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.
On the basis of type, the global Marine VFD market has been divided into AC drive and DC drive.
The AC drive segment dominated the global market owing to the increasing use of VFDs that help in saving energy, increasing the life of rotating components, and enhancing the process control.
On the basis of application, the global market has been classified into pump, fan, compressor, propulsion/thruster, and crane & hoist.
The pump segment is expected to dominate the market during the forecast period.
On the basis of voltage, the global market has been divided into low voltage and medium voltage. The medium voltage segment is expected to dominate the market during the forecast period.
The key players operating in the global marine VFD market 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).
Asia-Pacific held the largest share of the global Marine VFD market in 2018: MRFR
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. The market in the region is also expected to be the fastest growing during the forecast period. 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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