufacturing lies in its ability to create high-performance, lightweight components with enhanced durability and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Mining and construction equipment
  • Agriculture equipment
  • Oil and Gas Industry
  • Power Industry
  • Marine Industry
• Distribution Channel
  • OEM
  • Aftermarket
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Stringent emission regulations
• Mechanization of agriculture and growth in agriculture machinery market
• Benefits of industrial turbochargers over aspirated engines

However, the market also witnesses some limitations, which are as follows:

• Easy availability of counterfeit industrial turbochargers
• High maintenance costs associated with turbochargers
• Operational issues in industrial turbochargers

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Market Scope in Industrial Turbocharger Market Research Report

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Research Analysis Overview

The Industrial Turbocharger Market is witnessing significant growth due to the increasing demand for improved engine performance and reduced vehicular emissions in various industries, including electric vehicles, locomotives, aircraft, agriculture, and fuel-powered vehicles. With stringent emission norms becoming more common, the market for electric turbochargers, which help in vehicle hybridization and enhancing fuel efficiency, is expected to expand. Electric turbochargers use electricity to power the compressor, reducing the dependence on engine power and improving fuel economy. They also help in reducing CO2 emissions, making them an attractive option for gasoline passenger cars and diesel vehicles. The technology is also gaining popularity in high-performance vehicles, where it helps in optimizing engine efficiency by using waste exhaust power to drive the turbocharger. A turbocharger works by compressing air and delivering it to the engine, allowing it to burn more fuel efficiently. The pair of fans, the compressor and turbine, work in tandem to increase the amount of oxygen molecules in the engine, leading to better combustion and improved engine performance. The market for industrial turbochargers is expected to continue growing as the demand for reducing emissions and improving fuel efficiency increases across various industries.

Market Research Overview

The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of machinery and components, including compressors, presses, machine tools, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by these manufacturers supplying equipment for industrial applications. Factors driving growth in this market include the increasing industrial output in process and discrete industries, particularly in developing countries, leading to capacity expansions in sectors such as energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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