Marine VFD Market: Current Analysis and Forecast (2021-2027)
Emphasis on Type (AC Drive, DC Drive); Voltage (Low Voltage, High Voltage); Application (Pump, Fan, Compressor, Propeller, and Crane & Hoist); Region/Country
Global marine VFD market is expected to exceed the market valuation of around US$ 1 billion by 2027 and is expected to grow at a single digit CAGR growth rate during the forecast period (2021-2027). Factors that are driving the market of marine VFD are rising ship building manufacturers in developing nations coupled with soaring demand to reduce carbon emission from the ship, increasing shift towards electric and hybrid systems to reduce dependency on fossil fuel and for more clean power and rising seaborne trade are factor fueling the market growth of marine VFD market. In addition, increase in seaborne trade has led to an escalate the demand for ships used to transport manufactured goods worldwide. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2017, international seaborne trade increased by 4% due to the growth in world economy.
During the Covid-19 pandemic, marine VFD market witnessed the negative impact. The pandemic in 2020 had slowed the growth of the marine VFD market, 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. For instance: China, having a massive amount of exports across the globe had to cease all its activities due to the lockdown in order to contain the virus. This resulted in a steep decrease in the application of the marine VFD in the region.
Different Types of Marine VFD, 2020
ABB, Rockwell Automation, Inc, Danfoss, Siemens, Mitsubishi Electric Corporation, Wicked Evil Grin (WEG), Invertek Drives Ltd., GENERAL ELECTRIC, Yaskawa Electric Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Type, AC drive segment is likely to hold the major share during the forecast period”
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.
“Amongst Voltage, Medium Voltage segment is likely to showcase faster growth rate during the forecast period”
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.
“Amongst Application, Pump Segment holds the major share”
Based on application, the market is segmented into pump, fan, compressor, propeller, and crane & hoist. Currently, pump captured extensive share and expected to maintain considerable presence in the forecast period as well. As pumps extensively used for various purposes onboard a ship and is critical for proper functioning of any ship.
“Asia Pacific represents one of the largest markets of Global Marine VFD Market”
For a better understanding of the market dynamics of the global marine VFD market, a detailed analysis was conducted for different regions including Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific dominant the market demand. It is predominantly owing to the existence of a high number of shipbuilding companies in in the advancing countries in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
Global Marine VFD market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global marine VFD market were the three major steps undertaken to create and analyze the adoption of marine VFD system in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global marine VFD market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of marine VFD market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the marine VFD market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, voltage and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of marine VFD market. Further, we conducted factor analysis using dependent and independent variables such as increasing technologies of marine VFD and application of marine VFD. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the marine VFD market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marine VFD market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of marine VFD market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global marine VFD market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global Marine VFD market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the global marine VFD market.
The main objective of the Global Marine VFD Market Study
The current & future market trends of global marine VFD market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of marine VFD market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, voltage and application.
- Define and analysis of the regulatory framework for the marine VFD market industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the marine VFD market for the major region
- Major regions studied in the report include Asia Pacific, Europe, North America and Rest of the world.
- Company profiles of the marine VFD market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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February 11, 2025
