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Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage (Up to 1 kV), Medium Voltage (Above 1 kV)), Application (Pump, Fan, Compressor, Propulsion/Thruster, Crane & Hoist) and Region - Global Forecast to 2024

  • ID: 4764015
  • Report
  • April 2019
  • Region: Global
  • 104 Pages
  • Markets and Markets
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Marine Vfd Market Projected to Grow from an Estimated USD 772 Million in 2019 to USD 1,039 Million by 2024, at a CAGR of 6.13%

FEATURED COMPANIES

  • ABB
  • Danfoss
  • Eaton
  • GE
  • Invertek Drives
  • Mitsubishi Electric
  • MORE

The marine VFD market is projected to grow at a CAGR of 6.13% from 2019 to 2024

The marine VFD market is projected to grow from an estimated USD 772 million in 2019 to USD 1,039 million by 2024, at a CAGR of 6.13% during the forecast period. The major factors driving the growth of the marine VFD market include reducing energy consumption and energy cost.

The pump segment, by application, is expected to be the largest market from 2019 to 2024

The pump segment of the marine VFD market is expected to account for the largest share in 2019, and this trend is expected to continue during the forecast period. Pumps consume maximum energy during their operation, hence, VFDs are installed in order to increase energy efficiency.

The AC drive segment, by type, is expected to be the largest market from 2019 to 2024

The AC drive segment is estimated to account for the largest share of 87.2% of the marine VFD market in 2019. This segment is expected to maintain its high market share during the forecast period, as AC drives require less maintenance and are less expensive than DC drives. Moreover, most DC drives are currently being replaced with AC drives, thus contributing to the higher growth rate of the AC drive segment.

Asia Pacific: The largest marine VFD market

Asia Pacific is expected to grow at the highest CAGR during the forecast period. It is expected to dominate the market, owing to the presence of a large number of shipbuilding companies in China, Japan, and South Korea. The maritime industry in Japan has a significant influence on the country’s economic development. Over the past few decades, Japan has been the largest shipbuilding nation, with products being built using advanced technologies combined with modern facilities. Furthermore, the various supportive government policies for the shipbuilding industry in this region are likely to drive the marine VFD market during the forecast period.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects.

The distribution of primary interviews is as follows:

  • By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
  • By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
  • By Region: Europe- 18, Asia Pacific- 40%, North America- 20%, Middle East & Africa- 16%, and South America- 6%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.

The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million

The marine VFD market is dominated by a few major players that have a wide regional presence. ABB (Switzerland), Eaton (Ireland), Siemens (Germany), Danfoss (Denmark), GE (US) Rockwell (US), Yaskawa (Japan), CG Power and Industrial Solutions (India), WEG (Brazil), Mitsubishi Electric (Japan), Parker Hannifin (US), and Invertek Drives (UK).

Research Coverage:
The report defines, describes, and forecasts the marine VFD market, by application, type, voltage, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.

Why Buy This Report?

  • The report identifies and addresses the key markets in the marine VFD market, which would help various stakeholders such as energy utilities, government and research organizations, institutional investors, shareholders, VFD manufacturers, dealers, and suppliers.
  • The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
  • The report would help the key players understand the strategies of their competitors and help them in making better strategic decisions.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ABB
  • Danfoss
  • Eaton
  • GE
  • Invertek Drives
  • Mitsubishi Electric
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Market Size Estimation
2.1.1 Ideal Demand-Side Analysis
2.1.1.1 Assumptions
2.1.2 Supply-Side Analysis
2.1.2.1 Calculation
2.1.3 Frame Work of Market Assessment
2.1.4 Forecast
2.2 Some of the Insights of Industry Experts

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Marine VFD Market During the Forecast Period
4.2 Marine VFD Market, By Region
4.3 Asia Pacific Marine VFD Market, By Application and Country
4.4 Marine VFD Market, By Type
4.5 Marine VFD Market, By Voltage
4.6 Marine VFD Market, By Application

