Dublin, Oct. 11, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 COVID-19 Health Assessment
5.3 Global Road to Recovery from COVID-19
5.4 COVID-19 Economic Assessment
5.5 Market Dynamics
5.5.1 Drivers
5.5.1.1 Rising Need for Energy-Efficient Systems in Ships
5.5.1.2 Growing Shipbuilding Industry Due to Global Increase in Maritime Activities
5.5.2 Restraints
5.5.2.1 Increased Maintenance Cost of Systems After Implementation of VFD
5.5.2.2 Applications with High Range of Frequency Fluctuations
5.5.3 Opportunities
5.5.3.1 Implementation of Remote Monitoring in Vfds Creates New Opportunities to Increase Efficiency of Systems
5.5.3.2 Surging Demand for Integration of IoT with Marine Vfds
5.5.3.3 Adoption of Hybrid and Electric Propulsion to Provide New Opportunities for Marine VFD Market
5.5.4 Challenges
5.5.4.1 Low-Quality Products Related to VFD is Hampering Marine VFD Market
5.5.4.2 Negative Impact of COVID-19 on Maritime Industry
5.6 Trends/Disruptions Impacting Customers' Businesses
5.6.1 Revenue Shift and New Revenue Pockets for Marine VFD Providers
5.7 Pricing Analysis
5.8 Market Map
5.9 Value Chain Analysis
5.9.1 Raw Material/Component Providers
5.9.2 Marine VFD Manufacturers
5.9.3 Distributors and After-Sales Services
5.9.4 End-users
5.10 Technology Analysis
5.10.1 Marine VFD Market Based on Different Technologies
5.11 Marine VFD Market: Codes and Regulations
5.12 Innovations and Patent Registrations
5.13 Case Study Analysis
5.14 Porter's Five Forces Analysis
6 Marine VFD Market, by Type
6.1 Introduction
6.2 Ac Drive
6.2.1 Rising Need for More Energy-Efficient Systems and Energy Savings is Likely to Boost Demand for Ac Vfds
6.3 Dc Drive
6.3.1 Better Speed Regulation and Rising Use of Batteries in Electrical Systems Are Likely to Drive Dc Drive Segment
7 Marine VFD Market, by Voltage
7.1 Introduction
7.2 Low Voltage (Up to 1000 V)
7.2.1 Increasing Automation and Growing Demand for More Efficient Systems Are Likely to Drive Low Voltage Segment
7.3 Medium Voltage (Above 1000 V)
7.3.1 Increasing Adoption of Hybrid Engines and Upgrade of Electrical Infrastructure Are Likely to Drive Medium Voltage Segment
8 Marine VFD Market, by Application
8.1 Introduction
8.2 Pump
8.2.1 Shift Toward More Energy-Efficient Ships is Likely to Drive Marine VFD Market for Pump Segment
8.3 Fan
8.3.1 More Efficient Ventilation and Cooling Would Drive Marine VFD Market for Fan
8.4 Compressor
8.4.1 Growing Shipbuilding Industry is Expected to Fuel Demand for Compressors
8.5 Propeller
8.5.1 Adoption of Electric Propulsion System is Likely to Drive VFD Market in Propeller Segment
8.6 Crane & Hoist
8.6.1 Increase in Efficiency and Reduced Maintenance Costs Are Likely to Drive Marine VFD Market for Crane & Hoist Segment
9 Geographic Analysis
10 Competitive Landscape
10.1 Key Player Strategies/Right to Win
10.2 Market Share Analysis
10.3 Revenue Analysis of Top Five Market Players
10.4 Competitive Scenario
10.5 Company Evaluation Quadrant
10.5.1 Star
10.5.2 Emerging Leader
10.5.3 Pervasive
10.5.4 Participant
10.6 Competitive Benchmarking
11 Company Profiles
11.1 Major Players
11.1.1 Abb
11.1.2 General Electric
11.1.3 Danfoss
11.1.4 Rockwell Automation
11.1.5 Siemens
11.1.6 Cg Power and Industrial Solutions
11.1.7 Mitsubishi Electric
11.1.8 Weg
11.1.9 Yaskawa
11.1.10 Parker Hannifin
11.1.11 Invertek Drives
11.1.12 Bosch
11.1.13 Fuji Electric
11.1.14 Schneider Electric
11.1.15 Nidec
11.2 Other Key Players
11.2.1 Honeywell
11.2.2 Johnson Controls
11.2.3 Tmeic
11.2.4 Hitachi Industrial Equipment Systems Co.
11.2.5 Ingeteam
11.2.6 Emerson
12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/y82tit
