TMR Analyzes Impact of Outbreak of COVID-19 on Marine Variable Frequency Drives Market
Marine Variable Frequency Drives Market: Lack of Energy Efficiency Major Concern in Marine Industry
- Energy efficiency design index has been introduced and made mandatory for new ships & vessels in order to reduce greenhouse gas emissions and make marine sector more environment friendly.
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- Several steps have been taken in terms of introduction of new technologies and efficient & effective design features such as implementation of renewable energy sources or installation of variable frequency drives in marine for better power control options
- Variable frequency drive is an electronic device or a type of motor controller that drives an electric motor by regulating the frequency and voltage supplied to the motor
- Marine variable frequency drive helps in regulating speed and torque of the motors so that they are able to run accurately as per demand. It enables ships and vessels to utilize fuel more efficiently along with reducing maintenance needs.
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Key Drivers of Marine Variable Frequency Drives Market
- Decline in maintenance requirement is a key driver of the market. The usage of marine variable frequency drive reduces mechanical stress on machines and extends their lifespan, thereby decreasing their maintenance requirement. It also helps lower noise levels from pumps and fans, making them much more efficient and effective. Variable frequency drive also helps lower the motor size for a particular application and improve working environment.
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- Increase in environmental concerns in the marine industry is another key driver of the market. Governments and regulatory authorities are implementing stringent regulations to minimize harmful carbon emissions from the industry. The industry is incorporating innovative technologies and solutions in order to curb its greenhouse gas emissions.
- Marine variable frequency drive provides enough required power to applications in order to prevent any excess power loss resulting in relative less power requirement and lower consumption of energy and fuel. This, in turn, decreases the carbon emission from vessels by reducing fuel consumption level and making vessels more fuel efficient.
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Applications with High Range of Frequency Fluctuation can Restrain Market
- Marine variable frequency drives are efficient and capable of operating only at certain frequencies. However, power efficiency of the equipment drops when the motor’s frequency shifts away or fluctuates too often from the optimum frequency.
- Variable frequency drive can create a problem related to harmonics in electrical lines if large numbers of variable frequency drives are operating over a large fluctuation of frequencies. This phenomenon can damage sensitive electronic equipment, thereby limiting their adoption during the forecast period.
Adoption of Hybrid and Electric Propulsion to Provide New Opportunities
- Several ship manufacturers and operators are now utilizing renewable energy, including solar energy, as power option in hybrid propulsion systems. They are storing solar energy and use it during peak hours or at night in marine propulsion systems, thus eliminating the round-the-clock need for conventional marine fuel.
- Shipbuilders are also considering building fully electric propulsion vessels to curb carbon emissions and provide new opportunities to marine variable frequency drives
- Marine variable frequency drives can be used for propellers in hybrid or electric propulsion systems and can help in conserving energy during propulsion, as these propellers use 50% less energy than hydraulic variable-speed propellers and hence are more energy efficient
Asia Pacific Likely to Hold Majority Share of Global Marine Variable Frequency Drives Market
- Asia Pacific is anticipated to lead the global marine variable frequency drives market in the near future. It is anticipated to be followed by North America and Europe. The region is one of the prominent producers of ships and vessels and is anticipated maintain its lead during the forecast period.
- Ongoing research & development and increase in investments for marine hybrid and electric propulsion, especially in China, are likely to drive the market during the forecast period. China recently launched the first fully electric cargo ship in the world. The country plans to extend the technology to passenger and engineering ships.
- Rise in number of hybrid vessels and ships along with increase in number of yachts and recreational boats are expected to boost the demand for marine variable frequency drives market in North America and Europe
- Increase in concerns about emissions from marine industry in Latin America and Middle East & Africa is likely to drive the demand for marine variable frequency drives in these regions
Key Players in Marine Variable Frequency Drives Market:
Prominent players operating in the marine variable frequency drives market include:
- Danfoss AG
- Eaton Corporation
- Rockwell Automation, Inc.
- Invertek Drives Ltd.
- WEG a