The size of the global marine variable frequency drive (VFD) market was worth USD 1.2 billion in 2023. The global market is anticipated to grow at a CAGR of 5.2% from 2024 to 2029 and be worth USD 1.63 billion by 2029 from USD 1.26 billion in 2024.
This expansion can be attributed to factors such as lower energy costs, longer equipment life, and lower maintenance, as well as the expansion of the shipbuilding industry, Strong economic expansion and government policies for the shipbuilding industry in APAC countries such as China, are important factors contributing to the expansion of the market in this region. It is observed that the major market players focus on product launches and innovations during the foreseen period. Marine VFD market players are predicted to experience lucrative expansion opportunities in the future with the escalating call for marine VFDs in the worldwide market. Below is a list of the few companies active in the marine VFD market. Marine Frequency Inverter is an inexpensive electrical device employed to regulate the speed and torque of a VFD electric motor. It is employed in a variety of marine applications such as pumps, fans, compressors, propulsion, cranes, and forklifts. There are two types of marine frequency drives, namely AC and DC drives. VFD on boats helps electric motors run precisely and aids efficient fuel use with less maintenance. The major benefits of the marine VFD are the energy savings related to speed control, the enhanced efficiency of the motorized device, and the advantages of network communications with ease of installation. These VFDs can be employed for medium and low-voltage applications.
The DC drive section is predicted to grow at the most surprising CAGR in the middle of the estimated time period. Top preferences for DC drives incorporate phenomenal speed control, and built-in for medium and high HP applications. The pumps employed in offshore vessels transport liquids within various equipment and racks for lubrication, cooling, and heating, thus devouring the most extreme vitality in the course of their task.
The growing shipbuilding industry is driving the expansion of this market. The growing call for energy efficiency is driving the market. The escalated call for energy efficiency and the expansion of the shipbuilding industry will increase the installation of VFDs in the maritime sector. Also, major market players are signing contracts and agreements to provide marine propulsion solutions for ships, worldwide. These solutions include VFDs, as well as propulsion motors, and distribution transformers. The latest government rules in the marine industry escalate the requirement for more energy-efficient operations with a decreased carbon footprint, hence augmenting the adoption of VFDs. Additionally, escalated maritime trade has led to an escalated call for ships employed to transport manufactured goods around the world.
A high damaging cost slows the expansion of this market. The expensive nature of marine VFDs can be a limitation in the global marine VFD market.
The marine VFD market is predicted to grow during the foreseen period due to drivers such as the strong expansion of the shipbuilding industry coupled with the growing need for energy efficiency. In addition, the advent of the Internet of Things (IoT) is predicted to provide lucrative expansion opportunities for players involved in the worldwide marine VFD market in the future.
Another factor limiting market expansion is the availability of cheap and low-quality products on the market. Also, high troubleshooting costs may hamper the expansion of the marine VFD market during the foreseen period.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023–2029 |
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Base Year |
2023 |
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Forecast Period |
2024-2029 |
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CAGR |
5.2% |
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Segments Covered |
By Type, Voltage, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB (Switzerland), Siemens (Germany), Rockwell Automation (US), Danfoss (Denmark), CG Power (India), WEG (Brazil), Mitsubishi Electric (Japan), Eaton (Ireland), Invertek Drives (UK), General Electric (US), Yaskawa (Japan), and Parker Hannifin (US), and Others. |
The DC drive segment is predicted to grow at the highest CAGR during the outlook period. The main advantages of DC drives include excellent speed control, low cost for medium and high-power applications, and good speed regulation. All of these factors are likely to drive the marine VFD market.
The pumps employed in marine vessels circulate fluids within various machines and cooling, heating, and lubrication systems, thus consuming maximum energy during their operation. Therefore, the pumps are installed with VFDs to increase energy efficiency, which will likely affect the expansion of the marine VFD market during the calculated period.
Asia-Pacific is predicted to be the biggest industry over the years 2024 to 2029. The expansion of this region can be attributed to strong economic expansion and government policies favorable to the shipbuilding industry. China, South Korea, and Japan are among the fastest-growing Asia-Pacific countries. For the past decades, the maritime industry in Japan has been the largest shipbuilding country, with products built with advanced technology. In South Korea, the government is trying to introduce FDI into the maritime sector. This move has helped the Korean shipbuilding industry achieve electronic control unit (ECU) technology.
All of these initiatives are likely to stimulate the expansion of the shipbuilding industry and, thus, the market for marine VFDs. Furthermore, in recent years, this region has experienced rapid economic development and expansion in maritime trade. The boom in maritime trade subsequently led to an escalated call for ships employed to transport manufactured goods to various regions of the world. Therefore, escalated call for vessels is likely to stimulate the call for marine VFDs in the Asia-Pacific region.
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