Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Application (Pump, Fan, Compressor, Propeller (With Shaft Generator, Without Shaft Generator), Crane & Hoist), and Region - Global Forecast to 2026
The marine VFD market is projected to reach USD 1,075 million by 2026 from an estimated USD 804 million in 2021, at a CAGR of 6.0% during the forecast period. There is increasing demand for more efficient systems which can save wastage of energy and help to reduce the emission from the maritime sector. Also, there is a shift towards electric and hybrid systems to reduce dependency on fossil fuel and for more clean power. Apart from these there is adoption of IoT across all the sectors including shipping sector. Thus, the marine VFD market is gaining momentum, and there exists a lot of untapped potential in this market.
“The compressor segment is expected to grow at the highest CAGR from 2021 to 2026.”
Based on the application of marine VFD systems, the compressor segment is estimated to be the fastest-growing market from 2019 to 2026. A compressor is a multipurpose device used in various applications, ranging from the cleaning of filters to starting the main or secondary engines of a ship. Compressors are also used to run the propellers in a ship.
“Medium voltage VFD is expected to emerging market by voltage”
VFDs with a voltage of more than 1000 V are considered under the medium voltage segment. The use of these drives helps in improving efficiency, thereby reducing the overall operating costs. These VFDs are generally used for critical applications and main components of the system installed on a ship. Recently introduced hybrid engines in the shipping industry have boosted the demand for medium-voltage VFDs, and this segment is expected to witness strong growth during the forecast period.
“Asia Pacific: The largest marine VFD market”
Asia Pacific accounted for the largest share of 51.1% of the marine VFD market amongst all regions in 2020. Asia is a major maritime transport player—not only as a consumer of marine transport services and a major maritime hub but also as a producer of such services. The region has been segmented by country into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. The continuous significance of Asia as a manufacturing hub has boosted the intra-Asian container trade boom, with South-East Asia playing an increasingly important role. Moreover, in the past few years, this region has witnessed rapid economic development as well as growth in the maritime trade. The rise in seaborne trade has subsequently led to an increase in demand for ships that are used to transport manufactured goods to various regions worldwide.
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- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
By Region: North America- 10%, Asia Pacific- 50%, Europe- 25%, Middle East & Africa- 7%, South America- 8%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the marine VFD market include Siemens (Germany), Danfoss (Denmark), General Electric (US), ABB (Switzerland), Rockwell Automation (US).
The report defines, describes, and forecasts the global marine VFD market, by type, by voltage, by application 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 an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for marine VFD, which would help marine VFD manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
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