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Global Marine VFD Market (2021-2026) – Growing Demand for IoT Integration with Marine VFDs Present Opportunities – ResearchAndMarkets.com

By on October 11, 2021 0


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DUBLIN – (COMMERCIAL THREAD) – The “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 and hoist), and the Region – Global Forecast to 2026 report “has been added to ResearchAndMarkets.com offer.

The marine VFD market is expected to reach USD 1,075 million by 2026, compared to an estimated USD 804 million in 2021, at a CAGR of 6.0% during the forecast period.

There is a growing demand for more efficient systems that can reduce energy waste and help reduce emissions from the maritime sector. In addition, there is a move towards electric and hybrid systems to reduce reliance on fossil fuels and for cleaner energy. Apart from that, there is the adoption of IoT across all industries, including the shipping industry. Thus, the marine VFD market is growing and there is great untapped potential in this market.

Compressor segment is expected to grow at the highest CAGR from 2021 to 2026.

Based on the application of marine VFD systems, the compressor segment is estimated to be the fastest growing market from 2019 to 2026. A compressor is a versatile device used in various applications, from cleaning filters to start-up. main or secondary engines. of a ship. Compressors are also used to power a ship’s propellers.

Medium voltage VFD expected in emerging markets by voltage

VFDs with a voltage over 1000 V are considered in the medium voltage segment. Using these drives helps improve efficiency, thereby reducing overall operating costs. These VFDs are typically used for critical applications and major system components installed on a ship. Hybrid engines recently introduced in the shipping industry have driven the demand for medium voltage VFD, and this segment is expected to experience strong growth during the forecast period.

Asia-Pacific: The largest market for marine VFDs

Asia-Pacific accounted for the largest 51.1% share of the marine VFD market among all regions in 2020. Asia is a major player in maritime transport – not only as a consumer of maritime transport services and as a major maritime hub, but also as a producer of such services. The region has been segmented by country into China, India, Japan, South Korea, Australia and the rest of Asia Pacific. Asia’s continued importance as a manufacturing hub has spurred the boom in intra-Asian container trade, with Southeast Asia playing an increasingly important role. In addition, in recent years, this region has experienced rapid economic development as well as growth in maritime trade. The increase in maritime trade subsequently led to an increase in the demand for ships used to transport manufactured goods to various regions of the world.

Market dynamics

Conductors

  • Growing need for energy efficient systems in ships

  • Growth of shipbuilding industry due to global increase in maritime activities

Constraints

  • Increased system maintenance costs after VFD implementation

  • Applications with a high range of frequency fluctuations

Opportunities

  • The implementation of remote monitoring in Vfd creates new opportunities to increase the efficiency of the systems

  • Growing demand for IoT integration with marine Vfds

  • Adoption of hybrid and electric propulsion to provide new opportunities for the marine VFD market

Challenges

  • Low-quality VFD-related products hamper the marine VFD market

  • Negative impact of COVID-19 on the maritime industry

Companies mentioned

  • ABB

  • Bosch

  • CG Power and Industrial Solutions

  • Danfoss

  • Emerson

  • Electric fuji

  • General Electric

  • Hitachi Industrial Equipment Systems Co.

  • Honeywell

  • Whole

  • Invertek discs

  • Johnson Controls

  • Mitsubishi Electric

  • Nidec

  • Parker Hannifin

  • Rockwell Automation

  • Schneider Electric

  • Siemens

  • Tmeic

  • Weg

  • Yaskawa

For more information on this report, visit https://www.researchandmarkets.com/r/e2s86r

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