The global marine VFD market has the potential to grow by USD 269.69 million during 2019-2023, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by type (AC drive and DC drive) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including ABB Ltd., CG Power and Industrial Solutions Ltd., Danfoss AS, Eaton Corp. Plc, General Electric Co., Hitachi Ltd., Invertek Drives Ltd., Mitsubishi Heavy Industries Ltd., Rockwell Automation Inc., and Siemens AG.
Market Overview
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Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will increase during the forecast period. Vendors in the market are integrating industrial internet of things (IIoT) and other latest technologies to improve the capabilities of their marine VFD products. ABB Ltd., CG Power and Industrial Solutions Ltd., and Danfoss AS are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the availability of alternative methods of shipping and traveling will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this marine VFD market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this marine VFD market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading marine VFD companies, including:
- ABB Ltd.
- CG Power and Industrial Solutions Ltd.
- Danfoss AS
- Eaton Corp. Plc
- General Electric Co.
- Hitachi Ltd.
- Invertek Drives Ltd.
- Mitsubishi Heavy Industries Ltd.
- Rockwell Automation Inc.
- Siemens AG
Marine VFD Market: Segmentation by Region
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Players in the Japanese shipbuilding industry are focusing on the adoption of environmentally friendly technologies to comply with worldwide maritime regulations on sulfur oxide emissions. This is attracting many FDIs in the country’s shipbuilding industry. This is one of the critical factors driving marine VFD market growth in APAC.
More than 54% of the market growth will originate from APAC during the forecast period. The flourishing shipbuilding industry in developing countries such as China and India and the vast presence of shipbuilding hubs in countries such as South Korea and Japan are some of the factors driving market growth in the region. China, Japan, and South Korea are the key markets for marine VFD in APAC. Market growth in the region will be faster than the growth of the market in MEA.
Marine VFD Market: Segmentation by Type
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AC type marine VFDs enable end-users to achieve proper rudder positioning, which helps in providing better control over analog systems in ships and vessels. They also help reduce energy consumption by providing controlled variable-speed propellers with fixed pitch. Because of such benefits, there is the growing popularity of AC type marine VFDs among end-users.
Market growth in this segment will be faster than the growth of the market in DC type marine VFD segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the marine VFD market size.
Marine VFD Market: Key Drivers and Trends
End-users are increasingly adopting marine VFDs because of their precise, reliable, and efficient control capabilities. Marine VFDs enable engine operation at a wide range of speeds along with optimizing the load capabilities of marine devices and components. This helps end-users monitor delicate operations carefully, even at low speeds. Marine VFDs also help reduce shock loads, improve service life, and lower maintenance costs in several high-speed marine operations. This has increased their adoption in marine cranes and other hoist applications that demand highly controlled and safe operations. The rising demand for performance improvement in marine operations is expected to boost the demand for marine VFDs during the forecast period. This will have a positive impact on the growth of the global marine VFD market size.
- The advent of remote monitoring in VFD is a significant trend that will influence marine VFD market landscape.
- Remote monitoring enables users to receive notifications about the status of VFD operations on mobile devices.
- Notifications about VFD operations help users undertake preventive measures to avoid system failures.
- Remote monitoring also enables users to troubleshoot minor issues in marine VFDs, thereby achieving higher efficiencies with fewer downtimes.
- Several market vendors are integrating IIoT with marine VFDs to help end-users improve their overall operational efficiencies.
- As a result of such factors, the market will register a CAGR of more than 6% during 2019-2023.
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Marine VFD Market: Key Highlights of the Report for the Forecast Period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the marine VFD market size during the next five years
- Precise estimation of the global marine VFD market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the marine VFD industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of marine VFD vendors
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