The marine VFD Market has been valued at US$ 781.9 million in the year 2021 and it is estimated to reach US$ 1.3 billion by the year 2027, with a CAGR of 6.51% from 2022 to 2027. Marine VFD is the solution that reduces a ship's energy and fuel consumption, bringing savings in operational costs. There are always cooling systems on board vessels, such as seawater cooling systems and engine room ventilation; these are the main factors that have considerably increased the demand for the Marine VFD in the market, thereby driving the huge growth of the Marine VFD market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Marine VFD in the market are mainly the increase in the demand for energy effectiveness and the rise in the shipbuilding industry to further contribute to the growth of the marine VFD market in the coming years. Prominent manufacturers, in advanced countries, are signing contracts and agreements to offer marine propulsion services for ships, around the world. These services involve VFD along with propulsion motors and distribution transformers. New government administrations in the marine sector are growing the demand for more energy-effective operations with decreased carbon footprint, therefore, escalating the acceptance of VFD which in turn is further expected to boost the growth of the marine VFD market in the forecast period

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The report is segmented as:

Marine VFD Market is segmented on the basis of:

By type (AC Drive and DC Drive),

by voltage (Low Voltage and Medium Voltage),

by application (Pump, Fan, Compressor, Propulsion, Crane & Hoist)

Geographical Segmentation:

The marine VFD Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, and the rest of the world. North America has the dominant share in the Marine VFD due to the existence of a high number of shipbuilding companies in the advancing countries in the region these are the main factors that have considerably increased the demand for the Marine VFD in North America , followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Marine VFD Market

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Impact of COVID-19 on the Market

Covid -19 pandemic has affected the growth of business in every sector and it also affected the growth of the Marine VFD market, and temporary lack of growth in export and import activities, which has impacted the rays of Marine VFD market growth. The covid-19 pandemic has impacted hugely on the sales revenue of the Marine VFD market. The government restrictions like lockdown in many countries have shut down the commercial and industrial establishments and also stopped transportation these made a huge loss for the Marine VFD market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus.

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