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 : February, 2023 | Energy & Mining

Report Digest

Marine VFD Market: Snapshot

The robust growth of the shipbuilding industry is considered a prime factor augmenting the growth of the global marine VFD market. A marine VFD, also known as shipboard VFD is a special cable manufactured and engineered to use shipboard installations such as ocean steamers, motor drives, and commercial workboats. The siphons utilized in marine vessels circle liquids inside various hardware and frameworks for cooling, warming, and oil, in this manner, burning through most extreme energy during their activity. Thus, the siphons are introduced with VFDs to expand energy effectiveness, which is probably going to affect the development of the marine VFD market.

The fast development in the shipbuilding business combined with the raising issues about the use of energy by the boats and their effects on the climate have prompted the development of the worldwide marine VFD market. VFD gives sufficient capacity to the engine to defeat the heap and in this way saving energy by forestalling overabundance loss of force, though a fixed-speed engine is utilized as a specific measure of energy regardless of how enormous or little the heap is. Aside from this, VFDs additionally help in decreasing mechanical pressure, commotion levels, and broadening the life expectancy of the machines. With the rising ecological concerns a few rigid guidelines have been presented that order the decrease of outflow of nursery gasses and to use fuel all the more proficiently. This has energized the development sought after for the VFDs in the marine area.

Manufacturers of the global marine VFD market are investing heavily in improving their devices in terms of carbon emission control from the vessels and ships. Besides this, players are also ensuring to abide by the stringent rules imposed by the governments of various nations to maintain their significant position in the overall market. Furthermore, manufacturers are trying to come out with ways and means to overcome the technological limitations of marine VFDs so that they offer optimum performance and reduce the overall maintenance cost as well.

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.

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5-Point Growth Formula

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The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

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Accurate Trend Analysis

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Regional Assessment

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Industrial Analogy

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COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?