Marine VFD Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

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Marine VFD Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2028

Status : May, 2021 | Energy & Mining

Report Digest

Marine VFD Market: Introduction

The marine VFD market is experiencing a significant growth since past few years. The marine variable frequency drive market is anticipated to undergo even more developments in the span of coming years. The major factors contributing in the rising demand in global marine VFD market are decreased energy price and low energy consumption.  It operates an electric engine and can control slow down and increase of engine during starting or stopping, respectively.

Marine VFD Market: Notable Developments

  • Invertek Drives in 2018, April, launched another range of IP66 outdoor rated variable frequency drives at Hannover Messe, Germany, in 2018. The Optidrive E3 IP66 drives is a perfect answer for pumps, external fans, HVAC, and marine equipments. The drive range has power o/p up to 22 kW and is intended to give exact engine control and energy reserve funds.
  • Yaskawa America, in February 2019, came up wiith GA800 variable speed drive. It is present in 480 VAC 3-stage (1– 600 HP) models and 240 VAC 3-stage (1– 150 HP).
  • Mitsubishi Electric in June 2017, was granted an agreement by Sanssouci Star to give FR-F800 inverter drives to the motor room HVAC framework in its pricy Yacht.
  • GE Marine Solutions, in September 2016, a subsidiary of General Electric Company, got into a tie-up with Sembcorp Marine to supply electrical parts for a propulsion and power and framework, comprising 8 units of 5.5 MW propulsion engines, 12 sets of 8 MW generators, transformers, mid voltage switchboards, and MV7000 drives.
  • ABB came up with another all-perfect DCS880 drive. The drive provides in-built security functions and is additionally designed to be IIOT compatible. The drive has numerous readymade application projects, for example, a control program committed for harbor, industrial, tower, and marine deck cranes.

Some of the most prominent competitors operating in the competitive landscape of global marine VFD market include –

  • GE (US)
  • ABB (Switzerland)
  • Eaton (Ireland)
  • Siemens (Germany)
  • Rockwell Automation (US)
  • WEG (Brazil)
  • CG Power and Industrial Solutions (India)
  • Danfoss (Denmark)
  • Mitsubishi Electric (Japan)
  • Parker Hannifin (US)
  • Yaskawa (Japan)

Marine VFD Market Dynamics

Minimal Efforts for High and Medium HP Applications to Propel DC Drive Segment

The report sections the marine VFD market, by region, DC drive, application, AC drive, and type. The segment of DC drive is foreseen to develop at the most astounding CAGR within the forecast period from 2018-2026. The fundamental points of interest of DC drives incorporate magnificent speed control, minimal effort for high and medium HP applications, and great speed guideline. Every one of these elements are probably going to propel the marine VFD market.

The global marine VFD market, based on application, is divided into fan, pump, propulsion/thruster, compressor, and hoist and crane. The pumps utilized in marine vessels provides liquids inside various systems and machines for heating, cooling, and oil, subsequently, devouring most extreme energy amid their task. Henceforth, the pumps are introduced with VFDs so as to build energy effectiveness, which is probably going to affect the development of the marine VFD market in the upcoming years.

Strong Economic Development to Bolster Asia Pacific as Leading Region

Asia Pacific is estimated to be the biggest market in the forecast period. The development of the region can be ascribed to the solid financial development and steady government approaches for the shipbuilding business. South Korea, China, and Japan are among the quickest developing nations in Asia Pacific. The marine business in Japan, in the course of recent decades, has been the biggest shipbuilding country with items being assembled utilizing trend setting innovations. In South Korea, government is attempting to integrate FDI in the marine segment; this move has assisted the Korean shipbuilding industry in attaining the Electronic Control Unit (ECU) innovation. Every one of these activities are probably going to support the development of the shipbuilding business, and, resultantly, the marine VFD market.

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?