The Market Trend and Forecast for Aircraft Turbochargers
In recent years, the aerospace industry has been facing constant upward growth. Within the United States, aviation is considered one of the quickest growing industries and has a market growth trend of around 14% a year. The United States is not alone in this, as the industry is seeing growth across the globe, including both the commercial and defense sectors. Because of this, it is no surprise to see the aircraft turbocharger market thriving right alongside it.
Aircraft turbochargers are useful for aiding the aircraft engine’s combustion chamber with more compressed air for increased fuel efficiency, all while allowing the engine to remain small and compact. This is achieved by the compressor drawing in air and compressing it to increase oxygen mass. This allows aircraft to achieve greater rates of combustion while at higher altitudes where air density may be lower.
From the years of 2018 to 2023, the turbocharger market is expected to grow by $20 million at a Compound Annual Growth Rate of 1.41%. The reason for this growth is in part because of the advent of hybrid turbocharger technologies. Hybrid turbochargers are those that utilize an electric air compressor in lieu of a conventional piece. Hybrid turbochargers are even featuring more efficiency in both the compressor and turbine. Within the Marine Turbocharger market, turbocharger growth is one of the quickest growing trends.
The upward trend of the turbocharger market is also thanks to increases in aircraft deliveries and interest in light jets. Countries contributing to this factor include Japan, China, India, the United Kingdom, and the United States. These leaders in growth are also aided by various emerging economies around the globe. As technology continues to advance and the aerospace industry grows, so too will the turbocharger market.
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