Marine VFD market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. The growth of the market is attributed to factors such as the rise in demand for energy efficiency and the growth in the shipbuilding industry. According to International Energy Agency, in 2021 emissions from the international shipping sector grew by 5%. There have been efforts from different organizations and market players to achieve a 15% reduction in emissions from 2021 to 2030. Accordingly, market players are adopting various strategies to add fuel efficiency to the shipbuilding industry. For instance, in July 2020, UK-based Envoy Group acquired a marine engineering company, Avantis Marine, to target carbon reduction and clean energy solutions for offshore markets. Thus increased maritime trade and focus on efficient ships operation are anticipated to fuel the demand for Marine VFD.
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The global Marine VFD market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the North America market is anticipated to cater to a prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the Marine VFD market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Marine Variable Frequency Drive (VFD) Market by Type
- AC Drive
- DC Drive
Global Marine Variable Frequency Drive (VFD)Market by Voltage
- Low Voltage Drive
- Medium Voltage Drive
Global Marine Variable Frequency Drive (VFD) Market by Application
- Propellers
- Pumps
- Electric Fan
- Heating, Ventilation, and Air Conditioning (HVAC)
- Compressors
- Others
Global Marine Variable Frequency Drive (VFD) Market by End-user
- Marine Vessels
- Offshore Oil & Gas
- Offshore Wind Power
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ABB Ltd.
- Bulutlu Marine
- CG Drives & Automation UK Ltd.
- CG Power and Industrial Solutions Ltd.
- Eaton Corp. plc
- Invertek Drives Ltd.
- Johnson Controls International plc
- Mitsubishi Electric Corp.
- Parker Hannifin Corp.
- Rockwell Automation Inc.
- Siemens AG
- Sumitomo Heavy Industries Ltd.
- Triol Corp.
- Wärtsilä Corp.
- WEG S.A.
- Yaskawa Electric Corp.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Marine VFD market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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