Market Analysis: Global Marine VFD Market
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.
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.
- Growing shipbuilding industry is driving the growth of this market
- Increasing demand for energy efficiency is driving the 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
Segmentation: Global Marine VFD Market
- By Type
- AC Drive
- DC Drive
- By Voltage
- Low Voltage Drive (Upto 1000 V)
- Medium Voltage Drive (Above 1000 V)
- By Applications
- Crane & Hoist)
- By Technology
- By Geography
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East and Africa
- North America
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.
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.
Major Market Competitors/Players
Few of the major competitors currently working in marine VFD market are ABB, Rockwell Automation, Inc., Danfoss, Siemens, Mitsubishi Electric Corporation, WEG, Invertek Drives Ltd., Eaton, GENERAL ELECTRIC, Yaskawa Electric Corporation, PARKER HANNIFIN CORP, Schneider Electric, Hitachi, Ltd, Fujifilm India.
Research Methodology: Global Marine VFD Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- 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