Global Marine VFD Market: Overview
Rising adoption of hybrid as well as completely electric systems in shipping industry is creating new opportunities for the players in the global marine VFD market. Furthermore, rising amount of sea trade taking place through European and Asian sea routes is also propelling the demand in the global marine VFD market. The COVID-19 pandemic negatively impacted the revenue generation for the manufacturers in the global marine VFD market. This trend can be attributed a global slowdown in the maritime trading activity during the pandemic and subsequent lockdowns.
The business intelligence study shares meaningful insights pertaining to the significant drivers as well as trends fueling development in the global marine VFD market. It examines various situations and latest developments that may provide attractive growth opportunities in the global marine VFD market. It also assesses major trends and key factors that may hamper the growth in the global marine VFD market over the forecast period of 2021 to 2031. The professional research report can be used as a powerful resource by players in the global marine VFD market to decide their next moves and make systematic and informed decisions.
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Global Marine VFD Market: Major Trends and Drivers
One of the major drivers for the development of the global marine VFD market is the increasing need for integration of energy efficient systems in ships. Like any other industry, maritime trading and shipbuilding industry is also significantly concerned by the rising concerns regarding energy efficiency. Many players in the industry are working towards developing products that can assist in reducing the carbon intensity in the short term. Rising concerns regarding carbon emissions is also driving the demand in global marine VFD market. By using the products in the global marine VFD market, energy consumption of ship systems can be reduced by almost 60 %. This trend is likely to bolster the demand in the global marine VFD market in coming years.
Global Marine VFD Market: Key Players and Manufacturers
Some of the key players and manufacturers operational within the global marine VFD market include General Electric, Siemens, ABB, Mitsubishi Electric, Yaskawa, Invertek Drives, Schneider Electric, Honeywell, TMEIC, Ingeteam, Fuji Electric, Danfoss, Rockwell Automation, C G Power and Industrial Solutions, WEG, Parker Hannifin, Bosch, NIDEC, Johnson Controls, Hitachi Industrial Equipment System Co., and Emerson, among others. Players and manufacturers in the global marine VFD market are focused on securing corporate contracts in order to capture a larger geographical as well as consumer base.
For example, Spanish shipbuilder called ‘Astilleros Gordan’ awarded a contract to ABB in April of 2021 to supply all-electric power solution for their fleet operating on the Tagus River in Lisbon. The fleet consists of fast 40 m passenger ferry boats. Similarly, Siemens was selected by the Cochin Shipyard in December of 2020 for implementing the advanced marine solutions for first fleet by India equipped with battery integration and electric propulsion technology. In order to develop a fully electrically powered machine winch, Kongsberg Evotec, part of the Kongsberg Maritime International Technology Group partnered up with Danfoss Editron in January of 2019.
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Global Marine VFD Market: Regional Assessment
Geographically, Asia Pacific region led the global marine VFD market in terms of market share in 2020. This trend can be attributed to rising significance of Asia Pacific region as a major manufacturing hub that has propelled the container trade in Asian countries. Furthermore, rapid growth of the shipbuilding industry as well as rising amount of maritime trading activities are also some of the major factors influencing the growth trajectory of the Asia Pacific region in the global marine VFD market in coming years. Increasing participation of South East Asian countries in in maritime trade is also creating lucrative opportunities for the global marine VFD market in Asia Pacific region. Another prominent region in the global marine VFD market is Europe.
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