Marine VFD Market Report, Size with Growth Research 2021 - Comprehensive Insights by Demand Status, Industry Share, Opportunities Forecast to 2027

 A comprehensive overview of the global marine VFD market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the marine VFD market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Marine VFD market at regional and country levels. The global marine VFD market is expected to grow at a significant rate from 2021-2027 and expected reach more than US$ 1 billion by 2027.

Market Overview

Marine variable frequency drive (VFD) is a cost-effective electrical device that is used to regulate the speed and torque of an VFD electric motor. The VFD in the ships help the electric motors run accurately and helps in the efficient use of fuel with less maintenance. The major advantages of marine VFD include energy saving associated with speed control, improved efficiency of motor-driven equipment and provides benefits of network communications with ease of installation.

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COVID-19 Impact

During the Covid-19 pandemic, demand for marine VFD market had slowed down as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. For instance: China, having a massive amounts of exports across the globe had to cease all its activities due to the lockdown in order to contain the virus. This resulted in a steep decrease in the application of the marine VFD in the region.

Global marine VFD market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily bifurcated into:

• AC Drive
• DC Drive

Based on type, the marine VFD market is bifurcated into AC drive and DC drive. The AC drive segment is expected to hold the larger share during the forecast period due to the various advantages of AC drive such as energy savings, increased life of rotating components, and reduction of noise and vibration level.

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By Voltage, the market is mainly segmented into:

• Low Voltage
• Medium Voltage

Based on voltage the marine VFD market is classified into low voltage and medium voltage. The medium voltage segment is expected to grow at a higher rate during the forecast period, as medium-voltage VFDs help in higher energy savings compared with low-voltage VFDs.

By Application, the market is mainly segmented into:

• Pump
• Fan
• Compressor
• Propeller
• Crane & Hoist

Based on application, the market is segmented into pump, fan, compressor, propeller, and crane & hoist. Currently, pump captured extensive share and expected to maintain considerable presence in the forecast period as well. As pumps extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. 

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Global Marine VFD Market Geographical Segmentation Includes:

• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, Spain, Italy, France, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World

Based on the estimation, Asia Pacific dominant the market demand. It is predominantly owing to the existence of a high number of shipbuilding companies in in the advancing countries in the region.

The major players targeting the market includes:

• ABB
• Rockwell Automation, Inc
• Danfoss
• Siemens
• Mitsubishi Electric Corporation
• Wicked Evil Grin (WEG)
• Invertek Drives Ltd.
• GENERAL ELECTRIC
• Yaskawa Electric Corporation

Competitive Landscape

The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Marine VFD market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the global marine VFD market?
• Which factors are influencing global marine VFD market over the forecast period?
• What are the global challenges, threats, and risks in the global marine VFD market?
• Which factors are propelling and restraining the global marine VFD market?
• What are the demanding global regions of the global marine VFD market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?

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