Variable frequency drive (VFD) is used in ships to change and control the speed of a motor by changing frequency of the power supply to the motor. The device helps control the pressure, speed, and flow of a motor and, also, helps save up to 50% of energy. For instance, VFD helps reduce and control the speed of fans and pumps, which would result in less current and energy consumption. They key advantages of VFD in the marine sector include proper speed control, low cost for medium and high horsepower (hp) applications, and good speed regulation.

The global marine VFD market is estimated to register a CAGR of 6.50% during the forecast period.

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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.

Industry Segmentation

The global marine VFD market has been segmented based on type, voltage, application, and region.

On the basis of type, the global market has been divided into AC drive and DC drive. The AC drive segment is expected to dominate the market during the forecast period, owing to various advantages of AC drive such as energy savings, reduction of noise and vibration level, and decreases mechanical stress.

On the basis of voltage, the global market has been divided into low voltage and medium voltage. The medium voltage segment is expected to dominate the market due to higher efficiency. Medium voltage drives help in saving approximately 40-60% of energy by controlling speed of the motors.

Leading Players

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

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Regional Analysis

On the basis of region, the market has been segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. The growth of the marine VFD market in Asia-Pacific is driven by several key factors including the increasing development for offshore activities, resulting in the increased infrastructure development in the emerging economies of Australia, China, Thailand, and India. Moreover, market players such as Parker Hannifin, General Electric, ABB, and Siemens, are signing contracts in the region to provide their marine propulsion system with VFDs. Furthermore, factors such as government mandates on energy efficiency and the increased demand for drives which are compatible with IoT in countries such as China, India, Singapore, in Asia-Pacific are driving the growth of the market for marine VFD in the region.

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.

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