ID: MRFR/E&P/6464-HCR | February 2021 | Region: Global | 111 pages
Marine VFD Market size is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019 to 2024.
Marine variable frequency drive (VFD) is a cost-effective electrical device that is used to regulate the speed and torque of an VFD electric motor. It is used in a variety of marine applications such as pumps, fans, compressors, propulsion, cranes, and hoists. There are two types of marine VFD’s– AC drive and DC drive. The VFD in the ships help the electric motors run accurately and helps in the efficient use of fuel with less maintenance. The major advantages of marine VFD include energy saving associated with speed control, improved efficiency of motor-driven equipment and provides benefits of network communications with ease of installation. These VFD’s can be used for medium voltage and low voltage applications.
The rise in the demand for energy efficiency and growth in the shipbuilding industry, which will increase the installation of VFD’s in marine sector. Moreover, key market players, such as ABB (Switzerland) and General Electric (US), are signing contracts and agreements to provide marine propulsion solutions for ships, across the globe. These solutions include VFD along with propulsion motors and distribution transformers. New government regulations in the marine sector are increasing the need for more energy efficient operations with reduced carbon footprint, thereby, accelerating the adoption of VFD. Furthermore, the increase in seaborne trade has led to an increase in the demand for ships used to transport manufactured goods worldwide. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2017, international seaborne trade increased by 4% due to the growth in world economy. Furthermore, in 2016, as per UNCTAD, the import demand in China and South Korea have resulted 260 million tons of cargo, which has supported the growth of seaborne trade in the region. Similarly, according to the Government of India, India and Vietnam would increase their two-way trade to USD 15 billion by 2020 from USD 14 billion. These initiatives would drive the marine VFD industry in Asia-Pacific. However, cost intensive nature of marine VFD can pose a restraint to the marine VFD market.
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 global marine VFD market is expected to grow at 6.50% CAGR during the forecast period.
The key players operating in the global marine VFD market are ABB (Switzerland), Siemens (Germany), Rockwell Automation (US), Danfoss (Denmark), CG Power (India), WEG (Brazil), Mitsubishi Electric (Japan), Eaton (Ireland), Invertek Drives (UK), General Electric (US), Yaskawa (Japan), and Parker Hannifin (US).
On the basis of region, the global marine VFD market is branched as Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Asia-Pacific is expected to hold the largest market share during the forecast period, owing to the presence of a large number of shipbuilding companies in China, Japan, and South Korea. China is expected to account for the largest share of the regional market and is taking measures to reduce carbon emission and save energy by installing fuel efficient marine electric propulsion systems in its ships. China is also considered an export-oriented economy and the global market has witnessed significant growth in the demand for electricity, mainly driven by industrialization and infrastructure development. These factors are expected to drive the demand for marine VFD in Asia-Pacific.
The intended audience of global marine VFD market are:
|CAGR||6.50% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type , by Voltage and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Siemens (Germany), Rockwell Automation (US), Danfoss (Denmark), CG Power (India), WEG (Brazil), Mitsubishi Electric (Japan), Eaton (Ireland), Invertek Drives (UK), General Electric (US), Yaskawa (Japan), and Parker Hannifin (US).|
|Key Market Opportunities||
|Key Market Drivers||Increase in Demand for electricity due by industrialization and infrastructure development|
Frequently Asked Questions (FAQ) :
The worldwide market of marine VFD can thrive at 6.50% CAGR between 2019 and 2024.
The marine VFD market can value at USD 1.05 Bn by 2024.
ABB (Switzerland), Rockwell Automation (US), Siemens (Germany), CG Power (India), and Danfoss (Denmark) are some reputed names in the marine VFD market.
The rapid expansion of the shipbuilding industry can expedite the marine VFD market growth.
The presence of numerous shipping companies in APAC can bolster the regional market expansion.