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Global Marine VFD Market: Overview

Rising adoption of hybrid as well as completely electric systems in shipping industry is creating new opportunities for the players in the global marine VFD market. Furthermore, rising amount of sea trade taking place through European and Asian sea routes is also propelling the demand in the global marine VFD market. The COVID-19 pandemic negatively impacted the revenue generation for the manufacturers in the global marine VFD market. This trend can be attributed a global slowdown in the maritime trading activity during the pandemic and subsequent lockdowns.

The business intelligence study shares meaningful insights pertaining to the significant drivers as well as trends fueling development in the global marine VFD market. It examines various situations and latest developments that may provide attractive growth opportunities in the global marine VFD market. It also assesses major trends and key factors that may hamper the growth in the global marine VFD market over the forecast period of 2021 to 2031. The professional research report can be used as a powerful resource by players in the global marine VFD market to decide their next moves and make systematic and informed decisions.

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Global Marine VFD Market: Major Trends and Drivers

One of the major drivers for the development of the global marine VFD market is the increasing need for integration of energy efficient systems in ships. Like any other industry, maritime trading and shipbuilding industry is also significantly concerned by the rising concerns regarding energy efficiency. Many players in the industry are working towards developing products that can assist in reducing the carbon intensity in the short term. Rising concerns regarding carbon emissions is also driving the demand in global marine VFD market. By using the products in the global marine VFD market, energy consumption of ship systems can be reduced by almost 60 %. This trend is likely to bolster the demand in the global marine VFD market in coming years.

Global Marine VFD Market: Key Players and Manufacturers

Some of the key players and manufacturers operational within the global marine VFD market include General Electric, Siemens, ABB, Mitsubishi Electric, Yaskawa, Invertek Drives, Schneider Electric, Honeywell, TMEIC, Ingeteam, Fuji Electric, Danfoss, Rockwell Automation, C G Power and Industrial Solutions, WEG, Parker Hannifin, Bosch, NIDEC, Johnson Controls, Hitachi Industrial Equipment System Co., and Emerson, among others. Players and manufacturers in the global marine VFD market are focused on securing corporate contracts in order to capture a larger geographical as well as consumer base.

For example, Spanish shipbuilder called ‘Astilleros Gordan’ awarded a contract to ABB in April of 2021 to supply all-electric power solution for their fleet operating on the Tagus River in Lisbon. The fleet consists of fast 40 m passenger ferry boats. Similarly, Siemens was selected by the Cochin Shipyard in December of 2020 for implementing the advanced marine solutions for first fleet by India equipped with battery integration and electric propulsion technology. In order to develop a fully electrically powered machine winch, Kongsberg Evotec, part of the Kongsberg Maritime International Technology Group partnered up with Danfoss Editron in January of 2019.

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Global Marine VFD Market: Regional Assessment

Geographically, Asia Pacific region led the global marine VFD market in terms of market share in 2020. This trend can be attributed to rising significance of Asia Pacific region as a major manufacturing hub that has propelled the container trade in Asian countries. Furthermore, rapid growth of the shipbuilding industry as well as rising amount of maritime trading activities are also some of the major factors influencing the growth trajectory of the Asia Pacific region in the global marine VFD market in coming years. Increasing participation of South East Asian countries in in maritime trade is also creating lucrative opportunities for the global marine VFD market in Asia Pacific region. Another prominent region in the global marine VFD market is Europe.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Marine Vfd Market