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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Market Segmentation
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.
Key Players
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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