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in Need for Energy Efficiency
5.2.1.2 Growth of the Shipbuilding Industry
5.2.2 Restraints
5.2.2.1 High Troubleshooting Cost
5.2.3 Opportunities
5.2.3.1 Internet of Things (IoT)
5.2.4 Challenges
5.2.4.1 Gray Market Providing Low-Quality and Cheap Products

6 Marine VFD Market, By Type
6.1 Introduction
6.2 Ac Drive
6.2.1 Rise in the Need for Energy Savings is Expected to Drive the Market for Ac Drives
6.3 Dc Drive
6.3.1 Need for Good Speed Regulation is Expected to Drive the Market for Dc Drives

7 Marine VFD Market, By Voltage
7.1 Introduction
7.2 Low Voltage Drive (Up to 1000 V)
7.2.1 Increased Use of Low Voltage Motors is Driving the Market for Low Voltage Drives
7.3 Medium Voltage Drive (Above 1000 V)
7.3.1 Need for Reducing Overall Operating Costs is Driving the Market for Medium Voltage Drives

8 Marine VFD Market, By Application
8.1 Introduction
8.2 PUMP
8.2.1 Increase in Demand for Energy Efficiency is Driving the Market for VFDs in the PUMP Segment
8.3 FAN
8.3.1 Need for Proper HVAC System in Marine Vessels is Driving the Market for VFDs in the FAN Segment
8.4 Compressor
8.4.1 Need for Reducing Component Degradation is Driving the Market for VFDs in the Compressors Segment
8.5 Propulsion/Thruster
8.5.1 Need for Reduction in Energy Consumption is Driving the Market for VFDs in the Propulsion/Thruster Segment
8.6 Crane & Hoist
8.6.1 Increase in Need for Speed Adjustment and Reduction in Energy Wastage is Driving the Market for VFDs in the Crane & Hoist Segment

9 Marine VFD Market, By Region
9.1 Introduction
9.2 North America
9.2.1 By Type
9.2.2 By Voltage
9.2.3 By Application
9.2.4 By Country
9.2.4.1 US
9.2.4.1.1 Growing Shipbuilding and Cargo Industry is Expected to Drive the Marine VFD Market in the Us
9.2.4.2 Canada
9.2.4.2.1 Rise in Demand for Exporting Marine Boats is Likely to Boost the Marine VFD Market
9.2.4.3 Mexico
9.2.4.3.1 Increasing Demand for Offshore Support Vessels is Expected to Drive the Marine VFD Market
9.3 South America
9.3.1 By Type
9.3.2 By Voltage
9.3.3 By Application
9.3.4 By Country
9.3.4.1 Brazil
9.3.4.1.1 Brazil has Significant Offshore Oil & Gas Activity, Creating A Demand for Offshore Support Vessels and Commercial Vessels
9.3.4.2 Argentina
9.3.4.2.1 Increase in Government Spending for Growth in the Country’s Shipbuilding Industry is Likely to Drive the Market
9.3.4.3 Rest of South America
9.3.4.3.1 Increase in Investments for Expanding Shipbuilding Capabilities is Driving the Market
9.4 Middle East & Africa
9.4.1 By Type
9.4.2 By Voltage
9.4.3 By Application
9.4.4 By Country
9.4.4.1 Saudi Arabia
9.4.4.1.1 Growth of Shipbuilding and Shipbreaking and Refurbishment Industry is Expected to Drive the Market
9.4.4.2 UAE
9.4.4.2.1 Increase in Maritime Activities Owing to Oil & Gas Exports is Expected to Drive the Market
9.4.4.3 Qatar
9.4.4.3.1 Rise in Demand for Lng and Lpg Carriers, as Well as Tugboats and Offshore Support Vessels, is Expected to Drive the Market
9.4.4.4 South Africa
9.4.4.4.1 Low Production is Expected to Drive the Market
9.4.4.5 Rest of Middle East & Africa
9.4.4.5.1 Growing Potential for International Trade is Expected to Drive the Market
9.5 Asia Pacific
9.5.1 By Type
9.5.2 By Voltage
9.5.3 By Application
9.5.4 By Country
9.5.4.1 China
9.5.4.1.1 Strong Economic Growth and Supportive Government Policies for the Shipbuilding Industry is Expected to Drive the Market
9.5.4.2 India
9.5.4.2.1 Economic Growth, Favorable Government Policies and Incentive Framework, A Long Coastline, and Increase in Marine Freight Traffic are Expected to Drive the Market
9.5.4.3 Japan
9.5.4.3.1 Financial Support Provided By the Government for the Growth of the Marine Industry is Expected to Drive the Market
9.5.4.4 South Korea
9.5.4.4.1 Government Policies Such as Tax Rebates are Expected to Drive the Market
9.5.4.5 Australia
9.5.4.5.1 Increase in the Manufacturing of Defense and Commercial Vessels is Expected to Drive the Market
9.5.4.6 Rest of Asia Pacific
9.5.4.6.1 Increase in Demand for Commercial Vessels is Expected to Drive the Market
9.6 Europe
9.6.1 By Type
9.6.2 By Voltage
9.6.3 By Application
9.6.4 By Country
9.6.4.1 Italy
9.6.4.1.1 Italy is the Leading Country for Fishing Ships and Cruise Liners and has the Largest Ferry Fleet in Europe
9.6.4.2 Germany
9.6.4.2.1 Investments for the Development of More Advanced Marine Systems is Expected to Drive the Market
9.6.4.3 France
9.6.4.3.1 Increase in the Manufacturing of Defense Vessels is Expected to Drive the Market
9.6.4.4 Netherlands
9.6.4.4.1 Netherlands has Europe’s Largest Inland Shipping Fleet With the World’s Leading Manufacturing of High-End Yachts and Special Vessels
9.6.4.5 UK
9.6.4.5.1 Increase in Shipbuilding Activities is Expected to Drive the Market
9.6.4.6 Russia
9.6.4.6.1 Government Policies and Funding is Expected to Drive the Market
9.6.4.7 Rest of Europe
9.6.4.7.1 Denmark, Spain, Finland, Norway, Greece, Poland, Portugal, and Turkey are Expected to Drive the Market

