Marine VFD Market Forecastss: A $1,075 million market by 2026

According to the new market research report "Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Application (Pump, Fan, Compressor, Propeller (With Shaft Generator, Without Shaft Generator), Crane & Hoist), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Marine VFD Market size will grow to USD 1,075 million by 2026 (forecast year) from USD 804 million in 2021 (estimated year), at a CAGR of 6.0% during the forecast period. A marine VFD is a motor controller electronic device. It drives an electric motor by varying the frequency and voltage supplied to the motor according to the demand. It is also referred to as variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, Microdrive, and inverter. Marine VFD has been categorized into by type, by voltage, and by application. They can be installed in various systems on ships which have motor like cranes, compressor, fan, pumps, etc. Marine VFD is playing a crucial role to achieve more efficiency from systems and reducing fuel consumption in ships.

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The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast period.

The pump segment accounted for the largest share of the Marine VFD Market, by application, in 2020. The pump is the component which is extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. Thus, the use of VFD to control the functioning the pumps can save a lot of energy. These factors are likely to increase the demand for VFD used to control pumps.

Marine VFD Market

The low voltage is expected to dominate the Marine VFD Market, by voltage, during the forecast period.

The low voltage segment accounted for a larger share, owing to the increased use of low-voltage motors in the marine industry across applications such as cranes, pumps, fans, and hoists. The increasing use of variable drives to improve the efficiency of various small components across a system equipped with motors to improve the efficiency of such systems has boosted the market for low-voltage drives.

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The AC drive is expected to dominate the Marine VFD Market, by type, during the forecast period.

AC drives are more widely used VFDs. As most of the equipment used onboard a ship operates on AC input, the AC drive segment is projected to account for a larger market share. The demand for AC drives is also driven by the increasing demand for energy-efficient solutions. An AC drive is used to control the speed of an electric motor by changing the frequency and voltage of electric supply to the motor. A VFD controls the speed of the AC motor by changing the frequency supplied to the motor.

Asia Pacific is expected to lead the Marine VFD Market

Asia Pacific is expected to show a robust growth during the forecast period. The Asia Pacific region includes China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. This region has shown strong demand for marine VFD owing to rapid growth of shipbuilding industry. With the shift towards decarbonization, there has been a strong demand for more energy efficient engines with less emissions. Governments in this region are increasingly opening gates for development and growth of ship building industry. Technological advancements and less energy consumption would further propel marine VFD deployment and open up opportunities in the emerging markets in APAC. Various countries are adopting new hybrid and electric systems in ships in order to save energy as well as to meet their goal of rection in carbon emission. Moreover, favorable supportive schemes, huge investments in ship building and port development would further drive the market for marine VFD. The market in China is expected to grow mainly because of government initiatives to cut down carbon emissions as well as to become leader in ship building.

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The key players include General Electric (US), Danfoss (Denmark), Siemens (Germany), ABB (Switzerland), Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the Marine VFD Market.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Well Intervention Market to witness an impressive growth during the forecast period

Well Intervention Market New Revenue Pockets:

The global well intervention market is projected to reach USD 9.3 billion by 2026 from an estimated USD 7.6 billion in 2021, at a CAGR of 4.2 % during the forecast period. The global well intervention market is driven by the upsurge in the new oil and gas discoveries and increase in production of oil & gas by countries owing to rising demand from the Asia Pacific.

The well intervention market has promising growth potential due to the continuous shale developments. It is difficult to extract oil & gas from shale reservoirs due to which shale reservoirs require more intervention processes to optimize oil production. According to the IEA, the shale production from the US alone is expected to cross 100 million barrels per day. Shale development in other countries such as China and Argentina are also likely to boost the well production activities in these countries, which is likely to drive the well intervention market in North America, Latin America, and Asia Pacific.

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The well intervention market, by service type, is segmented into logging and bottomhole survey, tubing/packer failure and repair, stimulation, remedial cementing, zonal isolation, sand control, artificial lift, fishing, reperforation and others. Sand control services are observed to be new revenue pockets for the oilfield service providers owing to the increase in drilling activities in unconventional reservoirs such as shale reservoirs and oil sand formations. The services help in reducing the operational expenditure that is involved with the removal of sand. The need to enhance production from mature reservoirs are expected to drive the market for this segment during the forecast period.

The report segments the well intervention market, by well type, into horizontal wells and vertical wells. The horizontal segment of the well intervention market is expected to grow at the highest CAGR during the forecast period, as horizontal drilling is observed as a more efficient method of drilling. The horizontal wells account for about 70.0% of the total drilled wells. Furthermore, the offshore and shale developments have boosted the horizontal well type to be the largest and fastest-growing segment of the global well intervention market.

The well intervention market, by application, is categorized into onshore and offshore. Furthermore, the North Sea region is playing a crucial role in fueling the growth of the offshore well intervention services market as the reserves in the region are reaching maturity. In Norway and the UK, 60% of the fields have attained maturity. Countries such as South America, Brazil, and Mexico are considered to be the major offshore markets. The offshore segment is further segmented based on the well depth as shallow, deepwater, and ultra-deepwater. The ultra-deepwater segment is expected to be the promising segment for well intervention providers. Growth is driven majorly by the increasing ultra-deepwater drilling and production activities and an increase in the number of maturing subsea wells. Furthermore, the investments to revive the mature onshore fields are expected to offer lucrative opportunities for the well intervention manufacturers during the forecast period.

