Marine Variable Frequency Drive Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Category, Application, End-Use - Global Forecast 2023-2030
The Marine Variable Frequency Drive Market size was estimated at USD 1.03 billion in 2022 and expected to reach USD 1.08 billion in 2023, at a CAGR 5.11% to reach USD 1.54 billion by 2030.
Market Segmentation & Coverage:
This research report analyzes various sub-markets, forecasts revenues, and examines emerging trends in each category to provide a comprehensive outlook on the Marine Variable Frequency Drive Market.
- Based on Type, market is studied across AC Drive and DC Drive. The DC Drive is projected to witness significant market share during forecast period.
- Based on Voltage, market is studied across Low Voltage and Medium Voltage. The Low Voltage is projected to witness significant market share during forecast period.
- Based on Category, market is studied across Air-Cooled and Liquid-Cooled. The Liquid-Cooled is projected to witness significant market share during forecast period.
- Based on Application, market is studied across Compressor, Crane & Hoist, Fan, Propeller, Pump, With Shaft Generator, and Without Shaft Generator. The Pump is projected to witness significant market share during forecast period.
- Based on End-Use, market is studied across Offshore Platform and Onshore Platform. The Onshore Platform is projected to witness significant market share during forecast period.
- Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.19% in 2022, followed by Americas.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make well-informed decisions. In this report, 2018 to 2021 are considered as historical years, 2022 is base year, 2023 is estimated year, and years from 2024 to 2030 are considered as forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is an indispensable tool for assessing the Marine Variable Frequency Drive Market. It comprehensively evaluates vendors, analyzing key metrics related to Business Strategy and Product Satisfaction. This enables users to make informed decisions tailored to their specific needs. Through advanced analysis, vendors are categorized into four distinct quadrants, each representing a different level of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V). Be assured that this insightful framework empowers decision-makers to navigate the market with confidence.
Market Share Analysis:
The Market Share Analysis offers invaluable insights into the vendor landscape Marine Variable Frequency Drive Market. By evaluating their impact on overall revenue, customer base, and other key metrics, we provide companies with a comprehensive understanding of their performance and the competitive environment they confront. This analysis also uncovers the level of competition in terms of market share acquisition, fragmentation, dominance, and industry consolidation during the study period.
Key Company Profiles:
The report delves into recent significant developments in the Marine Variable Frequency Drive Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Benshaw Inc., CG Power & Industrial Solutions Ltd. by Murugappa Group, Danfoss A/S, Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Hitachi, Ltd., Honeywell International Inc., Industrial Oilfield & Marine Components, Inc., INGETEAM, S.A., Johnson Controls International PLC, Kongsberg Gruppen ASA, Mitsubishi Electric Corporation, Nidec Corporation, Parker-Hannifin Corporation, Schlumberger Limited, Schneider Electric SE, Siemens AG, Sumitomo Heavy Industries, Ltd., Wärtsilä Corporation, and Yaskawa Corporation.
The report offers valuable insights on the following aspects:
- Market Penetration: It provides comprehensive information about key players' market dynamics and offerings.
- Market Development: In-depth analysis of emerging markets and penetration across mature market segments, highlighting lucrative opportunities.
- Market Diversification: Detailed information about new product launches, untapped geographies, recent developments, and investments.
- Competitive Assessment & Intelligence: Exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of leading players.
- Product Development & Innovation: Intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast for the Marine Variable Frequency Drive Market?
- Which products, segments, applications, and areas hold the highest investment potential in the Marine Variable Frequency Drive Market?
- What is the competitive strategic window for identifying opportunities in the Marine Variable Frequency Drive Market?
- What are the latest technology trends and regulatory frameworks in the Marine Variable Frequency Drive Market?
- What is the market share of the leading vendors in the Marine Variable Frequency Drive Market?
- Which modes and strategic moves are suitable for entering the Marine Variable Frequency Drive Market?
