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.
Variable frequency drive (VFD) is used in ships to change and control the speed of a motor by changing frequency of the power supply to the motor. The device helps control the pressure, speed, and flow of a motor and, also, helps save up to 50% of energy. For instance, VFD helps reduce and control the speed of fans and pumps, which would result in less current and energy consumption. They key advantages of VFD in the marine sector include proper speed control, low cost for medium and high horsepower (hp) applications, and good speed regulation.
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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.
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Marine VFD Market Leading Players:
- 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).
Segmental Analysis
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.
On the basis of voltage, the global marine VFD market has been divided into low voltage and medium voltage.
On the basis of application, the global market is further segmented into pump, fan, compressor, propulsion/thruster, and crane & hoist.
Intended Audience
The intended audience of global marine VFD market are:
- Marine VFD manufacturers and distributors
- Power generation companies
- Environmental research institutes
- Manufacturing industry
- Government and research organizations
- Consulting companies in the power industry
- Investors and shareholders
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.
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.
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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Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
Continued….
List of Tables
Table 1 Middle East & Africa: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 2 South America: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 3 Global Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Table 4 North America: Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Table 5 Europe: Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Continued……
List Of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top-Down and Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Continued……
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