Marine variable frequency drive abbreviated as VFD is an electrical device that operates to regulate the speed and torque of a VFD electric motor. The VFD in the ships helps the electric motors run perfectly and benefits in the efficient use of fuel with less assistance and maintenance. The plus point of marine VFD is that it is cost-effective and it saves energy by controlling speed. It also provides improved efficiency of motor-driven equipment and benefits of network communications with ease of installation.
The research report, ‘Marine VFD Market: Current Analysis and Forecast (2021-2027)’, aims to provide a detailed view and analysis of the marine VFD market. the study affirms that Some of the key players functioning in the market are ABB, Rockwell Automation, Inc, Danfoss, Siemens, Mitsubishi Electric Corporation, Wicked Evil Grin (WEG), Invertek Drives Ltd., GENERAL ELECTRIC, Yaskawa Electric Corporation, Schneider Electric, and others. This report has consolidated different criteria through which the above-stated companies exist and compete against each other. Some of these parameters are – the performance of the company, sales, risk analysis, collaborative business strategy, recent development, regional presence, acquisitions, and product and services offered by these companies. Along with this, the report comprises various insights made with the help of research methodologies like PESTEL analysis, SWOT analysis, and others. The report further includes company profiling of each player aforementioned and also reviews how far along the player stands in the competition.
In addition to that, the report also provides market trends for the marine VFD industry both in the present and future. The research report is equipped with various dimensions such as dynamics of the market both globally and region-wise, analysis of historical data, and technology development, strategies adopted by the aforementioned companies, and study of the market size (in terms of value and volume) based on demand and supply, market growth drivers, application details, market features, restraints, regional and industry wise investment opportunities and much more.
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The report mentions that the marine VFD market is categorized into various segments. These segments are – Based on type (AC drive and DC drive), Based on voltage (low voltage and medium voltage), Based on application (pump, fan, compressor, propeller, and crane & hoist), Based on the region (North America, Europe, Asia-Pacific, and Rest of World). The study discusses the forecast of each segment and sub-segments in detail. For instance- under the category of application, the pump captured a big share in the market and is expected to sustain a considerable presence in the forecast period. Likewise, the report tells about various other segments. For a better understanding of the market, the report covers the market details for all the countries present in the above-stated regions as well. Some of these countries are – the United States, Canada, Germany, the UK, China, India, and many others.
In the upcoming years, the Global Marine VFD Market is anticipated to grow and reach a substantial value in terms of revenue in USD million by the end of the year 2027 at a single-digit CAGR during the forecast period (2021-2027). This is mainly because of the rise in the demand for energy efficiency and growth in the shipbuilding industry.
Ankur Gupta, Head Marketing & Communications