As per Future Market Insights, the charge air coolers market is anticipated to attain a value pool of US$ 11 Billion by 2023-end. Global demand for charge air coolers is expected to rise at a CAGR of 6.1% to US$ 20 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 11 billion |
| Projected Market Value in 2033 | US$ 20 billion |
| Growth Rate (2023 to 2033) | 6.1% CAGR |
The charge air cooler market has seen substantial growth in recent years due to a number of factors driving demand.
The charge air coolers market is highly competitive, with a large number of players operating in the industry. These players are focusing on various strategies such as mergers, partnerships, and collaborations to expand their market share and strengthen their position in the market. The competition in the market is also intense due to the presence of numerous regional and local players who offer charge air coolers at lower prices.
Recent Developments:
Charge air coolers comes under cooling system part of automotive vehicles. Charge air coolers are placed in between turbocharger and air inlet manifold of the engine. Charge air cooler cools the air before passing to the engine which increases the density of the air which allows to pass more air in the engine. Mostly charge air coolers decrease the temperature of the air from 200°C to 45°C. Charge air coolers at the end this result in increase in the combustion efficiency and power of the engine. Also, intake of cooler air into the engine reduces the amount of NOx emission from the vehicle. Basically charge air coolers enables the controlled or specified cooling function to the engine.
Air charge air coolers are mainly used in the diesel engines of marine and power plants. Fins, tubes and frames are the main parts of the charge air coolers. Fresh water and sea water are main sources for the water-air charge air coolers.
Fin type used in the charge air cooler does cab vary thermal specifications of the charge air cooler. Damaged charge air cooler could cause the leaking of fuel, increased fuel consumption, loss of power, increased emission which might led to the excessive damage to the engine. Hence it is very essential to check regularly the condition of the charge air cooler frequently.
In recent years different compound materials are being used while manufacturing the charge air cooler, led to assist in enhancing the performance of charge air coolers. High ductility at high temperature, high temperature chemical resistance, and higher knit line strength of the charge air cooler makes it ideal in use for cooling the air.
Charge air cooler size is dependent on the size of the engine. Small versions of charge air coolers can be called as intercoolers, attached to truck or automobile engine. Whereas largest one are often used in marine engines and power plants.
In large applications charge air cooler can weight several tonnes. Charge air coolers are often manufactured by using “spiral wound” tube method and “block fin” method. Block fin method has become an industry standard method and used mostly to manufacture charge air coolers.
Increasing demand of turbocharged vehicles nowadays in both diesel and gasoline vehicles has increased the demand of charge air coolers. This demand expected to drive the global charge air coolers market substantially. Despite unstable economic conditions in the recent past, on an average, the global automotive industry has witnessed satisfactory growth.
Increasing automotive production as well as automotive sales are estimated to be some of the major factors driving the sales of charge air coolers globally. Owing to the increasing urbanization and stable economic conditions in many countries, the automotive fleet is expanding in emerging economies as compared to developed economies. Cumulative expansion of HVAC industry projected to enhance the growth of global charge air coolers market.
Stringent government regulations on the carbon emission has become trouble for automakers in recent years led down for pulling of global charge air coolers market. This expect in lower growth rate of charge air coolers in the forecast period.
In recent years however, mergers, acquisitions, and collaborations are some of the key strategies followed by market players to penetrate into the overseas market and increase their global presence. The charge air coolers market is a highly fragmented market and several players are active in the market but limited to their domestic presence in countries and territories.
Big firms and solution providers are concentrating on acquiring manufacturers of mechanical performance charge air coolers. Along with preinstalled charge air coolers in the vehicles, aftermarket sales of charge air coolers are also expected drift in the global charge air coolers market.
Use of turbocharger in the vehicles has become a tendency of vehicle users in nowadays estimated a potential growth in the global charge air coolers market. Advancement in the manufacturing technology of charge air coolers is expected create more occasions for manufacturers to offer quality product and competitive price offering in the global charge air coolers market.
Increase in product variants of charge air coolers for each application could create more versatile options for customers, which at the end may increase the customer relationship and sales of charge air coolers in the global charge air coolers market. This collectively expected to drive the global charge air coolers market.
Industries halted their production due to global shutdown, this in effect resulted in tentative loss of all the industries over the world. But, after unlock of many countries all things are getting back on the road with some safety & precautions.
Also, charge air coolers manufacturer have got effected harshly due to this pandemic due to stopped demand of automobiles, but after unlock demand of automobiles have increased which is pushing the global charge air coolers market. However, due obligatory requirement of charge air coolers in power generation, compressor, and oil and gas, it is anticipated a projected growth in global charge air coolers market.
Europe (especially countries such as Germany, United Kingdom and France) is a prominent region in global charge air coolers market. Ability of charge air coolers to reduce NOx emission, expected to push the charge air coolers sales in Europe region owing to stringent environment regulations.
South Asia Pacific region also provides significant opportunities. East Asia region being as a prime automobile manufacturer region and consumer of automobiles expected to hold and contribute substantial demand in the global charge air coolers market.
Along with automotive industry marine industry is expected to hold significant share in the global charge air coolers market in regions such as East Asia and North America. India is expected to be the fast growing charge air coolers market in the forecast period.
North America is the developed region for the charge air coolers market. Growth of oil & gas industry in Middle East & Africa is estimated to push the charge air coolers market in this region. Latin America is less prominent region compared to other regions expected to hold a moderate growth in global charge air coolers market.
Increasing fleet of using turbochargers in automobiles, anticipates a projected growth in the global charge air coolers market. Demand of charge air coolers with high capacity of reducing NOx emission is expected to increase the global charge air coolers market. Aftermarket sales in competition with direct sales is rising with high growth rate and have a substantial impact on the growth of global charge air coolers market in the forecast period.
Major companies who are key participants in the global Charge air coolers market, identified across the world are:
This research report involves historic, contemporary data about Charge air coolers global market. This report evaluates all necessary information regarding Charge air coolers global market by Region wise, Dynamics, Segmentation, and others. Also, this report maps key participants which may supports in Charge air coolers global market for forecast years.
Water-air segment on the basis of type of charge air coolers is projected to grow with a significant growth rate in the forecast period. Collective advantages of using four stroke charge air coolers on the basis of design is expected to push the global charge air coolers market in the forecast period.
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Charge Air Coolers Market
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