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 : August, 2020 | Energy & Mining | PPT format

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.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

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

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.