Increased engine power and fuel efficiency: the major factors to grow Turbocharger market
Turbocharger or Turbo is a gas compressor, which is used to force air into an internal combustion engine. It increases the amount of air entering into the engine, so as to generate more power to improve combustion engine’s productivity. This progress is noticed due to the turbine, which can force extra air and thus conform extra fuel, into the combustion chamber. Both gasoline and diesel engines can make use of turbochargers and can uplift an engine’s productivity without increasing its load.
The turbocharger is an additional part, which makes use of recycled exhaust gases to increase power. Turbochargers are not utilized in the petrol engines. The advantage of turbocharging is that car manufacturers can make use of small gas-sipping engines instead of large gas engines for better productivity. Moreover, it is widely used for the aircraft engines. As an aircraft gains altitude, the force of the surrounding air decreases instantly. This issue is fixed by the turbocharger as it compresses air to highest pressure.
The key driving factors for the turbocharger market are, favorable government regulations and increased engine power and fuel efficiency. The engines consisting of turbocharger perform well with the increased power throughput and engine efficiency. However, engine overheating, issues with the turbocharger installation and high cost as compared to the traditional chargers can resist the growth of the market.
On the basis of a study done by Esticast Research and Consulting, Global Turbocharger Market was estimated at $10.2 billion in 2016 and is estimated to reach $24.04 billion by 2024, with the CAGR of 11.6% during the forecast period of 2017 to 2024. Normally, diesel engines are more efficient than petrol engines, as diesel engines are turbocharged in upcoming models. Thus, increase in the requirement for gasoline and fuel-efficient engines can help the market to grow in the near future.