Marine VFD Market Highlights
The global Marine VFD market is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019–2024.
Marine VFD is an AC/DC drive that helps to regulate the speed and torque of motors in the ships so that they run accurately. VFDs are low or medium voltage drives that help the propulsion systems, thrusters, deck machinery, pumps, and HVAC systems to use the fuel more efficiently and reduce maintenance costs. Marine VFD also helps in saving energy along with controlling all the functions and output of the motor.
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Global marine VFD market has been segmented based on type, voltage, and application.
On the basis of type, the global market is divided into AC drive and DC drive. The AC drive segment is expected to hold the largest share during the forecast period due to the various advantages of AC drive such as energy savings, increased life of rotating components, and reduction of noise and vibration level.
On the basis of voltage, the global marine VFD market has been divided into low voltage and medium voltage. The medium voltage segment is expected to dominate the global market during the forecast period.
On the basis of application, the global market is further segmented into pump, fan, compressor, propulsion/thruster, and crane & hoist. The pump segment is expected to hold the maximum share of the market during the forecast period.
The intended audience of global marine VFD market are:
Marine VFD manufacturers and distributors
Power generation companies
Environmental research institutes
Government and research organizations
Consulting companies in the power industry
Investors and shareholders
Key players in global Marine VFD Market studies are:
Siemens (Germany), Eaton (Ireland), Rockwell Automation (US), ABB (Switzerland), CG Power (India), Danfoss (Denmark), WEG (Brazil), Mitsubishi Electric (Japan), General Electric (US), Yaskawa (Japan), Parker Hannifin (US), and Invertek Drives (UK).
Detailed Regional Analysis
Geographically, the marine VFD market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, the market in Asia-Pacific held the largest share of the global Marine VFD market, mainly due to the increasing investments in shipbuilding, government mandates on energy efficiency, and rise in seaborne trade. Moreover, factors such as increased power consumption, government mandates on energy efficiency, and rising port capacity in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share of the market during the forecast period owing to increasing construction of specialized vessels, such as offshore support vessels, and dredgers, which will increase the demand for VFD. Similarly, Japan is one of the largest shipbuilding nations with products being built using advanced technologies. Other countries in Asia-Pacific such as Singapore, Indonesia, and South Korea are also trying to increase their FDI in marine sector with new project developments.
Europe is expected to be the second-largest market owing to the growing seaborne trade and rapid economic growth. Germany is the largest market in Europe in shipbuilding industry. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some key players in Europe. Germany is expected to dominate Europe due to new marine VFD contracts being signed by ship manufacturers and the government. Similarly, Italy, Norway, and Brazil are the economies which are expected to increase their market shares in Europe and South America, significantly. In North America, the US is expected to dominate the market during the forecast period.
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