Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage (Up to 1 kV), Medium Voltage (Above 1 kV)), Application (Pump, Fan, Compressor, Propulsion / Thruster, Crane & Hoist) and Region - Global Forecast to 2024
“The marine VFD market is projected to grow at a CAGR of 6.13% from 2019 to 2024”
The marine VFD market is projected to grow from an estimated USD 772 million in 2019 to USD 1,039 million by 2024, at a CAGR of 6.13% during the forecast period. The major factors driving the growth of the marine VFD market include reducing energy consumption and energy cost.
“The pump segment, by application, is expected to be the largest market from 2019 to 2024”
The pump segment of the marine VFD market is expected to account for the largest share in 2019, and this trend is expected to continue during the forecast period. Pumps consume maximum energy during their operation, hence, VFDs are installed in order to increase energy efficiency.
“The AC drive segment, by type, is expected to be the largest market from 2019 to 2024”
The AC drive segment is estimated to account for the largest share of 87.2% of the marine VFD market in 2019. This segment is expected to maintain its high market share during the forecast period, as AC drives require less maintenance and are less expensive than DC drives. Moreover, most DC drives are currently being replaced with AC drives, thus contributing to the higher growth rate of the AC drive segment.
“Asia Pacific: The largest marine VFD market”
Asia Pacific is expected to grow at the highest CAGR during the forecast period. It is expected to dominate the market, owing to the presence of a large number of shipbuilding companies in China, Japan, and South Korea. The maritime industry in Japan has a significant influence on the country’s economic development. Over the past few decades, Japan has been the largest shipbuilding nation, with products being built using advanced technologies combined with modern facilities. Furthermore, the various supportive government policies for the shipbuilding industry in this region are likely to drive the marine VFD market during the forecast period.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Europe- 18, Asia Pacific- 40%, North America- 20%, Middle East & Africa- 16%, and South America- 6%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million
The marine VFD market is dominated by a few major players that have a wide regional presence. ABB (Switzerland), Eaton (Ireland), Siemens (Germany), Danfoss (Denmark), GE (US) Rockwell (US), Yaskawa (Japan), CG Power and Industrial Solutions (India), WEG (Brazil), Mitsubishi Electric (Japan), Parker Hannifin (US), and Invertek Drives (UK).
The report defines, describes, and forecasts the marine VFD market, by application, type, voltage, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.
Why Buy This Report?
1. The report identifies and addresses the key markets in the marine VFD market, which would help various stakeholders such as energy utilities, government and research organizations, institutional investors, shareholders, VFD manufacturers, dealers, and suppliers.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report would help the key players understand the strategies of their competitors and help them in make better strategic decisions.
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