10 Competitive Landscape
10.1 Introduction
10.2 Market Share Analysis
10.3 Competitive Scenario
10.3.1 New Product Launches
10.3.2 Contracts & Agreements
10.3.3 Mergers & Acquisitions
10.3.4 Investments & Expansions
10.3.5 Partnerships
10.4 Competitive Leadership Mapping
10.4.1 Visionary Leaders
10.4.2 Innovators
10.4.3 Dynamic
10.4.4 Emerging

11 Company Profiling
11.1 ABB
11.2 Rockwell Automation
11.3 Danfoss
11.4 Siemens
11.5 CG Power and Industrial Solutions
11.6 Mitsubishi Electric
11.7 WEG
11.8 Invertek Drives
11.9 Eaton
11.10 GE
11.11 Yaskawa
11.12 Parker Hannifin

12 Appendix
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details

List of Tables
Table 1 Shipbuilding Data is the Determining Factor for the Global Marine VFD Market
Table 2 Marine VFD Market Snapshot
Table 3 Marine VFD Market Size, By Type, 2017–2024 (Units)
Table 4 Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 5 AC Drive: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 6 Dc Drive: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 7 Marine VFD Market Size, By Voltage, 2017–2024 (Units)
Table 8 Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 9 Low Voltage Drive: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 10 Medium Voltage Drive: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 11 Marine VFD Market Size, By Application, 2017–2024 (Units)
Table 12 Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 13 PUMP: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 14 FAN: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 15 Compressor: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 16 Propulsion/Thruster: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 17 Crane & Hoist: Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 18 Marine VFD Market Size, By Region, 2017–2024 (USD Million)
Table 19 North America: Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 20 North America: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 21 North America: Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 22 North America: Marine VFD Market Size, By Country, 2017–2024 (USD Million)
Table 23 US: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 24 Canada: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 25 Mexico: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 26 South America: Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 27 South America: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 28 South America: Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 29 South America: Marine VFD Market Size, By Country, 2017–2024 (USD Million)
Table 30 Brazil: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 31 Argentina: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 32 Rest of South America: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 33 Middle East & Africa: Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 34 Middle East & Africa: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 35 Middle East & Africa: Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 36 Middle East & Africa: Marine VFD Market Size, By Country, 2017–2024 (USD Million)
Table 37 Saudi Arabia: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 38 UAE: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 39 Qatar: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 40 South Africa: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 41 Rest of the Middle East & Africa: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 42 Asia Pacific: Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 43 Asia Pacific: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 44 Asia Pacific: Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 45 Asia Pacific: Marine VFD Market Size, By Country, 2017–2024 (USD Million)
Table 46 China: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 47 India: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 48 Japan: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 49 South Korea: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 50 Australia: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 51 Rest of Asia Pacific: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 52 Europe: Marine VFD Market Size, By Type, 2017–2024 (USD Million)
Table 53 Europe: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 54 Europe: Marine VFD Market Size, By Application, 2017–2024 (USD Million)
Table 55 Europe: Marine VFD Market Size, By Country, 2017–2024 (USD Million)
Table 56 Italy: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 57 Germany: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 58 France: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 59 Netherlands: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 60 UK: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 61 Russia: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 62 Rest of Europe: Marine VFD Market Size, By Voltage, 2017–2024 (USD Million)
Table 63 Developments By Key Players in the Market, 2015–February 2019

