Marine VFD Market by Type and Geography - Forecast and Analysis 2019-2023

Marine VFD Market by Type and Geography - Forecast and Analysis 2019-2023

  • September 2019 •
  • 137 pages •
  • Report ID: 5821783 •
  • Format: PDF
Global Marine VFD Market: About this market

This marine VFD market analysis considers sales from AC drive and DC drive types. Our analysis also considers the sales of marine VFD in APAC, Europe, North America, South America, and MEA. In 2018, the AC drive segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the improved vessel performance offered by AC drive will play a significant role in the AC drive segment to maintain its market position. Also, our global marine VFD market report looks at factors such as the increasing demand for energy efficiency, growing shipbuilding industry, and demand for superior performance in marine operations. However, cost and complexity in troubleshooting, impact on connected sensitive electronic devices, and alternative methods of shipping and traveling may hamper the growth of the marine VFD industry over the forecast period.

Global Marine VFD Market: Overview

Demand for superior performance in marine operations

Marine VFD not only maintains full load capacity for marine devices and components but also allows engine operation across a wide range of speeds. This enables the efficient, precise, and reliable control of various marine engine components. It also ensures the minimization of operating time by allowing high-speed movement and performance. Such benefits of using marine VFDs for superior performance of marine and ship operations will lead to the expansion of the global marine VFD market at a CAGR of over 6% during the forecast period.

Advent of remote monitoring in VFD

Remote monitoring of marine VFDs plays a crucial role in identifying deteriorating conditions within the VFD, which can potentially cause a shutdown and result in losses for end-users. It also allows end-users to remotely troubleshoot any minor failure in marine VFDs, which enables them to reduce unplanned downtime and increase efficiency. The development of remote monitoring in VFD is expected to have a positive impact on the overall market growth.

Competitive Landscape

With the presence of several major players, the global marine VFD market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading marine VFD manufacturers, that include ABB Ltd., CG Power, and Industrial Solutions Ltd., Danfoss AS, Eaton Corp. Plc, General Electric Co., Hitachi Ltd., Invertek Drives Ltd., Mitsubishi Heavy Industries Ltd., Rockwell Automation Inc., and Siemens AG.

Also, the marine VFD market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.