DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Marine VFD Market During the Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in Need for Energy Efficiency
5.2.1.2 Growth of the Shipbuilding Industry
5.2.2 Restraints
5.2.2.1 High Troubleshooting Cost
5.2.3 Opportunities
5.2.3.1 Internet of Things (IOT)
5.2.4 Challenges
5.2.4.1 Gray Market Providing Low-Quality and Cheap Products
6 Marine VFD Market, By Type
6.1 Introduction
6.2 AC Drive
6.2.1 Rise in the Need for Energy Savings is Expected to Drive the Market for AC Drives
6.3 DC Drive
6.3.1 Need for Good Speed Regulation is Expected to Drive the Market for DC Drives
7 Marine VFD Market, By Voltage
7.1 Introduction
7.2 Low Voltage Drive (Up to 1000 V)
7.2.1 Increased Use of Low Voltage Motors is Driving the Market for Low Voltage Drives
7.3 Medium Voltage Drive (Above 1000 V)
7.3.1 Need for Reducing Overall Operating Costs is Driving the Market for Medium Voltage Drives
8 Marine VFD Market, By Application
8.1 Introduction
8.2 PUMP
8.2.1 Increase in Demand for Energy Efficiency is Driving the Market for VFDs in the PUMP Segment
8.3 FAN
8.3.1 Need for Proper Hvac System in Marine Vessels is Driving the Market for VFDs in the FAN Segment
8.4 Compressor
8.4.1 Need for Reducing Component Degradation is Driving the Market for VFDs in the Compressors Segment
8.5 Propulsion/Thruster
8.5.1 Need for Reduction in Energy Consumption is Driving the Market for VFDs in the Propulsion/Thruster Segment
8.6 Crane & Hoist
8.6.1 Increase in Need for Speed Adjustment and Reduction in Energy Wastage is Driving the Market for VFDs in the Crane & Hoist Segment
9 Marine VFD Market, By Region
10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Competitive Scenario
10.4 Competitive Leadership Mapping
11 Company Profiling
11.1 ABB
11.2 Rockwell Automation
11.3 Danfoss
11.4 Siemens
11.5 CG Power and IndUStrial Solutions
11.6 Mitsubishi Electric
11.7 WEG
11.8 Invertek Drives
11.9 Eaton
11.1 GE
11.11 Yaskawa
11.12 Parker Hannifin
For more information about this report visit https://www.researchandmarkets.com/r/azyjuj