Note: PDF & Excel + Online Access - 1 Year
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Limitations
- 1.7. Assumptions
- 1.8. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 4.1. Introduction
- 4.2. Marine Variable Frequency Drive Market, by Region
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising need for energy-efficient systems in ships
- 5.1.1.2. Increasing global maritime activities for trades and tourism
- 5.1.1.3. Demand for marine VFD owing to rapid growth of shipbuilding industry in developing countries
- 5.1.2. Restraints
- 5.1.2.1. Increased maintenance and implementation cost of VFD
- 5.1.3. Opportunities
- 5.1.3.1. Adoption of hybrid and electric propulsion in VFDs to increase efficiency of systems
- 5.1.3.2. Integration of IoT and advanced control systems in marine VFDs to optimize marine operations
- 5.1.4. Challenges
- 5.1.4.1. Technical limitations associated with marine variable frequency drive
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Extensive use of AC Drives due to its energy-efficiency
- 5.2.2. Voltage: High demand for medium-voltage marine VFDs in large vessels with complex propulsion systems
- 5.2.3. Category: Preference for air-cooled VFDs for their relatively lower upfront costs and ease of installation
- 5.2.4. Application: High penetration of VFDs in compressors for air conditioning and refrigeration systems
- 5.2.5. End-Use: High usage of marine variable frequency drives in onshore platforms
- 5.3. Market Trend Analysis
- 5.4. Cumulative Impact of COVID-19
- 5.5. Cumulative Impact of Russia-Ukraine Conflict
- 5.6. Cumulative Impact of High Inflation
- 5.7. Porter’s Five Forces Analysis
- 5.7.1. Threat of New Entrants
- 5.7.2. Threat of Substitutes
- 5.7.3. Bargaining Power of Customers
- 5.7.4. Bargaining Power of Suppliers
- 5.7.5. Industry Rivalry
- 5.8. Value Chain & Critical Path Analysis
- 5.9. Regulatory Framework
- 5.10. Client Customization
- 6. Marine Variable Frequency Drive Market, by Type
- 6.1. Introduction
- 6.2. AC Drive
- 6.3. DC Drive
- 7. Marine Variable Frequency Drive Market, by Voltage
- 7.1. Introduction
- 7.2. Low Voltage
- 7.3. Medium Voltage
- 8. Marine Variable Frequency Drive Market, by Category
- 8.1. Introduction
- 8.2. Air-Cooled
- 8.3. Liquid-Cooled
- 9. Marine Variable Frequency Drive Market, by Application
- 9.1. Introduction
- 9.2. Compressor
- 9.3. Crane & Hoist
- 9.4. Fan
- 9.5. Propeller
- 9.6. Pump
- 9.7. With Shaft Generator
- 9.8. Without Shaft Generator
- 10. Marine Variable Frequency Drive Market, by End-Use
- 10.1. Introduction
- 10.2. Offshore Platform
- 10.3. Onshore Platform
- 11. Americas Marine Variable Frequency Drive Market
- 11.1. Introduction
- 11.2. Argentina
- 11.3. Brazil
- 11.4. Canada
- 11.5. Mexico
- 11.6. United States
- 12. Asia-Pacific Marine Variable Frequency Drive Market
- 12.1. Introduction
- 12.2. Australia
- 12.3. China
- 12.4. India
- 12.5. Indonesia
- 12.6. Japan
- 12.7. Malaysia
- 12.8. Philippines
- 12.9. Singapore
- 12.10. South Korea
- 12.11. Taiwan
- 12.12. Thailand
- 12.13. Vietnam
- 13. Europe, Middle East & Africa Marine Variable Frequency Drive Market
- 13.1. Introduction
- 13.2. Denmark
- 13.3. Egypt
- 13.4. Finland
- 13.5. France
- 13.6. Germany
- 13.7. Israel
- 13.8. Italy
- 13.9. Netherlands
- 13.10. Nigeria
- 13.11. Norway
- 13.12. Poland
- 13.13. Qatar
- 13.14. Russia
- 13.15. Saudi Arabia
- 13.16. South Africa
- 13.17. Spain
- 13.18. Sweden
- 13.19. Switzerland
- 13.20. Turkey
- 13.21. United Arab Emirates
- 13.22. United Kingdom
- 14. Competitive Landscape
- 14.1. FPNV Positioning Matrix
- 14.2. Market Share Analysis, By Key Player
- 14.3. Competitive Scenario Analysis, By Key Player
- 14.3.1. New Product Launch & Enhancement
- 14.3.1.1. Danfoss Reiterates Its Commitment To Energy Efficiency
- 14.3.1.2. Siemens Launched New Sinamics G220 High-Performance Frequency Converter For Greater Efficiency, Easier Engineering And Faster Comissioning
- 14.3.2. Award, Recognition, & Expansion
- 14.3.2.1. ABB Expands Production Footprint Of Its Energy Efficient Drives Portfolio
- 15. Competitive Portfolio
- 15.1. Key Company Profiles
- 15.1.1. ABB Ltd.
- 15.1.2. Benshaw Inc.
- 15.1.3. CG Power & Industrial Solutions Ltd. by Murugappa Group
- 15.1.4. Danfoss A/S
- 15.1.5. Eaton Corporation PLC
- 15.1.6. Emerson Electric Co.
- 15.1.7. General Electric Company
- 15.1.8. Hitachi, Ltd.
- 15.1.9. Honeywell International Inc.
- 15.1.10. Industrial Oilfield & Marine Components, Inc.
- 15.1.11. INGETEAM, S.A.
- 15.1.12. Johnson Controls International PLC
- 15.1.13. Kongsberg Gruppen ASA
- 15.1.14. Mitsubishi Electric Corporation
- 15.1.15. Nidec Corporation
- 15.1.16. Parker-Hannifin Corporation
- 15.1.17. Schlumberger Limited
- 15.1.18. Schneider Electric SE
- 15.1.19. Siemens AG
- 15.1.20. Sumitomo Heavy Industries, Ltd.
- 15.1.21. Wärtsilä Corporation
- 15.1.22. Yaskawa Corporation
- 15.2. Key Product Portfolio
- 16. Appendix
- 16.1. Discussion Guide
- 16.2. License & Pricing
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