Marine VFD Market Worth $1,075 Million by 2026
CHICAGO, Sept. 29, 2021 /PRNewswire/ — According to the new market research 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 2026″, published by MarketsandMarkets™, the Marine VFD Market size will grow to USD 1,075 million by 2026 (forecast year) from USD 804 million in 2021 (estimated year), at a CAGR of 6.0% during the forecast period. A marine VFD is a motor controller electronic device. It drives an electric motor by varying the frequency and voltage supplied to the motor according to the demand. It is also referred to as variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, Microdrive, and inverter. Marine VFD has been categorized into by type, by voltage, and by application. They can be installed in various 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.
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The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast 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.
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The AC drive is expected to dominate the Marine VFD Market, by type, during the forecast period.
AC drives are more widely used VFDs. As most of the equipment used onboard a ship operates on AC input, the AC drive segment is projected to account for a larger market share. The demand for AC drives is also driven by the increasing demand for energy-efficient solutions. An AC drive is used to control the speed of an electric motor by changing the frequency and voltage of electric supply to the motor. A VFD controls the…