Jun 08, 2021 (AmericaNewsHour) -- Research Nester has released a report titled "Overall Turbocharger Market - Global Demand Analysis & Opportunity Outlook 2027" which also includes some prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter's five force model.
Turbocharger is a device used to increase the efficiency and power of internal combustion engines by forcing extra compressed air with the help of structural turbine into the combustion chamber of the engine. Turbochargers are different from superchargers owing to the variations in their driving mechanism. The former utilizes engine's exhaust gas and the latter uses mechanically driven device for its functioning.
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With rising environmental concerns and stringent government norms, there is a shifting focus amongst enterprises and OEM's to produce highly advanced efficient engines that meet newer emission standards proposed by the governments and environmental concerned organizations of various economies. In the aviation industry, an aircraft accounted for 12% of all U.S. transportation greenhouse gas (GHG) and 3% of total U.S. GHG, as stated by the United States Environmental Protection Agency (EPA).Further, the total CO2 aviation emissions was approximately 2% of the global greenhouse emissions, as stated by The International Civil Aviation Organization (ICAO).It further forecasted that by the year 2050, global international aviation emissions were projected to grow by 300-700% to that of emission levels in the year 2005. Growing concerns for high emission from the aviation industry is promoting governments of various economies to increase their investments for research and developments. In a statistics shared by the Aerospace and Defence Industries Association of Europe (ASD), investments in research and development in the civil aeronautics industry of Europe was around 47% of the overall investment for the year 2017. Government R&D spending in America, relevant to aerospace and defense grew by 7.5% to $84.7 billion, and industry R&D from the top 25 aerospace and defense firms grew by 8.7% to $18.1 billion, as stated by the Aerospace Industries Association (AIA) for the year 2017.Growing demand for energy-proficient engines owing to rising environmental concerns and stringent government norms, combined with rising investments on research and development for the production of highly advanced proficient engines; all of these factors are anticipated to support the growth of the overall turbocharger market.
The overall turbocharger market is anticipated to record a CAGR of around 8.9% over the forecast period, i.e. 2019-2027. The market is segmented by verticals into aerospace & defense, automotive, marine and agriculture & construction, out of which aerospace & defense sub-segment is anticipated to have largest market share on the back of increasing global demand for aircraft mobility which is also contributing to the rising production and sales of aircrafts. In a statistics shared by The World Bank, air transport passengers of the world grew substantially to reach 3978 million in 2017 from that of 1466 million in 1998. Moreover, the automotive turbochargers market is anticipated to gain significant market share pertaining to stringent norms taken by the government for lowering emissions.
Geographically, the overall turbocharger market is segmented by regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is expected to have largest market share on the back of growing stringent norms in the region, for lowering carbon footprint emissions, GHG and nitrogen oxides emissions. Furthermore, presence of numerous key players of the aerospace industry in the region is also anticipated to fuel the growth of the market in the region.
However, concerns for price fluctuations of volatile raw materials, used for manufacturing of turbochargers, is expected to operate as a key restraint to the growth of the overall turbocharger market during the forecast period.
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This report also studies existing competitive scenario of some of the key players of the overall turbocharger market, which includes profiling of BorgWarner Turbo Systems /zigman2/quotes/201434123/composite BWA +1.21% , Honeywell International Inc. NYSE: HON), Mitsubishi Heavy Industries Ltd. (tyo:7011), IHI Corporation (tyo:7013), Continental AG (etr:CON), Cummins Inc. /zigman2/quotes/208385233/composite CMI -0.80% , Eaton /zigman2/quotes/205393239/composite ETN -0.10% , BMTS technology, Precision Turbo & Engine and Rotomaster International.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled"Overall Turbocharger Market - Global Demand Analysis & Opportunity Outlook 2027" analyses the overall turbocharger industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the overall turbocharger market in the near future.
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