iCrowdNewswire Jan 14, 2021 11:21 AM ET
Market Research Future has Published its Half-Cooked Research Report on the Global Marine VFD Market. The Global Marine VFD Market is expected to propel itself at 6.50 % CAGR during the period of 2019–2024.
The global Marine VFD market is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019–2024. Marine VFD is an AC/DC drive that helps to regulate the speed and torque of motors in the ships so that they run accurately. VFDs are low or medium voltage drives that help the propulsion systems, thrusters, deck machinery, pumps, and HVAC systems to use the fuel more efficiently and reduce maintenance costs. Marine VFD also helps in saving energy along with controlling all the functions and output of the motor.
GLOBAL MARINE VFD MARKET, 2019-–2024
Asia-Pacific held the largest share of the global Marine VFD market in 2018: MRFR
Geographically, the marine VFD market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. In 2018, the market in Asia-Pacific held the largest share of the global Marine VFD market, mainly due to the increasing investments in shipbuilding, government mandates on energy efficiency, and rise in seaborne trade. The market in the region is also expected to be the fastest growing during the forecast period.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7936
Moreover, factors such as increased power consumption, government mandates on energy efficiency, and rising port capacity in Asia-Pacific are driving the market growth. Within Asia-Pacific, China is likely to hold the largest share of the market during the forecast period owing to increasing construction of specialized vessels, such as offshore support vessels, and dredgers, which will increase the demand for VFD. Similarly, Japan is one of the largest shipbuilding nations with products being built using advanced technologies. Other countries in Asia-Pacific such as Singapore, Indonesia, and South Korea are also trying to increase their FDI in marine sector with new project developments.
Europe is expected to be the second-largest market owing to the growing seaborne trade and rapid economic growth. Germany is the largest market in Europe in shipbuilding industry. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some key players in Europe. Germany is expected to dominate Europe due to new marine VFD contracts being signed by ship manufacturers and the government. Similarly, Italy, Norway, and Brazil are the economies which are expected to increase their market shares in Europe and South America, significantly. In North America, the US is expected to dominate the market during the forecast period.
On the basis of type, the global Marine VFD market has been divided into AC drive and DC drive. The AC drive segment dominated the global market owing to the increasing use of VFDs that help in saving energy, increasing the life of rotating components, and enhancing the process control. On the basis of application, the global market has been classified into pump, fan, compressor, propulsion/thruster, and crane & hoist. The pump segment is expected to dominate the market during the forecast period. On the basis of voltage, the global market has been divided into low voltage and medium voltage. The medium voltage segment is expected to dominate the market during the forecast period.
- Siemens (Germany)
- Eaton (Ireland)
- Rockwell Automation (US)
- ABB (Switzerland)
- CG Power (India)
- Danfoss (Denmark)
- WEG (Brazil)
- Mitsubishi Electric (Japan)
- General Electric (US)
- Yaskawa (Japan)
- Parker Hannifin (US)
- Invertek Drives (UK).
Request for Report Discount: https://www.marketresearchfuture.com/check-discount/7936
Scope of the Report
This report provides an in-depth analysis of the global marine VFD market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Marine VFD market by type, voltage, application, and region.
- By Type
- AC Drive
- DC Drive
- By Voltage
- Low Voltage (Up to 1 kV)
- Medium Voltage (Above 1 kV)
- By Application
- Crane & Hoist
- By Region
- North America
- Middle East & Africa
- South America
Do You Have Any Query ? Ask to Our Industry Expert @ https://www.marketresearchfuture.com/enquiry/7936
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
+1 646 845 9312
Email: [email protected]
Keywords: Marine VFD Market, Marine VFD Market 2020, Marine VFD Market 2021, Marine VFD Market Size, Marine VFD Market Share, Marine VFD Market Analysis, Marine VFD Market Forecast, Marine VFD