Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "Marine VFD Market by End User Type (Marine Ships, and Offshore Platforms), Application (Pump, Propulsion, Fan, Compressor, Crane & Hoist, Winch, HVAC, Steering, Scrubber, Shaft Generator, Power Electronics), & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The marine VFD market is estimated to grow from USD 1.1 Billion in 2023 to USD 1.6 Billion by 2030; it is expected to record a CAGR of 5.0% during the forecast period. The marine VFD market is witnessing rapid growth owing to the increasing demand for energy efficient solutions in the marine industry.
The report defines, describes, and forecasts the marine VFD market, by type, voltage, applications, end user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.
The marine VFD market is dominated by a few major players that have a wide regional presence. The leading players in the marine VFD market are Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US).
Medium Voltage: The fastest segment of the marine VFD market, by voltage.
Based on voltage, the marine VFD market has been split into two types: Low voltage and Medium voltage. The medium voltage is growing in the marine VFD market as it offers higher power capacity, making them suitable for larger vessels and demanding applications. With precise motor control, they optimize energy consumption, improve operational efficiency, and reduce maintenance costs. Additionally, medium voltage VFDs contribute to emissions reduction and compliance with environmental regulations, aligning with the maritime industry's sustainability goals.
The pump segment is expected to emerge as the largest segment based on application.
Based on application, the marine VFD market has been segmented into pump, propulsion, fan, compressor, crane & hoist, winches, HVAC, steering, scrubber, shaft generators & power electronics. The pump segment is expected to be the largest segment owing to the ability to control pump motor speed, allowing ships to efficiently manage fluid transfer and optimize energy usage. This results in reduced fuel consumption, lower operating costs, and compliance with environmental regulations by minimizing emissions.
Europe is expected to emerge as the second-largest region based on the marine VFD market.
By region, the marine VFD market has been segmented into Asia Pacific, North America, South America, Europe, and Middle East & Africa. In the region, the marine VFD market is driven by green maritime initiatives to reduce emissions, making VFDs essential for energy-efficient ship operations. Stricter environmental regulations and sustainability goals are also driving the adoption of VFD technology.
Additionally, advancements in VFD systems, along with strong government support, are promoting their use in various marine applications, such as propulsion, winches, and pumps, making Europe a prominent market for marine VFDs.
Retrofit is expected to be the second-fastest segment based on the type.
Retrofit is expected to be the second-fastest segment in the marine VFD market between 2023-2030 due to their cost-effective, emission-reducing, and easy-to-install nature, making them a preferred choice for upgrading existing vessels. This drives their growing adoption in the Marine VFD market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.1 Billion |
| Forecasted Market Value (USD) by 2030 | $1.6 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Premium Insights
- Rising Adoption of Energy-Efficient Systems in Maritime Sector
- Asia-Pacific to Register Highest CAGR During Forecast Period
- Marine Ships Segment and Us Held Largest Shares of North American Marine VFD Market in 2022
- Retrofit Segment to Dominate Marine VFD Market in 2030
- Low Voltage Segment to Account for Larger Share of Marine VFD Market in 2030
- Marine Ships Segment to Account for Larger Share of Marine VFD Market in 2030
- Pump Segment to Account for Largest Share of Marine VFD Market in 2030
Case Study Analysis
- Danfoss Provided Modular Vacon 3000 Drive Kit to Enhance Performance of Inboard Dredge Pump of Deme and Elevate Energy Efficiency
- Hareid Group Employed Abb Drives in Shore Power Solutions to Deliver Environmentally Friendly Electrical Power to Vessels
- Schottel Group Hired Invertek Drives Far East Pte Ltd to Deliver VFD for Propulsion Application
Market Dynamics
Drivers
- Increasing Demand for Energy-Efficient Systems in Maritime Vessels
- Expanding Shipbuilding Industry
Restraints
- High Installation Cost
- Dependence on Heavy Liquid Fuels
Opportunities
- Growing Adoption of Electric and Hybrid Propulsion Systems
- Technological Advancements in Remote Monitoring of VFDs
Challenges
- Undeveloped Port Infrastructure
- Shortage of Components and Parts Attributed to Supply Chain Disruptions
Value Chain Analysis
- Raw Material Providers/Suppliers/Component Manufacturers
- Marine VFD Manufacturers/Assemblers
- Distributors/Resellers
- End-users
- Maintenance/Service Providers
Technology Analysis
- Wireless Diagnostic
- Modular Memory
- Predictive Maintenance
- Power Electronics
Company Profiles
Key Players
- Siemens
- Schneider Electric
- General Electric
- ABB
- Danfoss
- Nidec
- Weg
- Rockwell Automation
- Ingeteam
- Triol
- Cg Power and Industrial Solutions
- Ls Electric Co., Ltd.
- Johnson Controls
- Honeywell
- Parker Hannifin
Other Players
- Invertek Drives
- Selma
- Hi-Sea
- Bosch Rexroth
- Nord
For more information about this report visit https://www.researchandmarkets.com/r/nkeye4
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