CHICAGO, Feb. 1, 2019 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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. The major factors driving the growth of the aircraft and marine turbochargers market include increasing demand for fuel-efficient aircraft engines and flourishing maritime tourism across the globe.
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The shaft component segment of the aircraft and marine turbochargers market is projected to grow at the highest CAGR during the forecast period.
Based on component, the aircraft and marine turbochargers market has been segmented into compressor, turbine, shaft, and others. The shaft segment of the market is projected to grow at the highest CAGR from 2018 to 2023. Shafts are considered to be the most critical and costly part of aircraft and marine turbochargers.
Based on platform, the UAV segment of the aircraft and marine turbochargers market is projected to grow at the highest CAGR during the forecast period.
The UAV segment of the market is projected to grow at the highest CAGR from 2018 to 2023. The UAV segment has been further classified into tactical UAV, strategic UAV, and special purpose UAV. The market for strategic UAVs is projected to grow during the forecast period due to their increased demand across the globe, owing to their compact and efficient engines.
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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. The aircraft and their components industries in the European region are aiming to use new and advanced materials such as glass-fibers, advanced composites, and metallic materials for manufacturing turbochargers. The growth of the maritime sector in the region is one of the most significant factors contributing to the rising demand for marine turbochargers in the region.
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Major vendors in the aircraft and marine turbochargers market include 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).
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