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North America is estimated to be the largest and fastest-growing market for well intervention during the forecast period. The region has been segmented, by country, into US and Canada. The increasing number of mature oil and gas fields and the growth in unconventional reserves such as tight oil and shale gas are primarily driving the demand for well intervention services in the US and Canada. According to the BP Statistical Review, 2020, the US was the largest producer of oil in the world, accounting for 17.9% of the total production in 2019. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American well intervention market.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Hydrogen Energy Storage Market Trends, Revenue, Key Players, Growth, Size, Share and Forecast Till 2024

According to the new market research report "Hydrogen Energy Storage Market by State (Liquid, Gas, Solid), Storage Technology (Compression, Liquefaction, Material based), End-User (Industrial, Commercial, Utilities), and Region - Global Forecast to 2024" The global hydrogen energy storage market is projected to reach USD 18.2 billion by 2024 from an estimated USD 13.7 billion in 2019, at a CAGR of 5.8% during the forecast period. Increase in demand for hydrogen in the chemical industry and market for hydrogen in stationary and portable power are driving the growth of the global industry.

Key Market Players:

The global hydrogen energy storage market is dominated by a few major players that have an extensive regional presence. The leading players in the hydrogen energy storage market are Hydrogenics (Canada), ITM Power (UK), Hexagon Composites (Norway), Worthington Industries (US), Linde (UK), Nel Hydrogen (Norway), Plug Power (US), Chart Industries (US), Air Liquide (France), Air Products and Chemicals (US) and Hydrogenious (Germany).

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Air Liquide (France) is in the production and supply of gases for industrial, healthcare, and environment. It offers innovative solutions based on enhanced technologies and produces gases, such as hydrogen, oxygen, and nitrogen. It operates through 3 business segments, namely, gas & services, engineering & construction, and global markets & technologies. The engineering & construction segment designs and constructs air separation units, hydrogen, and synthetic gas production plants. The company holds the capabilities of providing hydrogen high-pressure storage in the gaseous form, very low-temperature storage in the liquid form, and hydride-based storage in the solid form. The company manufactures hydrogen storage tanks and cylinders in its subsidiary Cryolor (France). It specializes in providing the state-of-the-art technique for storing maximum hydrogen in a restricted volume by cooling it to a very low temperature. For instance, in 2016, the company designed and manufactured the tanks on the Ariane Launcher, which contains 28-ton liquid hydrogen that further fuels the central engine. Air Liquide specializes in offering hydrogen-related products and services. It has a presence globally in countries such as the US, Canada, South America, Europe, and Eurasia, the Middle East, Australia, China, India, Japan, South Korea, and Singapore.

ITM Power (UK) is one of the leading manufacturers of integrated hydrogen energy solutions for grid balancing, energy storage, and production of green hydrogen for transport, renewable heat, and chemicals. The company operates through 4 major business segments, namely, power-to-gas, renewable chemistry, refueling, and others. The power-to-gas business segment accounted for a 50% share of the total revenue generated by the company in 2018. Power-to-gas energy storage captures excess renewable power using rapid response electrolysis and produces renewable hydrogen stored in the gas grid. It allows storage of a significant amount of energy and provision of CO2 neutral fuels in the form of resulting renewable energy gas mix of hydrogen and methane. In 2018, the company also received a grant to undertake a multi-megawatt power-to-gas feasibility study that focused on assessing the potential of power-to-gas systems for energy storage and hydrogen fuel in Massachusetts, US. ITM Power collaborated with Holyoke Gas and Electric (HG&E), a local gas and electricity utility for carrying out this feasibility study.

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North America is expected to dominate the global hydrogen energy storage market

Increasing use of hydrogen gas in oil refineries and chemical industry as well as growing demand for hydrogen-powered fuel cells is likely to drive the hydrogen energy storage market in North America. Furthermore, the growth in this region is also attributed to the rise in fuel cell applications, tight regulations with regard to emission control, and the use of cleaner fuels. Policies are also being framed to research and encourage the usage of clean fuels such as hydrogen for various energy needs.

Gas segment is expected to lead the hydrogen energy storage market by state

The Gas segment is expected to lead the hydrogen energy storage market as there are multiple cost-effective methods available to store hydrogen as a gas via compression. The growth of gas segment is because of the easy available plans to produce and store hydrogen in the gaseous form.

Compression segment is expected to capture the significant share of the hydrogen energy storage market by storage technology

Compressed hydrogen gas can be stored using various storage tanks such as low-pressure tanks, pressurized tanks, and underground storage. In the case of the underground room, hydrogen gas is injected and compressed in an underground salt cavern. Compressed hydrogen gas storage is the simplest solution because only compressor and a pressure vessel equipment is required to store it which is the reason for its increasing demand in the hydrogen energy storage market globally.

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Utilities are the leading end-users of hydrogen energy storagesand are expected to lead the market throughout the forecast period

Hydrogen energy storage market has been categorized, based on end-user into industrial, commercial, and utilities. Utilities are expected to be the fastest-growing as the demand for power generation increases,  using renewable energy sources is likely to generate the need for hydrogen energy storage in the utility segment.

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About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com