The Asia-Pacific region anticipated to dominate the global marine VFD market owing to increasing investments on hybrid and electric propulsion in the emerging economies in the region, especially in China. The raid developments in the maritime trade has increased the demand for ships and vessels for the transport of finished products to various parts of the world and thereby the demand for the marine VFD is also growing at a significant pace in the region. The market in Europe and North America is also expected to grow at a rapid pace due to the increasing number of hybrid vessels, ships, yachts and recreational boats in the region.
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The rapid growth in the shipbuilding industry coupled with the rising concerns about the usage energy by the ships and their impacts on the environment have led to the growth of the global marine VFD market. VFD provides enough power to the motor to overcome the load and thereby saving energy by prevent excess loss of power, whereas a fixed-speed motor used as a certain amount of energy no matter how big or small the load is. Apart from this, VFDs also help in reducing mechanical stress, noise levels, and extending the lifespan of the machines. With the rising environmental concerns several stringent regulations have been introduced that mandate the reduction of emission of greenhouse gasses and to utilize fuel more efficiently. This has fueled the growth in demand for the VFDs in the marine sector. Several key players are investing more on the development of better devices that will reduce the excess loss of power and consequently reduce the carbon emission from the ships and vessels.
However, the high installation costs and few technological limitations such as being able to operate at certain frequencies only might act as restraining factor for the market. But, as more and more ship builders incorporate the VFDs not only for superior performance but also because it reduces the maintenance cost, the demand for variable frequency devices in the marine sector is expected to grow steadily during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the global marine VFD industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global marine VFD market share.
- The current market is quantitatively analyzed from 2020 to 2029 to highlight the global marine VFD market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global marine VFD market analysis based on competitive intensity and how the competition will take shape in coming years.
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COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic across the globe has severely affected the global marine VFD market.
- With the nationwide lockdowns across various geographies along with stringent restrictions on national and international transport, the supply chains of different businesses have been impacted to a great extent. This has resulted in a steep reduction in the applications of vessels and ships and thus the demand for marine VFD has also reduced
- China, having a massive amounts of exports across the globe had to cease all its activities due to the lockdown in order to contain the virus. This resulted in a steep decrease in the application of the marine VFD in the region.
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