marine VFD market is anticipated to reach USD 1356 million by 2025 from an estimated USD 953 million in 2020, at a CAGR of 8.23% during the forecast period.
Marine VFD Market Overview:
Marine Frequency Inverter (VFD) is an inexpensive electrical device used to regulate the speed and torque of a VFD electric motor. It is used in a variety of marine applications such as pumps, fans, compressors, propulsion, cranes, and forklifts. There are two types of marine frequency drives: AC and DC drives. VFD on boats assists electric motors operate precisely and aids in efficient fuel use with less maintenance. The key advantages of the marine VFD include the energy savings related with speed control, the improved efficiency of motorized equipment, and the benefits of network communications with ease of installation. These VFDs can be used for medium and low voltage applications.
Impact of Covid-19 on the Marine VFD Market:
Since the COVID-19 virus outbreak in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization declared it a public health emergency. The global impacts of the coronavirus disease 2019 (COVID-19) are already beginning to be felt and will remarkably influence the marine variable frequency drive (VFD) market in 2020.
Marine VFD Market drivers and restraints:
Lower maintenance needs are a key factor in the market. The use of a marine frequency converter reduces the mechanical stress on the machines and prolongs their life, thus reducing their maintenance needs. It also helps reduce noise levels from pumps and fans, making them much more efficient and effective. The frequency converter also helps to reduce the size of the motor for a particular application and improves the working environment. Another key market driver is the rise in environmental concerns in the maritime industry. Governments and regulatory authorities are implementing strict regulations to minimize the harmful carbon emissions from the industry. The industry integrates innovative technologies and solutions to reduce its greenhouse gas emissions. The marine VFD provides enough power required for applications to avoid excessive power loss resulting in relatively lower power consumption and less power and fuel consumption. This, in turn, lowers carbon emissions from ships by reducing the level of fuel consumption and making ships more fuel efficient. Marine drives are efficient and can only operate on certain frequencies. However, the energy efficiency of the equipment decreases when the motor frequency deviates or fluctuates too frequently from the optimum frequency. The frequency converter can create a problem with harmonics in power lines if a large number of frequency converters are operating with a large frequency fluctuation. This phenomenon can damage sensitive electronic equipment, thus limiting its adoption during the forecast period.
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Report segmented as:
Based on application, the marine VFD market has been segmented as follows:
- Crane & hoist
Based on type, the marine VFD market has been segmented as follows:
- AC Drive
- DC Drive
Based on voltage, the marine VFD market has been segmented as follows:
- Low voltage (Up to 1 kV)
- Medium voltage (Above 1 kV)
Based on the region, the global marine VFD market is divided into Asia-Pacific, North America, Europe, the Middle East, Africa, and South America. Asia-Pacific is expected to have the largest market share during the forecast period, due to the presence of a large number of shipbuilding companies in China, Japan and South Korea. China is expected to account for the majority of the regional market and is taking steps to reduce carbon emissions and save energy by installing energy-efficient marine electric propulsion systems on its ships. China is also seen as an export-oriented economy and the world market has seen significant growth in electricity demand, mainly due to industrialization and infrastructure development. These factors are expected to drive demand for marine VFDs in Asia Pacific.
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The Scope of the report:
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