The global marine turbocharger market size is expected to grow substantially over the next few years. The growth will be primarily driven by the increasing seaborne trade activities and the subsequent rise in the production of commercial and recreational ships. In addition, increasing investments the military & defense sector will boost the production of military ships, creating a robust demand for marine turbochargers and other marine components.

Based on the operation, the industry is bifurcated into axial and radial. The demand for axial turbochargers is expected to rise at a CAGR of 9.4% through 2026. The radial turbochargers segment, on the other hand, had captured a massive 95% revenue share of the marine turbochargers industry in 2019 and it will continue to dominate the market in the forthcoming years.

In terms of the technology, marine turbochargers can be classified into single turbo, twin turbo, variable geometry turbo, and electro-assist turbo. Back in 2019, the single turbo segment held about 67% of the market share and it will continue to gain traction in the future. The demand for twin turbochargers is estimated to grow at a CAGR of 9.3% over the forecast timeframe.

Electro-assist turbo segment accounted for around 9% revenue share of the global marine turbochargers market in 2019 and it will witness notable growth over the coming years. Meanwhile, variable geometry turbochargers are increasingly gaining momentum and they are poised to witness a significant adoption in the near future.

Turbines, compressors, and central shaft are among the major components of a marine turbocharger, among others. The others segment is expected to record a 4.9% CAGR up to 2026. Central shaft is a key component of marine turbochargers and it will witness an increasing demand in the forthcoming years, with an upsurge in ship production globally.

The demand for compressors is expected to rise at a CAGR of 8.1% up to 2026. Meanwhile, the turbine segment, which accounted for a 30% industry share in 2019, is likely to grow substantially over the coming years as well.

Based on the applications, the industry is segmented into military, commercial, and recreational boats. The demand for marine turbochargers in military applications will increase at a CAGR of 14.8% over 2020-2026. The commercial application segment is poised to exhibit a 9.3% CAGR through the same period. The segment includes bulk carriers, cargo ships, containers ships, tugboats, offshore vessels, and oil & chemical tankers.

Recreational boat applications had dominated the global marine turbochargers market with a revenue share of 95% in 2019 and will continue to show similar trends in the future. From a regional perspective, the demand for marine turbochargers in North America is expected to grow at a 7.5% CAGR over 2020-2026.

Europe had captured around 28% revenue share of the marine turbochargers industry in 2019 and will continue to hold a fair share of the market in the coming years. On the other hand, the market share in Asia Pacific is slated to record a CAGR of about 8.7% through 2026.

Latin America had accounted for an industry share of around 2% in 2019 and the regional market is anticipated to expand at a CAGR of 7.4% up to 2026. The marine turbochargers industry in the Middle East and Africa will witness substantial growth in the future, driven by increasing application in recreational boats.