Global Marine Variable Frequency Drive (VFD) Market to Reach $1.5 Billion by 2030
The global market for Marine Variable Frequency Drive (VFD) estimated at US$964.7 Million in the year 2023, is expected to reach US$1.5 Billion by 2030, growing at a CAGR of 6.8% over the period 2023-2030. AC Drive, one of the segments analyzed in the report, is expected to record 6.5% CAGR and reach US$898.9 Million by the end of the analysis period. Growth in the DC Drive segment is estimated at 7.2% CAGR for the next 7-year period.
The U.S. Market is Estimated at $251 Million, While China is Forecast to Grow at 10.4% CAGR
The Marine Variable Frequency Drive (VFD) market in the U.S. is estimated at US$251 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$370.5 Million by the year 2030 trailing a CAGR of 10.4% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.
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