pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The global marine variable frequency drive market size was valued USD 1.21 billion in 2021 and USD 1.25 billion in 2022 respectively. The global market size is expected to grow from USD 1.68 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period from 2022-2029.
Key Industry Development-
October 2021 - Siemens announced that its major drive system unit will be prepared for separation. The operation, which is the first step in a sale, is a member of Siemens' so-called portfolio companies, which make heavy-duty electrical drive systems for ships, rolling mills, and mines.
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Marine Variable Frequency Drive Market Scope: Report CoverageDetailsForecast Period2022-2029Forecast Period 2022 to 2029 CAGR4.3%2029 Value ProjectionUSD 1.68 BillionBase Year2021Market Size in 2021USD 1.21 BillionHistorical Data for2017-2019No. of Pages160Segments coveredType, Application, End-user, and RegionGrowth DriversSurge in Demand for Energy-efficient Systems for Maritime Vessels Propels Market Growth
Increased Maritime Trade and Focus on Efficient Ships Operation to Drive Growth
Drivers & Restraints:
Market Growth Driven by Energy-efficient Systems for Maritime Vessels
The International Maritime Organization (IMO) has implemented the Ship Energy Efficiency Management Plan (SEEMP), which focuses on energy-efficiency standards for new ships, while the Energy Efficiency Design Index (EEDI) rules primarily focus on improving shipping efficiency to meet the carbon neutral target. Additionally, from 2015 to 2025, the EEDI promises to boost the efficiency of the new maritime fleet by 1.5% per year.
The increasing traction of energy-efficiency systems is procuring high importance with multiple regulations and growing concerns for CO2 emission, which, in turn, will propel the demand for variable frequency drives for marine vessels as it helps in reducing energy consumption by up to 60%. However, the high installation costs can restrain the marine variable frequency drive market growth.
Pandemic Slowed Down Growth by Disrupting the Supply Chain and Closing Production Units
Through its direct impact on supply and demand, its financial impact on businesses, and its disruption of supply chains and markets, COVID-19 has primarily had three effects on the world economy. Another important component of the connections in the global supply chain and economic dependency is transportation via ships, cargo ships, and other vessels. According to estimates, marine transporters handle more than 80% of the volume and around 70% of the value of global commerce in products. As a result, industry shockwaves are caused by disruptive forces such as the COVID-19 pandemic, which spread across distribution networks and geographical boundaries.
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The research report on marine variable frequency drive provides useful facts, insights, historical data, and industry-related information to create a thorough industry assessment. To construct the market, a variety of strategies and approaches are used to develop significant assumptions and viewpoints.
By Type, AC Drive Segment to Dominate the Market Share
Based on type, the market is divided into AC drive, DC drive, and servo drive. As it is mostly used to regulate the speed of various electric elements based on the voltage of the electric supply and frequency, the AC drive retains a leading market share. As a result, a lot of AC drives VFDs are now available.
By Application, Propellers Monopolize the Market
The market is divided into electric fan, compressors, propellers, pumps, HVAC, and others depending on application. The majority of propeller applications use VFDs, which can boost energy efficiency in propellers by 20% to 30%. Additionally, the use of a variable frequency drives to control pressure flow in combination with significant cost savings makes it one of the most practical options for pumping applications, leading to a sizeable proportion of pump applications.
Asia Pacific Dominates the Global Market Share
The Asia Pacific dominates the marine variable frequency drive market share due to increased optimized energy solutions demand and carbon emission standards across various countries. For context, as per ICCT, CO2 emissions from China's domestic coastal shipping could peak by 2040 and fall significantly by 2060, with the help of mandatory energy-efficiency standards.
Furthermore, the development of marine energy technology, such as offshore wind energy, which is still in its early stages of development, has boosted the need for VFDs in the maritime industry in North America.
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Product Launch Capacity is Being Enhanced by Key Participants
The market for marine variable frequency drive is still in its infancy, with several players selling their wares to diverse industries in other countries. To meet the growing demand from practically every end-use industry, many firms are currently operating globally.
The market is also served by major firms, including Wärtsilä, Danfoss Drives, and ABB. With a lengthy history in the market and a wide range of product offerings, ABB is expected to dominate. Additionally, a wide range of market participants is concentrated on providing cutting-edge solutions with upgraded components to meet the expanding need for energy-efficient solutions.
List of Key Market Players: Siemens (Germany)ABB (Switzerland)Sumitomo Heavy Industries (Japan)Danfoss Drives (Denmark)Triol Corporation (U.S.)Bulutlu Marine (Turkey)Wärtsilä (Finland)Yaskawa Corporation (Japan)Johnson Controls (U.S.)G.E. Power (U.S.)C.G. Drives & Automation (U.K.)
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Table of Content: Introduction Research ScopeMarket SegmentationResearch MethodologyDefinitions & Assumptions Executive SummaryMarket Dynamics Market DriversMarket RestraintsMarket Opportunities Key Insights Key Emerging Trends – For Major CountriesKey Developments: Mergers, Acquisition, Partnerships, etcLatest Technological AdvancementInsight on Regulatory LandscapePorters Five Forces AnalysisImpact of COVID-19 on the Marine Variable Frequency Drive Market Global Marine Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029 Key FindingsMarket Analysis, Insights and Forecast – By Type AC DriveDC DriveServo Drive Market Analysis, Insights and Forecast – By Application PropellersPumpsElectric FanHVACCompressorsOthers Market Analysis, Insights and Forecast – By End-user Marine VesselsOffshore Oil & GasOffshore Wind Power Market Analysis, Insights and Forecast – By Region North AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa North America Marine Variable Frequency Drive Market (USD Billion) Analysis, Insights, and Forecast, 2018-2029 Key FindingsMarket Analysis, Insights and Forecast – By Type AC DriveDC DriveServo Drive Market Analysis, Insights and Forecast – By Application PropellersPumpsElectric FanHVACCompressorsOthers Market Analysis, Insights and Forecast – By End-user Marine VesselsOffshore Oil & GasOffshore Wind Power Market Analysis, Insights and Forecast – By Country U.S. Market Analysis, Insights and Forecast – By End-user Marine VesselsOffshore Oil & GasOffshore Wind Power Canada Market Analysis, Insights and Forecast – By End-user Marine VesselsOffshore Oil & GasOffshore Wind Power Competitive Analysis Company Market Share Analysis, 2021 Company Profile Siemens Business OverviewProduct Application, & ServicesRecent DevelopmentsFinancials (Based on Availability)
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