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.

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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.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global Marine Variable Frequency Drive (VFD) Market by Type

AC Drive
DC Drive

Global Marine Variable Frequency Drive (VFD)Market by Voltage

Low Voltage Drive
Medium Voltage Drive

Global Marine Variable Frequency Drive (VFD) Market by Application

Propellers
Pumps
Electric Fan
Heating, Ventilation, and Air Conditioning (HVAC)
Compressors
Others

Global Marine Variable Frequency Drive (VFD) Market by End-user

Marine Vessels
Offshore Oil & Gas
Offshore Wind Power

Regional Analysis

North America
United States
Canada
Europe
UK
Germany
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World

Company Profiles 

ABB Ltd.
Bulutlu Marine
CG Drives & Automation UK Ltd.
CG Power and Industrial Solutions Ltd.
Eaton Corp. plc
Invertek Drives Ltd.
Johnson Controls International plc
Mitsubishi Electric Corp.
Parker Hannifin Corp.
Rockwell Automation Inc.
Siemens AG
Sumitomo Heavy Industries Ltd.
Triol Corp.
Wärtsilä Corp.
WEG S.A.
Yaskawa Electric Corp.

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.

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