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 : January, 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 reliable qualitative and quantitative insights into:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand chain of the market
  • Market valuation (revenue and/or volume)
  • Key trends/opportunities/challenges
  • Forces defining present and estimated future state of the competitive landscape
  • Technological developments
  • Value chain and stakeholder analysis

The regional analysis covers:

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

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

  • A detailed analysis of key segments of the market
  • Recent developments in the market’s competitive landscape
  • Detailed analysis of market segments up to second or third level of segmentation
  • Historical, current, and projected future valuation of the market in terms of revenue and/or volume
  • Key business strategies adopted by influential market vendors
  • Outline of the regulatory framework surrounding and governing numerous aspects of the market
  • Growth opportunities in emerging and established markets
  • Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.

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