Marine VFD Market Emerging Trends | ABB, Eaton , Siemens, Danfoss, GE, Rockwell and Others.

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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. This report spread across 103 pages, profiling 12 companies and supported with tables and figures is now available in this research.

“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%

Report Highlights:
• To strategically profile key players and comprehensively analyze their market ranking and core competencies

• To forecast the growth of the marine VFD market with respect to the major regions (Asia Pacific, Europe, North America, South America, and the Middle East & Africa).

• To define, describe, and forecast the marine VFD market by application, type, voltage, and region

• To provide detailed information on the major factors influencing the growth of the marine VFD market (drivers, restraints, opportunities, and industry-specific challenges)

• To strategically analyze the marine VFD market with respect to individual growth trends, prospects, and contribution of each segment to the market

• To analyze the market opportunities for stakeholders and the details of the competitive landscape for market leaders

• To track and analyze the competitive developments such as contracts & agreements, expansions, new product developments, mergers & acquisitions, and partnerships in the marine VFD market

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Top Companies profiled in the Marine VFD Market include are 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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This release was published on openPR.