Marine VFD Market Highlights

Marine VFD Market size is expected to reach USD 1.05 Billion by 2024 at a CAGR of 6.50% from 2019 to 2024.

Marine VFD is an AC/DC drive that helps to regulate the speed and torque of motors in the ships so that they run accurately. VFDs are low or medium voltage drives that help the propulsion systems, thrusters, deck machinery, pumps, and HVAC systems to use the fuel more efficiently and reduce maintenance costs. Marine VFD also helps in saving energy along with controlling all the functions and output of the motor.  

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Asia-Pacific held the largest share of the global Marine VFD market in 2018: MRFR

Geographically, the marine VFD market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.

In 2018, the market in Asia-Pacific held the largest share of the global Marine VFD market, mainly due to the increasing investments in shipbuilding, government mandates on energy efficiency, and rise in seaborne trade.

Within Asia-Pacific, China is likely to hold the largest share of the market during the forecast period owing to increasing construction of specialized vessels, such as offshore support vessels, and dredgers, which will increase the demand for VFD. Similarly, Japan is one of the largest shipbuilding nations with products being built using advanced technologies.

Europe is expected to be the second-largest market owing to the growing seaborne trade and rapid economic growth. Germany is the largest market in Europe in shipbuilding industry. Europe is also expected to grow at a significant rate owing to many advanced technologies being introduced by some key players in Europe.

In North America, the US is expected to dominate the market during the forecast period.

Scope of the Report

This report provides an in-depth analysis of the global marine VFD market, tracking four market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Marine VFD market by type, voltage, application, and region.  

• By Type
  • AC Drive
  • DC Drive

• By Voltage
  • Low Voltage (Up to 1 kV)
  • Medium Voltage (Above 1 kV)

• By Application
  • Pump
  • Fan
  • Compressor
  • Propulsion/Thruster
  • Crane & Hoist

• By Region
  • Asia-Pacific
  • North America
  • Europe
  • Middle East & Africa
  • South America

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Key Players

The key players operating in the global marine VFD market are Siemens (Germany), Eaton (Ireland), Rockwell Automation (US), ABB (Switzerland), CG Power (India), Danfoss (Denmark), WEG (Brazil), Mitsubishi Electric (Japan), General Electric (US), Yaskawa (Japan), Parker Hannifin (US), and Invertek Drives (UK).

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Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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 Marine VFD Market Share, Marine VFD Market Scope,