Marine VFD Market Overview With Detailed Analysis 2022-2028

According to Precision Business Insights (PBI), the latest report, the marine VFD market is expected to be valued at USD 865.3 million in 2022 and is poised to grow at a significant CAGR of 6.4% over 2022-2028. The primary drivers of the expansion of the global marine VFD market include increasing advanced technology, concern about the environment and co2 emission, and rapid industrialization.

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Pump Segment to Dominate the Marine VFD Market
Based on application the global marine VFD market is segmented into Pump, Fan, Compressor, Propeller, Crane & Hoist, and Others. The pump segment held the largest share of the marine VFD market in 2021 and is expected to dominate the global market further in the upcoming years. The pump is a very important component that is used for various purposes such as onboard a ship. The characteristics of the fluids are important to choose which type of pump can be used for the purpose. A small reduction in pump speed can save a significant amount of energy. Thus, this segment will drive the global market at a rapid pace.

Asia Pacific Marine VFD Market:
The Asia Pacific market is expected to increase in the global marine VFD market over the forecast period. The Asia Pacific market is expanding as a result of industrialization and infrastructure development. North America held considerable market share during the estimated period owing to increasing concern about the environment and co2 emission, and increasing advancement in technologies across various industries.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global marine VFD market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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The marine VFD market is segmented based on product type, voltage, application, and geography.
Based on the product type, the market is segmented into the following:
• AC Drive
• DC Drive

Based on the voltage, the market is segmented into the following:
• Low Voltage
• Medium Voltage

Based on the application, the market is segmented into the following:
• Pump
• Fan
• Compressor
• Propeller
• Crane & Hoist
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players' profiles in the marine VFD market report are General Electric, Danfoss, Siemens, Rockwell Automation, ABB, C G Power and Industrial Solutions, Mitsubishi Electric, Invertek, WEG, Yaskawa, NIDEC, Honeywell, Fuji Electric, Hitachi Industrial Equipment System Co., and Yaskawa electric corporation.

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This release was published on openPR.