Aircraft and Marine Turbochargers Market

Mitsubishi Heavy Industries (Japan) and ABB (Switzerland) are the Key Players In the Aircraft and Marine Turbochargers Market

The aircraft and marine turbochargers market is projected to grow from USD 270 million in 2018 to USD 290 million by 2023, at a Compound Annual Growth Rate (CAGR) of 1.41% during the forecast period from 2018 to 2023. The major factors driving the growth of the aircraft and marine turbochargers market are increasing demand for fuel-efficient aircraft engines, growing number of aircraft deliveries, rising demand for light jets from countries such as the US and the UK, and flourishing maritime tourism industry across the globe.

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). These players have adopted various growth strategies such as partnerships, agreements, and collaborations; and new product launches to expand their presence in the aircraft and marine turbochargers market. Partnerships and new product launches have been the leading strategies

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Mitsubishi focuses on building long-term strategic partnerships with leading companies in the aircraft and marine turbochargers market. This strategy has helped it develop new solutions and take them to the market at a fast rate. The company focuses on contracts and carries out extensive R&D activities. It has a wide product portfolio of aircraft and marine turbochargers. The next-generation innovations and strategic investments of Mitsubishi, coupled with its strong product portfolio are expected to lead to its robust international growth in future. For instance, in 2011, Mitsubishi and STX Metal Co. (a marine diesel engine manufacturer) entered into an agreement to manufacture MET Turbocharger (supercharger) for marine diesel engines.

ABB has a diversified business with its presence in several industries. The company has been manufacturing aircraft and marine turbochargers for over 40 years. The company has excellent industry coverage and adequate distribution channels. ABB has a strong presence across various regions such as North America, Europe, and Asia Pacific. The company has adopted the strategies of joint ventures and partnerships to cater to multiple markets in the Asia Pacific and European regions. In September 2017, ABB entered into several long-term service agreements with various marine and offshore transport firms for the service maintenance of 400 turbochargers units.

Related Reports:

Aircraft and Marine Turbochargers Market by Platform (Aircraft, Marine, Unmanned Aerial Vehicle (UAV)), Component (Compressor, Turbine, Shaft), Technology (Single Turbo, Twin Turbo, Electro-Assist Turbo) and Region - Global Forecast to 2023

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Report Code
AS 6887
RI Published ON
1/31/2019
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