Global Marine VFD Market is expected to foresee significant growth. Asia-Pacific to lead the growth!

Global Marine VFD Market is expected to reach the market valuation of more than US$ 1 billion by 2027 increasing at a reasonable single digit CAGR during the forecast period (2021-2027). Rise in the demand for energy efficiency and growth in the shipbuilding industry coupled with increasing need for more energy efficient operations that reduced carbon emission footprint is also positively influencing the market demand for marine VFD market.

Marine variable frequency drive (VFD) is a cost-effective electrical device that is used to regulate the speed and torque of an VFD electric motor. The VFD in the ships help the electric motors run accurately and helps in the efficient use of fuel with less maintenance. The major advantages of marine VFD include energy saving associated with speed control, improved efficiency of motor-driven equipment and provides benefits of network communications with ease of installation. These VFD’s can be used for medium voltage and low voltage applications.

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During the Covid-19 pandemic, demand for marine VFD market had slowed as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the marine VFD market owing to less focus on development of shipbuilding industry. Also, this has resulted in a steep reduction in the applications of vessels and ships and thus the demand for marine VFD has also reduced.

Based on type, the marine VFD market is bifurcated into AC drive and DC drive. The AC drive segment is expected to hold the largest share during the forecast period due to the various advantages of AC drive such as energy savings, increased life of rotating components, and reduction of noise and vibration level.

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Based on voltage the marine VFD market is classified into low voltage and medium voltage. The medium voltage segment is expected to grow at a higher rate during the forecast period, as medium-voltage VFDs help in higher energy savings compared with low-voltage VFDs.

For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. In 2020, Asia Pacific dominated the market demand. It is predominantly owing to the existence of a high number of shipbuilding companies in the advancing countries in the region.

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Some of the major players operating in the market include ABB, Rockwell Automation, Inc, Danfoss, Siemens, Mitsubishi Electric Corporation, Wicked Evil Grin (WEG), Invertek Drives Ltd., GENERAL ELECTRIC, Yaskawa Electric Corporation. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Global Marine VFD Market Segmentation

Market Insight, by Type

• AC Drive
• DC Drive

Market Insight, by Voltage

• Low Voltage
• Medium Voltage

Market Insight, by Application

• Pump
• Fan
• Compressor
• Propeller
• Crane & Hoist

Market Insight, by Region

• North America Marine VFD Market
  • United States
  • Canada
  • Rest of North America
• Europe Marine VFD Market
  • Germany
  • United Kingdom
  • Spain
  • Italy
  • France
  • Rest of Europe
• Asia-Pacific Marine VFD Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Marine VFD Market

Top Company Profiles

• ABB
• Rockwell Automation, Inc
• Danfoss
• Siemens
• Mitsubishi Electric Corporation
• Wicked Evil Grin (WEG)
• Invertek Drives Ltd.
• GENERAL ELECTRIC
• Yaskawa Electric Corporation