Marine VFD Market Size, Share Analysis 2020 Business Strategies, Growth Opportunities, COVID – 19 Outbreak, Emerging Technologies, Regional Trends and Demand by Forecast 2024

Marine VFD Market Dominated by APAC

Market Research Future (MRFR) has recently published a report on the global marine VFD market stating that the market is likely to reach USD 1.05 Bn at a CAGR of 6.50% by the end of the forecast period of 2019-2024. Marine VFD refers to an AC/DC drive used to control the torque and speed of motors in ships. Marine VFDs are medium or low voltage drives that aid other systems such as HVAC, propulsion systems, deck machinery, thrusters, and others. They help in the reduction of maintenance cost, and in significant reduction in energy consumption.

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Increase in seaborne trade activities has led to heightened demand for ships, which, in turn, has driven the market for marine VFD. Marine VFDs are aligned with various advantages such as improved efficiency of motor-driven equipment, speed control, ease of installation, and network communication which has led to their increased adoption. The need for more energy efficient operations along with increased emphasis on Decarbonization has fuelled the growth of the marine VFD market. In addition, various marine sector specific regulations have compelled the adoption of VFDs.

Competitive Landscape

General Electric (US), Eaton (Ireland), Danfoss (Denmark), Mitsubishi Electric (Japan), Rockwell Automation (US), Yaskawa (Japan), CG Power (India), Parker Hannifin (US), WEG (Brazil), ABB (Switzerland), Siemens (Germany), and Invertek Drives (UK) are the key players in the marine VFD market.

Marine VFD Market Segmentation

Global marine VFD market has been segmented based on type, voltage, and application.

By type, the global marine VFD market has been segmented into AC drive and DC drive. The AC drive segment is likely to capture the largest share of the global market on account of various advantages it provides such as increased lifespan of rotating components, noise reduction, energy savings, and reduction in the level of vibration.

By voltage, the global marine VFD market has been segmented into low voltage and medium voltage. The medium voltage segment is likely to capture the larger share of the market.

By application, the global marine VFD market has been segmented into pump, fan, compressor, propulsion/thruster, and crane & hoist. The pump segment is estimated to dominate the market over the forecast period.

Regional Analysis

Region-wise, the marine VFD market has been segmented into North America, South America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).

APAC held the largest share of the market in 2018 and is likely to maintain its position throughout the forecast period. Heavy investment in shipbuilding activities, accelerated seaborne trade, and regulatory mandates pertaining to energy efficiency are factors driving the growth of the APAC market.

In addition, expanding port capacity and increased power consumption is also boosting the growth of the market. China is a key contributor to the APAC marine VFD market and is estimated to capture the largest share of the market. Rising construction of specialized vessels, such as offshore support vessels, and dredgers in the region has generated high demand for marine VFD. Japan is among the largest shipbuilding nations and deploys advanced technologies for the same. various other emerging economies in the region such as Singapore, South Korea, and Indonesia are eyeing on increasing FDI in marine sector with new product developments which is favoring the growth of the APAC marine VFD market.

Europe follows APAC closely. The market in Europe is driven by rapid economic activity and rise in seaborne trade in the region. Germany is a prominent shipbuilding country and the largest contributor to the Europe marine VFD market. The key players present in the region have introduced various new advanced technologies and a number of new marine VFD contracts are being signed by both shipbuilders as well as the governments in the region. Italy, Norway, and Brazil are anticipated to become pockets of growth in the coming years.

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This release was published on openPR.