According to the new
market research report "Marine VFD
Market by Type (AC Drive, DC
Drive), Voltage (Low Voltage (Up to 1 kV), Medium Voltage (Above 1 kV)),
Application (Pump, Fan, Compressor, Propulsion / Thruster, Crane & Hoist)
and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Marine
VFD Market is projected to reach USD 1,039 million by 2024 from an estimated
USD 772 million in 2019, at a CAGR of 6.13% during the forecast period. This
growth can be attributed to the rise in demand for energy efficiency.
The AC drive segment is expected to hold the largest
share of the Marine VFD Market, by type, during the forecast period
The AC drive segment is
estimated to dominate the Marine VFD Market in 2019 and is projected to have
the largest market share during the forecast period. This is because the use of an AC drive helps
in energy savings, increases the life of rotating components, reduces the noise
and vibration level, decreases mechanical stress on motor control applications,
and enhances the overall process control.
Browse and in-depth TOC on “Marine VFD Market"
63 - Tables
34 - Figures
103 - Pages
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The medium voltage
segment is expected to be the fastest growing Marine VFD Market, by voltage,
during the forecast period
The
medium voltage segment accounted for the highest CAGR during the forecast
period. The use of these drives helps in improving efficiency, thereby reducing
the overall operating cost. Furthermore, the medium voltage VFDs are estimated
to save 40–60% of energy compared to motors running at full speed.
Asia Pacific: The
leading Marine VFD Market
In
this report, the Marine VFD Market has been analyzed with respect to 5 regions,
namely, North America, South America, Europe, Asia Pacific, and the Middle East
& Africa. Asia Pacific is estimated to dominate the global Marine VFD
Market in 2019, owing to the presence of a large number of shipbuilding
companies in China, Japan, and South Korea. Moreover, in the past few years,
this region has witnessed rapid economic development as well as the growth in
the maritime trade. The rise in seaborne trade has, subsequently, led to an
increase in the demand for ships used to transport manufactured goods to
various regions worldwide. Thus, the rise in the demand of ships is likely to
drive the demand for marine VFDs in the Asia Pacific region.
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To
enable an in-depth understanding of the competitive landscape, the report
includes the profiles of some of the top players in the Marine VFD Market.
Some of the key players are ABB (Switzerland), GE (US), Eaton (Ireland),
Rockwell Automation (US), Siemens (Germany), WEG (Brazil), and Danfoss
(Denmark). The leading players are adopting various strategies to increase
their share in the Marine VFD Market.
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to 2023
Europe VFDs
Market
by Application (Pump, Fan, Compressor, Conveyor, Extruder), Power Rating
(0–0.5, 0.5–20, 20–50, 50–200, >200kW), Voltage (Low and Medium) And
Countries (Germany, Russia, UK, France, Italy, Spain) - Global Forecast to 2024
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