List of Figures
Figure 1 Marine VFD Market 2017
Figure 2 Asia Pacific Dominated the Marine VFD Market in 2018
Figure 3 AC Drive Segment is Expected to Lead the Marine VFD Market During the Forecast Period
Figure 4 Low Voltage Segment is Expected to Lead the Marine VFD Market During the Forecast Period
Figure 5 PUMP Segment is Expected to Lead the Marine VFD Market During the Forecast Period
Figure 6 Rise in the Need for Energy Efficiency is Expected to Drive the Marine VFD Market, 2019–2024
Figure 7 Asia Pacific Marine VFD Market is Expected to Grow at the Highest Cagr During the Forecast Period
Figure 8 PUMP Segment and China Dominated the Asia Pacific Marine VFD Market
Figure 9 Ac Drive Segment is Expected to Dominate the Marine VFD Market, By Type, During the Forecast Period
Figure 10 Low Voltage Segment is Expected to Dominate the Marine VFD Market, By Voltage, During the Forecast Period
Figure 11 PUMP Segment is Expected to Dominate the Marine VFD Market, By Application, During the Forecast Period
Figure 12 Drivers, Restraints, Opportunities, and Challenges
Figure 13 Total Number of Fleets, 2011–2018
Figure 14 AC Drive Segment Led the Marine VFD Market, By Type, in 2018
Figure 15 Low Voltage Segment Accounted for A Larger Market Share in 2018
Figure 16 PUMP Segment Led the Marine VFD Market, By Application, in 2018
Figure 17 Regional Snapshot: the Asia Pacific Market is Expected to Grow at the Highest Cagr During the Forecast Period
Figure 18 Marine VFD Market Share (Value), By Region, 2018
Figure 19 Asia Pacific: Regional Snapshot
Figure 20 Europe: Regional Snapshot
Figure 21 Key Developments in Marine VFD Market, During January 2015–February 2019
Figure 22 Market Share Analysis, 2017
Figure 23 Marine VFD Market Competitive Leadership Mapping, 2017
Figure 24 ABB: Company Snapshot
Figure 25 Rockwell Automation: Company Snapshot
Figure 26 Danfoss: Company Snapshot
Figure 27 Siemens: Company Snapshot
Figure 28 CG Power and Industrial Solutions: Company Snapshot
Figure 29 Mitsubishi Electric: Company Snapshot
Figure 30 WEG: Company Snapshot
Figure 31 Eaton: Company Snapshot
Figure 32 GE: Company Snapshot
Figure 33 Yaskawa: Company Snapshot
Figure 34 Parker Hannifin: Company Snapshot

Note: Product cover images may vary from those shown
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  • ABB
  • CG Power and IndUStrial Solutions
  • Danfoss
  • Eaton
  • GE
  • Invertek Drives
  • Mitsubishi Electric
  • Parker Hannifin
  • Rockwell Automation
  • Siemens
  • WEG
  • Yaskawa
Note: Product cover images may vary from those shown
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