Marine VFD Market and Projected to Reach US$ 1039 Million Growing at CAGR 6.13% to 2024

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The Marine VFD Market is projected to grow from an estimated US$ 772 Million in 2019 to US$ 1,039 Million by 2024, at a CAGR of 6.13% during the forecast period. Access full report spread across 103 pages, profiling 12 companies and supported with tables and figures is now available @ https://www.reportsnreports.com/purchase.aspx?name=2118097

“The Pump Segment, by application, is expected to be the largest market from 2019 to 2024”

The Pump Segment of the marine VFD market is expected to account for the largest share in 2019, and this trend is expected to continue during the forecast period. Pumps consume maximum energy during their operation, hence, VFDs are installed in order to increase energy efficiency.

“The AC drive segment, by type, is expected to be the largest market from 2019 to 2024”

The AC drive segment is estimated to account for the largest share of 87.2% of the marine VFD market in 2019. This segment is expected to maintain its high market share during the forecast period, as AC drives require less maintenance and are less expensive than DC drives. Moreover, most DC drives are currently being replaced with AC drives, thus contributing to the higher growth rate of the AC drive segment.

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“Asia Pacific: The largest marine VFD market”

Asia Pacific is expected to grow at the highest CAGR during the forecast period. It is expected to dominate the market, owing to the presence of a large number of shipbuilding companies in China, Japan, and South Korea. The maritime industry in Japan has a significant influence on the country’s economic development. Over the past few decades, Japan has been the largest shipbuilding nation, with products being built using advanced technologies combined with modern facilities.

Breakdown of primary participants’ profile:

  • By Company Type: Tier 1- 60%, Tier 2-27%, and Tier 3- 13%
  • By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
  • By Region: Europe- 18, Asia Pacific- 40%, North America-20%, Middle East &Africa-16%, and South America- 6%

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Competitive Landscape of Marine VFD Market:

  • Introduction
  • Market Share Analysis
  • Competitive Scenario
  • New Product Launches
  • Contracts & Agreements
  • Mergers & Acquisitions
  • Investments & Expansions
  • Partnerships
  • Competitive Leadership Mapping
  • Visionary Leaders
  • Innovators
  • Dynamic
  • Emerging

#Key  Players- ABB (Switzerland), Eaton (Ireland), Siemens (Germany), Danfoss (Denmark), GE (US) Rockwell (US), Yaskawa (Japan), CG Power and Industrial Solutions (India), WEG(Brazil), Mitsubishi Electric (Japan), Parker Hannifin (US), and Invertek Drives(UK).

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