Dublin--(BUSINESS WIRE)--"By type (AC drive, DC drive), voltage (low voltage, medium voltage), application (pump, fan, compressor, propeller (with shaft generator, without shaft) The report of "Marine VFD Market"), Cranes and Cranes) and Region-Global Forecast to 2026 has been added to ResearchAndMarkets.com's products.

By 2026, the marine VFD market is expected to increase from US$804 million in 2021 to US$1.075 billion, with a compound annual growth rate of 6.0% during the forecast period.

There is an increasing need for more efficient systems to reduce energy waste and help reduce emissions in the maritime sector. In addition, it is also turning to electric and hybrid power systems to reduce dependence on fossil fuels and obtain cleaner energy. In addition, all sectors including the shipping industry have adopted the Internet of Things. Therefore, the marine VFD market is gaining momentum, and there is a lot of untapped potential in this market.

From 2021 to 2026, the compressor segment is expected to grow at the highest compound annual growth rate.

According to the application of marine VFD systems, the compressor segment is expected to become the fastest growing market from 2019 to 2026. A compressor is a multi-purpose device used in a variety of applications, from cleaning filters to starting the main engine or auxiliary engine of a boat. Compressors are also used to run propellers on ships.

Medium voltage inverters are expected to pass voltage emerging markets

A VFD with a voltage exceeding 1000 V is regarded as a medium voltage section. The use of these drives can help increase efficiency, thereby reducing overall operating costs. These VFDs are usually used for key applications and main components of systems installed on ships. The recent introduction of hybrid engines in the shipping industry has boosted the demand for medium-voltage VFDs, and this segment is expected to witness strong growth during the forecast period.

Asia Pacific: The largest marine VFD market

In 2020, the Asia-Pacific region has the largest share of all regions in the offshore VFD market, at 51.1%. Asia is a major maritime transport player-not only a consumer of maritime transport services and a major maritime hub, but also a producer service of such services. The region has been divided into China, India, Japan, South Korea, Australia, and the rest of the Asia-Pacific region by country/region. The continued importance of Asia as a manufacturing center has promoted the prosperity of container trade within Asia, and Southeast Asia has played an increasingly important role. In addition, in the past few years, the region’s economy has developed rapidly and maritime trade has also increased. The growth in maritime trade subsequently led to an increase in demand for ships used to transport manufactured goods to various regions of the world.

For more information about this report, please visit https://www.researchandmarkets.com/r/e2s86r

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900

ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900