The marine VFD market is estimated to be USD 771.7 million in 2019 and is projected to reach USD 1,039.0 million by 2024, at a CAGR of 6.13% during the forecast period.
Variable frequency drives (VFDs) are electronic devices that drive an electric motor by changing the voltage and frequency supplied to the motor. The primary advantages of using VFDs include reduced energy consumption and cost, increased energy savings, extended equipment life, and low maintenance.
Moreover, stringent government regulations to reduce carbon emissions during electricity production and consumption can add to the rising demand for VFDs. The increasing use of VFDs to reduce energy consumption and enhance the efficiency of systems provides a huge growth opportunity for retrofit applications in the marine industry.
The marine VFD market is further categorized into type, voltage, application, and region. The study covers the key regions of North America, Asia Pacific, Europe, South America, and the Middle East & Africa. Asia Pacific holds the largest market share during the forecast period. The market in the Asia Pacific region is mainly driven by increasing investments by the government for the growth of the marine industry along with tax rebates.
Major factors driving the growth of the marine VFD market include the reduction in energy consumption and energy cost. Some of the key players for marine VFD are ABB (Switzerland), GE (US), Siemens (Germany), Eaton (Ireland), and Danfoss (Denmark) to use VFDs.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the Marine VFD Market During the Forecast Period
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Rise in Need for Energy Efficiency 5.2.1.2 Growth of the Shipbuilding Industry 5.2.2 Restraints 5.2.2.1 High Troubleshooting Cost 5.2.3 Opportunities 5.2.3.1 Internet of Things (IOT) 5.2.4 Challenges 5.2.4.1 Gray Market Providing Low-Quality and Cheap Products
6 Marine VFD Market, By Type 6.1 Introduction 6.2 AC Drive 6.2.1 Rise in the Need for Energy Savings is Expected to Drive the Market for AC Drives 6.3 DC Drive 6.3.1 Need for Good Speed Regulation is Expected to Drive the Market for DC Drives
7 Marine VFD Market, By Voltage 7.1 Introduction 7.2 Low Voltage Drive (Up to 1000 V) 7.2.1 Increased Use of Low Voltage Motors is Driving the Market for Low Voltage Drives 7.3 Medium Voltage Drive (Above 1000 V) 7.3.1 Need for Reducing Overall Operating Costs is Driving the Market for Medium Voltage Drives
8 Marine VFD Market, By Application 8.1 Introduction 8.2 PUMP 8.2.1 Increase in Demand for Energy Efficiency is Driving the Market for VFDs in the PUMP Segment 8.3 FAN 8.3.1 Need for Proper Hvac System in Marine Vessels is Driving the Market for VFDs in the FAN Segment 8.4 Compressor 8.4.1 Need for Reducing Component Degradation is Driving the Market for VFDs in the Compressors Segment 8.5 Propulsion/Thruster 8.5.1 Need for Reduction in Energy Consumption is Driving the Market for VFDs in the Propulsion/Thruster Segment 8.6 Crane & Hoist 8.6.1 Increase in Need for Speed Adjustment and Reduction in Energy Wastage is Driving the Market for VFDs in the Crane & Hoist Segment
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Related Topics: Shipbuilding and Ship Parts
Source: GlobeNewswire PR
(April 22, 2019 - 5:06 AM EDT)
