Marine VFD Market: Current Analysis and Forecast (2021-2027)
Global marine VFD market is expected to exceed the market valuation of around US$ 1 billion by 2027 and is expected to grow at a single digit CAGR growth rate during the forecast period (2021-2027). Factors that are driving the market of marine VFD are rising ship building manufacturers in developing nations coupled with soaring demand to reduce carbon emission from the ship, increasing shift towards electric and hybrid systems to reduce dependency on fossil fuel and for more clean power and rising seaborne trade are factor fueling the market growth of marine VFD market. In addition, increase in seaborne trade has led to an escalate the demand for ships used to transport manufactured goods worldwide. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2017, international seaborne trade increased by 4% due to the growth in world economy.
During the Covid-19 pandemic, marine VFD market witnessed the negative impact. The pandemic in 2020 had slowed the growth of the marine VFD market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. For instance: China, having a massive amount of exports across the globe had to cease all its activities due to the lockdown in order to contain the virus. This resulted in a steep decrease in the application of the marine VFD in the region.
ABB, Rockwell Automation, Inc, Danfoss, Siemens, Mitsubishi Electric Corporation, Wicked Evil Grin (WEG), Invertek Drives Ltd., GENERAL ELECTRIC, Yaskawa Electric Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, AC drive segment is likely to hold the major share during the forecast period”
Based on type, the marine VFD market is bifurcated into AC drive and DC drive. The AC drive segment is expected to hold the largest share during the forecast period due to the various advantages of AC drive such as energy savings, increased life of rotating components, and reduction of noise and vibration level.
“Amongst Voltage, Medium Voltage segment is likely to showcase faster growth rate during the forecast period”
Based on voltage the marine VFD market is classified into low voltage and medium voltage. The medium voltage segment is expected to grow at a higher rate during the forecast period, as medium-voltage VFDs help in higher energy savings compared with low-voltage VFDs.
“Amongst Application, Pump Segment holds the major share”
Based on application, the market is segmented into pump, fan, compressor, propeller, and crane & hoist. Currently, pump captured extensive share and expected to maintain considerable presence in the forecast period as well. As pumps extensively used for various purposes onboard a ship and is critical for proper functioning of any ship.
“Asia Pacific represents one of the largest markets of Global Marine VFD Market”
For a better understanding of the market dynamics of the global marine VFD market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific dominant the market demand. It is predominantly owing to the existence of a high number of shipbuilding companies in in the advancing countries in the region.
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