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Global Marine VFD Market (2021 to 2026) - Surging Demand for Integration of IoT with Marine VFDs Presents Opportunities - ResearchAndMarkets.com

·3-min read

DUBLIN, October 11, 2021--(BUSINESS WIRE)--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.

Market Dynamics

Drivers

  • Rising Need for Energy-Efficient Systems in Ships

  • Growing Shipbuilding Industry Due to Global Increase in Maritime Activities

Restraints

  • Increased Maintenance Cost of Systems After Implementation of VFD

  • Applications with High Range of Frequency Fluctuations

Opportunities

  • Implementation of Remote Monitoring in Vfds Creates New Opportunities to Increase Efficiency of Systems

  • Surging Demand for Integration of IoT with Marine Vfds

  • Adoption of Hybrid and Electric Propulsion to Provide New Opportunities for Marine VFD Market

Challenges

  • Low-Quality Products Related to VFD is Hampering Marine VFD Market

  • Negative Impact of COVID-19 on Maritime Industry

Companies Mentioned

  • ABB

  • Bosch

  • CG Power and Industrial Solutions

  • Danfoss

  • Emerson

  • Fuji Electric

  • General Electric

  • Hitachi Industrial Equipment Systems Co.

  • Honeywell

  • Ingeteam

  • Invertek Drives

  • Johnson Controls

  • Mitsubishi Electric

  • Nidec

  • Parker Hannifin

  • Rockwell Automation

  • Schneider Electric

  • Siemens

  • Tmeic

  • Weg

  • Yaskawa

For more information about this report visit https://www.researchandmarkets.com/r/e2s86r

View source version on businesswire.com: https://www.businesswire.com/news/home/20211011005539/en/

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