Marine VFD Market size is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019 to 2024.
Market Highlights
The global Marine VFD market is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019–2024. Marine VFD is an AC/DC drive that helps to regulate the speed and torque of motors in the ships so that they run accurately. VFDs are low or medium voltage drives that help the propulsion systems, thrusters, deck machinery, pumps, and HVAC systems to use the fuel more efficiently and reduce maintenance costs. Marine VFD also helps in saving energy along with controlling all the functions and output of the motor.
GLOBAL MARINE VFD MARKET, 2019-–2024
Asia-Pacific held the largest share of the global Marine VFD market in 2018: MRFR
Geographically, the marine VFD market has been segmented into Asia-Pacific, North America, Europe, the Middle East Africa, and South America. In 2018, the market in Asia-Pacific held the largest share of the global Marine VFD market, mainly due to the increasing investments in shipbuilding, government mandates on energy efficiency, and rise in seaborne trade. The market in the region is also expected to be the fastest growing during the forecast period.
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Moreover, factors such as increased power consumption, government mandates on energy efficiency, and rising port capacity in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share of the market during the forecast period owing to increasing construction of specialized vessels, such as offshore support vessels, and dredgers, which will increase the demand for VFD. Similarly, Japan is one of the largest shipbuilding nations with products being built using advanced technologies. Other countries in Asia-Pacific such as Singapore, Indonesia, and South Korea are also trying to increase their FDI in marine sector with new project developments.
Europe is expected to be the second-largest market owing to the growing seaborne trade and rapid economic growth. Germany is the largest market in Europe in shipbuilding industry. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some key players in Europe. Germany is expected to dominate Europe due to new marine VFD contracts being signed by ship manufacturers and the government. Similarly, Italy, Norway, and Brazil are the economies which are expected to increase their market shares in Europe and South America, significantly. In North America, the US is expected to dominate the market during the forecast period.
On the basis of type, the global Marine VFD market has been divided into AC drive and DC drive. The AC drive segment dominated the global market owing to the increasing use of VFDs that help in saving energy, increasing the life of rotating components, and enhancing the process control. On the basis of application, the global market has been classified into pump, fan, compressor, propulsion/thruster, and crane hoist. The pump segment is expected to dominate the market during the forecast period. On the basis of voltage, the global market has been divided into low voltage and medium voltage. The medium voltage segment is expected to dominate the market during the forecast period.
Key Players
- Siemens (Germany)
- Eaton (Ireland)
- Rockwell Automation (US)
- ABB (Switzerland)
- CG Power (India)
- Danfoss (Denmark)
- WEG (Brazil)
- Mitsubishi Electric (Japan)
- General Electric (US)
- Yaskawa (Japan)
- Parker Hannifin (US)
- Invertek Drives (UK).
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Scope of the Report
This report provides an in-depth analysis of the global marine VFD market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Marine VFD market by type, voltage, application, and region.
- By Type
- AC Drive
- DC Drive
- By Voltage
- Low Voltage (Up to 1 kV)
- Medium Voltage (Above 1 kV)
- By Application
- Pump
- Fan
- Compressor
- Propulsion/Thruster
- Crane Hoist
- By Region
- Asia-Pacific
- North America
- Europe
- Middle East Africa
- South America
List Of Tables
Table 1 Global Marine VFD Market, By Region, 2017–2024 (USD Million)
Table 2 North America: Marine VFD Market, By Country, 2017–2024 (USD Million)
Table 3 Europe: Marine VFD Market, By Country, 2017–2024 (USD Million)
Table 4 Asia-Pacific: Marine VFD Market, By Country, 2017–2024 (USD Million)
Table 5 Middle East Africa: Marine VFD Market, By Region, 2017–2024 (USD Million)
Table 6 South America: Marine VFD Market, By Region, 2017–2024 (USD Million)
Table 7 Global Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 8 North America: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 9 Europe: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 10 Asia-Pacific: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 11 Middle East Africa: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 12 South America: Marine VFD Market, By Type, 2017–2024 (USD Million)
Table 13 Global Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Table 14 North America: Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Table 15 Europe: Marine VFD Market, By Voltage, 2017–2024 (USD Million)
Continued…
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