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A variable frequency drive (VFD) is an electrical device that controls the speed and torque of an electrical motor by changing the input frequency and voltage. A VFD provides better performance and energy efficiency to the machines and equipment used on the ships such as pumps, fans, compressors, cranes and so on. There are two types of marine VFDs namely AC drive and DC drive. It plays a major role in saving energy while operating a motor driven machine by varying the torque.
COVID-19 scenario analysis:
The outbreak of the COVID-19 pandemic across the globe has severely affected the global marine VFD market.
The rapid growth in the shipbuilding industry coupled with the rising concerns about the usage energy by the ships and their impacts on the environment have led to the growth of the global marine VFD market. VFD provides enough power to the motor to overcome the load and thereby saving energy by prevent excess loss of power, whereas a fixed-speed motor used as a certain amount of energy no matter how big or small the load is. Apart from this, VFDs also help in reducing mechanical stress, noise levels, and extending the lifespan of the machines. With the rising environmental concerns several stringent regulations have been introduced that mandate the reduction of emission of greenhouse gasses and to utilize fuel more efficiently. This has fueled the growth in demand for the VFDs in the marine sector. Several key players are investing more on the development of better devices that will reduce the excess loss of power and consequently reduce the carbon emission from the ships and vessels. However, the high installation costs and few technological limitations such as being able to operate at certain frequencies only might act as restraining factor for the market. But, as more and more ship builders incorporate the VFDs not only for superior performance but also because it reduces the maintenance cost, the demand for variable frequency devices in the marine sector is expected to grow steadily during the forecast period.
The Asia-Pacific region anticipated to dominate the global marine VFD market owing to increasing investments on hybrid and electric propulsion in the emerging economies in the region, especially in China. The raid developments in the maritime trade has increased the demand for ships and vessels for the transport of finished products to various parts of the world and thereby the demand for the marine VFD is also growing at a significant pace in the region. The market in Europe and North America is also expected to grow at a rapid pace due to the increasing number of hybrid vessels, ships, yachts and recreational boats in the region. :
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