Marine VFD Market worth $1,085 million by 2027
The Report "Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Application (Pump, Fan, Compressor, Propeller (With Shaft Generator, Without Shaft Generator), Crane & Hoist), and Region - Global Forecast to 2027 " size will grow to USD 1,085 million by 2027 (forecast year) from USD 806 million in 2021 (estimated year), at a CAGR of 6.3% during the forecast period. A marine VFD is a motor controller electronic device. It drives an electric motor by varying the frequency as well as voltage supplied to the motor according to the demand. It is also known to as variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, Microdrive, and inverter. Marine VFD has been segmented into by type, by voltage, and by application. They can be installed in several systems on ships which have motor like cranes, compressor, fan, pumps, etc. Marine VFD is playing a crucial role to achieve more efficiency from systems and reducing fuel consumption in ships.
The pump segment is hoping to dominate the marine VFD market, by application, during the projected period.
The pump segment accounted for the largest share of the Marine VFD market, by application, in 2020. The pump is the component which is extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. Thus, the use of VFD to control the functioning the pumps can save a lot of energy. These factors are likely to increase the demand for VFD used to control pumps.
The low voltage is expected to dominate the marine VFD market, by voltage, during the forecast period.
The low voltage segment accounted for a larger share, owing to the increased use of low-voltage motors in the marine industry across applications such as cranes, pumps, fans, and hoists. The increasing use of variable drives to improve the efficiency of various small components across a system equipped with motors to improve the efficiency of such systems has boosted the market for low-voltage drives.
