Global Marine Variable Frequency Drive(VFD) Market 2023-2030

Global Marine Variable Frequency Drive(VFD) Market 2023-2030

Global Marine VFD Market Size, Share & Trends Analysis Report by Type (AC Drive and DC Drive), by Voltage (Low Voltage Drive and Medium Voltage Drive), by Application (Propellers, Pumps, Electric Fan, HVAC, Compressors, and Others), and by End-user (Marine Vessels, Offshore Oil & Gas, and Offshore Wind Power) Forecast Period (2023-2030)

The global 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.

Segmental Outlook

The global marine VFD market is segmented based on its type, voltage, application, and end-user. Based on type, the market is segmented into AC drive and DC drive. Based on voltage, the market is categorized into low-voltage drives and medium-voltage drives. Further, based on application, the market is segmented into propellers, pumps, electric fans, HVAC, compressors, and others. Among the end-user segment, marine vessels, offshore oil & gas, and offshore wind power are the key segments driving market growth.

Among the type segment, the AC drive sub-segment is anticipated to register significant growth for the forecast period. AC drives play a vital role in enhancing propulsion systems, pumps, and other electrical equipment efficiency, making them an essential component in modern shipbuilding. The growth of the AC drive sub-segment is attributed to factors such as the rise in demand for energy efficiency and the growth in the shipbuilding industry.

Regional Outlooks

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.

Global Marine VFD Market Growth, by Region 2023-2030

Source: OMR Analysis

The Europe Region is anticipated to Hold a Significant Share in the Global Marine VFD Market

Among these regions, the Europe region is anticipated to account for a significant share of the Marine VFD market during the forecast period. The growth of the Marine VFD market in the region is primarily driven by factors such as the rise in demand for energy efficiency and the growth in the shipbuilding industry. Moreover, strict policy norms to add fuel efficiency and reduce carbon emission in the region is anticipated to contribute positively to the growth of the market. For instance, in July 2021 the European Commission proposed the FuelEU Maritime initiative, which imposes constraints on the average annual GHG intensity of on-board energy used by ships. These limits become stricter over time, starting at a 2% reduction in 2025, rising to 6% in 2030, and up to 75% in 2050, relative to the 2020 GHG intensity. The goal is to force ships to gradually adopt low-carbon fuels during voyages within the European Union and for half of the voyages to and from the European Union.

Market Players Outlook

The major companies serving the global Marine VFD market include ABB Ltd., Siemens AG, Rockwell Automation Inc., Danfoss A/S, CG Power and Industrial Solutions Ltd., WEG S.A., Mitsubishi Electric Corp., and others. The market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2022, WEG released a new CFW900 Variable Speed Drive. Using a menu structure, the new interface of the CFW900 line offers an enhanced user interactive experience, enabling settings and configurations with detailed parameter descriptions right on the HMI, in addition to event logs with date and time. Another advantage of this solution is that this product features Bluetooth® communication and the free WPS Mobile app. The CFW900 allows setting parameters, monitoring, making backups, and even retrieving your VSD data.

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.