Marine VFD Market Overview:
Marine Frequency Inverter (VFD) is an inexpensive electricaldevice used to regulate the speed and torque of a VFD electric motor. It isused in a variety of marine applications such as pumps, fans, compressors,propulsion, cranes, and forklifts. There are two types of marine frequencydrives: AC and DC drives. VFD on boats assists electric motors operateprecisely and aids in efficient fuel use with less maintenance. The keyadvantages of the marine VFD include the energy savings related with speedcontrol, the improved efficiency of motorized equipment, and the benefits ofnetwork communications with ease of installation. These VFDs can be used formedium and low voltage applications.
Impact of Covid-19 on the Marine VFD Market:
Since the COVID-19 virus outbreak in December 2019, thedisease has spread to nearly 100 countries around the world, and the WorldHealth Organization declared it a public health emergency. The global impactsof the coronavirus disease 2019 (COVID-19) are already beginning to be felt andwill remarkably influence the marine variable frequency drive (VFD) market in2020.
Marine VFD Market drivers and restraints:
Lower maintenance needs are a key factor inthe market. The use of a marine frequency converter reduces the mechanicalstress on the machines and prolongs their life, thus reducing their maintenanceneeds. It also helps reduce noise levels from pumps and fans, making them muchmore efficient and effective. The frequency converter also helps to reduce thesize of the motor for a particular application and improves the workingenvironment. Another key market driver is the rise in environmental concerns inthe maritime industry. Governments and regulatory authorities are implementingstrict regulations to minimize the harmful carbon emissions from the industry.The industry integrates innovative technologies and solutions to reduce itsgreenhouse gas emissions. The marine VFD provides enough power required forapplications to avoid excessive power loss resulting in relatively lower powerconsumption and less power and fuel consumption. This, in turn, lowers carbonemissions from ships by reducing the level of fuel consumption and making shipsmore fuel efficient. Marine drives are efficient and can only operate oncertain frequencies. However, the energy efficiency of the equipment decreaseswhen the motor frequency deviates or fluctuates too frequently from the optimumfrequency. The frequency converter can create a problem with harmonics in powerlines if a large number of frequency converters are operating with a largefrequency fluctuation. This phenomenon can damage sensitive electronicequipment, thus limiting its adoption during the forecast period.
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Report segmented as:
Based on application, themarine VFD market has been segmented as follows:
- Pump
- Fan
- Compressor
- Propulsion/thruster
- Crane & hoist
Based on type, the marineVFD market has been segmented as follows:
- AC Drive
- DC Drive
Based on voltage, themarine VFD market has been segmented as follows:
- Low voltage (Up to 1 kV)
- Medium voltage (Above 1 kV)
Geographical analysis:
Based on the region, the global marine VFD market is dividedinto Asia-Pacific, North America, Europe, the Middle East, Africa, and SouthAmerica. Asia-Pacific is expected to have the largest market share during theforecast period, due to the presence of a large number of shipbuildingcompanies in China, Japan and South Korea. China is expected to account for themajority of the regional market and is taking steps to reduce carbon emissionsand save energy by installing energy-efficient marine electric propulsionsystems on its ships. China is also seen as an export-oriented economy and theworld market has seen significant growth in electricity demand, mainly due toindustrialization and infrastructure development. These factors are expected todrive demand for marine VFDs in Asia Pacific.
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The Scope of the report:
Thisreport offers the current product and services market evaluation and the futureestimation of the market. It helps us understand the market better through sizeanticipation and CAGR calculation to estimate the next market. It has a broadersegmentation for better understanding of the enterprising of the market at alow level by segregating the market into smaller sectors.
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