Pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) — The global marine frequency converter market size is expected to reach US$1.21 billion and US$1.25 billion in 2021 and 2022, respectively. The global market size is expected to grow from US$1.68 billion by 2029, growing at a compound annual growth rate of 4.3% during the forecast period 2022-2029.
October 2021 – Siemens announces that the main drive system units will be ready for decoupling. This company, which is the first step towards the sale, is a member of the so-called Siemens portfolio companies, which produce high-power electric drive systems for ships, rolling mills and mines.
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The International Maritime Organization (IMO) has implemented the Ship Energy Efficiency Management Program (SEEMP), which focuses on energy efficiency standards for new ships, while the Energy Efficiency Index (EEDI) rules mainly focus on improving shipping efficiency to meet carbon emissions requirements . . Neutral target. In addition, EEDI has committed to improving the efficiency of the new maritime fleet by 1.5% per year from 2015 to 2025.
The growing appeal of energy efficiency systems is becoming increasingly important due to the introduction of numerous regulations and growing concerns about CO2 emissions, which in turn will drive demand for variable frequency drives on ships as it helps reduce energy consumption by up to 60%. However, high installation costs will restrain the growth of the marine inverter market.
COVID-19 is having three main impacts on the global economy: direct impacts on supply and demand, financial impacts on businesses, and disruption to supply chains and markets. Another important component of the global supply chain and economic dependency is the movement of ships, cargo ships and other vessels. It is estimated that ocean carriers handle more than 80% of global merchandise trade by volume and about 70% by value. Thus, shock waves in the industry are caused by disruptive forces, such as the COVID-19 pandemic, that spread across distribution networks and geographic boundaries.
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The Marine Frequency Inverter Research Report provides useful facts, analysis, historical data, and industry information for a comprehensive assessment of the industry. To structure the market, various strategies and techniques are used to formulate important assumptions and opinions.
Based on type, the market is segmented into AC drives, DC drives and servo drives. AC drives occupy a leading market share as they are mainly used to regulate the speed of various electrical components depending on the supply voltage and frequency. Therefore, there are many AC inverters available nowadays.
Based on application, the market is segmented into electric fans, compressors, propellers, pumps, HVAC and others. Most propeller applications use variable frequency drives, which can improve propeller energy efficiency by 20 to 30 percent. Additionally, the use of variable frequency drives to control pressure flow and significant cost savings make it one of the most practical options for pumping applications, resulting in a significant proportion of pumping applications. Regional information:
Asia Pacific dominates the marine inverter market due to growing demand for optimized power solutions and rising carbon emission standards across all countries. For context, according to ICCT, CO2 emissions from China’s inland coastal shipping industry are likely to peak in 2040 and decline significantly in 2060, helped by mandatory energy efficiency standards.
Additionally, the development of marine energy technologies, such as offshore wind, is still in its early stages of development, increasing the demand for frequency converters in the North American marine industry.
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The marine inverter market is still in its infancy and there are several players selling their products to various industries in other countries. To meet the growing needs of almost all end-use industries, many companies now operate globally.
The market is also served by major players such as Wärtsilä, Danfoss Drives and ABB. With its long history in the market and wide product range, ABB is well positioned to dominate. In addition, a wide range of market players are offering advanced solutions with upgraded components to meet the growing demand for energy-saving solutions.
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Post time: Oct-09-2023