The first section of the report offers an overview of the Marine VFD market in terms of value. In addition, report section demonstrates a detailed study of some decisive parameters such as the Marine VFD business growth factors, industry policies, technology trends, opportunity analysis, impact analysis of key growth drivers and challenges in the Marine VFD market. These market dynamics decides the current as well as the future status of the Marine VFD market during the forecast period 2019 – 2026.
Global Marine VFD Market is expected to rise from its initial estimated value of USD 726.58 million in 2018 to an estimated value of USD 1,180.09 million by 2026, registering a CAGR of 6.25% in the forecast period of 2019-2026. Growth in the shipbuilding is the major factor for the growth of this market.
Marine Propulsion systems often use Medium Voltage VFD s, but even low voltage VFD s are used in a variety of applications including pumps, hoists, and cranes.
Market Definition: Global Marine VFD Market
VFD stands for variable frequency drive which is also known as AC Drives or Inverters that is used to make AC motor work at different speed. VFD is used in variety of shipboard and marine applications. They are used to regulate the speed and torque of the motor as per the need and requirement. It also uses very less fuel and is very cost- effective.
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Major Players: Global Marine VFD Market
Few of the major competitors currently working in marine VFD market are
- Rockwell Automation, Inc.
- Mitsubishi Electric Corporation
- Invertek Drives Ltd.
- GENERAL ELECTRIC
- Yaskawa Electric Corporation
- PARKER HANNIFIN CORP
- Schneider Electric
- Hitachi, Ltd
- Fujifilm India.
Market Drivers: Global Marine VFD Market
- Growing shipbuilding industry is driving the growth of this market
- Increasing demand for energy efficiency is driving the market
Market Restraints: Global Marine VFD Market
- High damaging cost is restraining the growth of this market
- Availability of cheap and low quality products in the market is another factor restraining the market growth
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Segmentation: Global Marine VFD Market
Global Marine VFD Market By Type (AC Drive, DC Drive), Voltage (Low Voltage Drive, Medium Voltage Drive), Applications (PUMP, FAN, Compressor, Propulsion/Thruster, Crane & Hoist), Technology (Standard, Regenerative), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Key Developments in the Market:
- In January 2019, Yaskawa America, Inc announced the launch of their new GA800 Variable Speed Drive which is 600 HP and is designed to control traditional and emerging motor technologies. They can handle wide range of application from small fan to large dynamometers. It will be easy to use and will provide good performance.
- In April 2018, Invertek Drives announced the launch of new range of IP66 outdoor rated variable frequency drives at Hannover Messe 2018, Germany. They are very useful for external fan, marine and HVAC equipment. It can be used in wide number of applications as they withstand degradation by oils, acids and ultra violet rays.
Competitive Analysis: Global Marine VFD Market
Global marine VFD market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of marine VFD market for global, Europe, North America, Asia Pacific and South America.
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Key Insights in the report: Global Marine VFD Market
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
Table Of Contents: Global Marine VFD Market
1 Marine VFD Product Definition
2 Marine VFD Manufacturer Share and Market Overview
3 Manufacturer Advanced Gear Shifter System Business Introduction
4 Global Marine VFD Market Segmentation (Region Level)
5 Global Marine VFD Market Segmentation (Product Type Level)
6 Global Marine VFD Market Segmentation (Industry Level)
7 Global Marine VFD Market Segmentation (Channel Level)
8 Global Marine VFD Market Forecast 2019-2023
9 Global Marine VFD Segmentation Product Type
10 Global Marine VFD Segmentation Industry
11 Global Marine VFD Market Cost of Production Analysis
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Products of the report
- Historical and current market size and projection up to 2026.
- Competitive landscape
- Potential and niche segments/regions exhibiting promising growth
- The study provides an in-depth analysis of the global Marine VFDmarket and current & future trends to elucidate imminent investment pockets.
- Analyze and forecast Global Marine VFD Market on the basis of type, function and application.
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis.