CHICAGO, Oct. 3, 2023 /PRNewswire/ -- Marine VFD Market is expected to reach USD 1.6 billion by 2030 from USD 1.1 billion in 2023 at a CAGR of 5.0% during the 2023–2030 period according to a new report by MarketsandMarkets™. Marine VFDs are essential because they help reduce power consumption, prevent damage, and enhance safety. VFDs also allow remote tracking of ship VFDs, regulate speed and torque, and provide fuel savings. The majority of propeller applications use VFDs, which can boost energy efficiency.
Browse in-depth TOC on "Marine VFD Market"
175 - Tables
57 - Figures
215 – Pages
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Marine VFD Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.1 Billion |
Estimated Value by 2030 | $1.6 Billion |
Growth Rate | Poised to Grow at a CAGR of 5.0% |
Largest Market | Asia Pacific |
Market Size Available for | 2019-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Voltage, Application, End User, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Key Market Challenge | Supply chain disruptions due to shortage of components and parts |
Key Market Opportunities | Growing adoption of electric and hybrid propulsion systems |
Key Market Drivers | Increasing demand for energy-efficient systems in maritime vessels |
Marine Ships, by end-user, is expected to grow by the largest segment during the forecast period.
Based on end users, the Marine VFD Market has been split into Marine Ships and Offshore Platforms. The Marine Ships segment is anticipated to be the largest during the forecast period. The Marine Ships segment is growing in the Marine VFD Market due to the increased emphasis on meeting energy efficiency targets and achieving environmental sustainability. VFDs aid vessels in meeting strict environmental regulations by reducing emissions, aligning with the industry's sustainability objectives. They ensure precise and dynamic control, enhancing vessel maneuverability and operational flexibility while contributing to overall safety and reliability by reducing the risk of accidents and equipment failures.
The steering segment, by application segment, is expected to grow at the second-fastest during the forecast period.
This report segments the Marine VFD Market based on application into pump, propulsion, fan, compressor, crane and hoist, winch, HVAC, steering, scrubber, shaft generator, and power electronics. The steering segment is expected to be the second-fastest growing segment during the forecast period. The steering segment is growing as they are instrumental in governing the speed and control of AC electric motors responsible for driving critical steering components like azimuth thrusters or electric rudders. VFDs in marine steering systems are imperative to attain precise and responsive control over vessel direction, a paramount requirement for safe navigation and maintaining position in challenging maritime scenarios. VFDs offer dynamic, real-time adjustments, ensuring optimal steering responses, especially in situations demanding rapid course changes or precise vessel positioning
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Asia Pacific is expected to be the largest region in the Marine VFD Industry
Asia Pacific is expected to be the largest Marine VFD Market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives The adoption of VFDs is driven by a focus on renewable energy integration, environmental concerns, and offshore energy projects, all requiring advanced energy-efficient technologies. These large-scale projects contribute to the rapid expansion of the Marine VFD Market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.
Key Market Players:
Some of the major players in the Marine VFD Companies are Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US). The major strategies adopted by these players include sales contracts and agreements.
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Recent Developments
- In May 2023, GE Power Conversion signed an agreement to renew its partnership with Nedstack Fuel Cell Technology for the development of marine fuel cell solutions. The agreement follows on from a previous cooperation agreement for collaborative work. A pilot project for a large-scale marine fuel cell application provided valuable feasibility support to a cruise provider for their technical and commercial evaluation of decarbonization solutions.
- In June 2022, ABB leads a consortium to implement shore-to-ship power connections for ferries and cruise ships at the port of Toulon. ABB's technology reduces emissions and noise during port stops. Additionally, ABB is installing an energy storage system to handle grid demand fluctuations and incorporate renewable energy sources, ensuring a sustainable and efficient solution.
- In December 2020, Cochin Shipyard selected Siemens to implement advanced marine solutions for India's first fleet of 23 boats equipped with electric propulsion and battery-integrated technology.
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