Marine VFD Market

Marine VFD market was valued at USD 753 million in 2020 and projected to grow at 6.3% CAGR during the forecast period.

Marine VFD Market Overview

The variable frequency drives are a device that can control the speed of motors of pumps and fans to meet the ship load demand conditions. VFD gives precise control of pressure, speed, and flow and can save up to 50% of energy. There are numerous approaches to saving energy by using variable frequency drives. For instance, simply decreasing the speed for variable torque applications, like fans and pumps, will significantly diminish energy consumption.

To have an edge over the competition by knowing the market dynamics and current trends of “Marine VFD Market”, request for Sample Report here

Major Marine VFD Market Drivers

The factors driving the global marine VFD market include increasing demand for energy-efficient systems in ships and growing shipbuilding industries. For instance, according to the Ministry of Shipping, India, Cochin Shipyard Limited achieved a total shipbuilding income of USD 21.30 billion during 2018-19 against USD 17.31 billion during 2017-18. Anywhere a motor used on boards is an excellent opportunity to save energy. VFD regulates the speed and torque of the motor, so they run accurately according to demand. For instance, SELMA SEES Ship Energy Efficiency System VFD is the world’s first type-approved system by the American Bureau of Shipping (ABS), implementing innovative control of auxiliary management.

The stringent regulation on the reduction of carbon emissions will drive market growth. According to International Maritime Organization, to reduce emissions of greenhouse gases from international shipping, under the IMO pollution prevention treaty, the Energy Efficiency Design Index (EEDI) and Ship Energy Efficiency Management Plan are mandatory for new ships.

Restraint in the Marine VFD Market

However, the high installation cost associated with variable frequency drives may act as a restraint and hamper the market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Voltage – Segment Analysis

Based on the voltage, low voltage is anticipated to grow at higher CAGR during the forecast period due to the increasing use of low-voltage motors in the maritime industry across applications such as cranes, pumps, fans, and hoists. VFD improve the efficiency of small components across system equipped with motors. For instance, ABB’s low voltage AC VFD boosts productivity and improves the energy efficiency of processes.

Application – Segment Analysis

Based on the application, the pump will grow at a higher CAGR during the forecast period. Pump onboard vessels are often a vital application. There is a cluster of different pumps on onboard vessels, such as seawater cooling pump, boiler feed pump, HVAC pump, bilge water pump, lubrication pump, fire pump, and others. It is common for pump applications to be over-dimensioned. Much energy is easily saved by letting pumps be controlled by a VFD, either standalone or with pressure or temperature sensor loop control. For instance, Grundfos CUE is an external VFD that works with a broad range of pumps.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, the APAC region is projected to grow at a higher CAGR during the forecast period. The continuous emergence of the APAC region as a manufacturing hub has increased trade. According to the United Nations Conference on Trade and Development, in 2019, China, Republic of Korea and Japan maintained their traditional leadership in shipbuilding, accounted for 92.5% of newbuilding deliveries.

Top Market Players

Various notable players operating in the market, include, General Electric, Danfoss, Siemens, Rockwell Automation, Inc., ABB, Mitsubishi Electric Corporation, YASKAWA ELECTRIC CORPORATION, PARKER HANNIFIN CORP, Robert Bosch GmbH, Schneider Electric, among others.

Key Developments:

• • In 2021, ABB secured a landmark contract with Spanish shipbuilder Astilleros Gondán to supply an all-electric power solution for fast 40-meter urban passenger ferries transporting up to 540 passengers each across Lisbon’s Tagus rivers.
  • In 2020, India’s most prominent and advanced shipbuilder Cochin Shipyard Limited selected Siemens to implement advanced marine solutions for India’s first fleet of 23 boats equipped with electric propulsion and battery integrated technologies.

Segments covered in the Report:

The global marine VFD market has been segmented on the basis of type, voltage, application, and region. Based on type, the market is segmented into AC, and DC. Based on voltage, the market is segmented into low voltage, medium voltage, and high voltage. Based on application, the market is segmented into pump, fan, Compressor, Thruster and Crane & hoist.

For detailed scope of the “Marine VFD Market” report request a Sample Copy of the report

Market Segmentation

Global Marine VFD Market by Type

• • AC
  • DC

Global Marine VFD Market by Voltage

• • Low Voltage
  • Medium Voltage
  • High Voltage

Global Marine VFD Market by Application

• • Pump
  • Fan
  • Compressor
  • Thruster
  • Crane & hoist

Global Marine VFD Market by Region

• • North America Marine VFD Market (Option 1: As a part of the free 25% customization)

    • North America Marine VFD Market by Type
    • North America Marine VFD Market by Voltage
    • North America Marine VFD Market by Application
    • US Marine VFD Market All-Up
    • Canada Marine VFD Market All-Up

  • Europe Marine VFD Market (Option 2: As a part of the free 25% customization)

    • Europe Marine VFD Market by Type
    • Europe Marine VFD Market by Voltage
    • Europe Marine VFD Market by Application
    • UK Marine VFD Market All-Up
    • Germany Marine VFD Market All-Up
    • France Marine VFD Market All-Up
    • Spain Marine VFD Market All-Up
    • Rest of Europe Marine VFD Market All-Up

  • Asia-Pacific Marine VFD Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Marine VFD Market by Type
    • Asia-Pacific Marine VFD Market by Voltage
    • Asia-Pacific Marine VFD Market by Application
    • China Marine VFD Market All-Up
    • India Marine VFD Market All-Up
    • Japan Marine VFD Market All-Up
    • Rest of APAC Marine VFD Market All-Up

  • RoW Marine VFD Market (Option 4: As a part of the free 25% customization)

    • RoW Marine VFD Market by Type
    • RoW Marine VFD Market by Voltage
    • RoW Marine VFD Market by Application
    • Brazil Marine VFD Market All-Up
    • South Africa Marine VFD Market All-Up
    • Saudi Arabia Marine VFD Market All-Up
    • UAE Marine VFD Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Marine VFD Market All-Up

Major Players Operating in the Marine VFD (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric
  • Danfoss
  • Siemens
  • Rockwell Automation, Inc.
  • ABB
  • Mitsubishi Electric Corporation
  • YASKAWA ELECTRIC CORPORATION
  • PARKER HANNIFIN CORP
  • Robert Bosch GmbH
  • Schneider Electric