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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

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    Report

  • 230 Pages
  • October 2023
  • Region: Global
  • Markets and Markets
  • ID: 5450332
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Major Players in the Market Include Siemens, ABB, Danfoss, General Electric, and Rockwell Automation

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.

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.

Breakdown of Primaries:

In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. 

The distribution of primary interviews is as follows: 

  • By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
  • By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
  • By Region: North America- 27%, Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 12%, and South America- 8% 

Note: Others include product engineers, product specialists, and engineering leads.

Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

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).

Research Coverage:

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.

Key Benefits of Buying the Report

  • Increased need for energy efficient systems and expansion of the shipbuilding industry drive the demand. Factors such as high initial investment costs and dependence on heavy liquid fuels hinder market growth. A higher rate of adoption of electric and hybrid propulsion and remote monitoring offers lucrative opportunities in this market. Disarrangements in supply chain and marine port infrastructure summons are major challenges faced by countries in this market. 
  • Product Development/ Innovation: Trends such as the integration of digital technologies for remote monitoring and predictive maintenance, the development of more compact and efficient VFD systems, and the increased use of eco-friendly materials in VFD manufacturing have led to greater reliability. 
  • Market Development: The global scenario of marine VFD has developed due to increased environmental regulations, the maritime industry's focus on energy efficiency, and advancements in VFD technology. VFDs help reduce emissions, enhance vessel performance, and comply with sustainability goals, driving their adoption and market growth worldwide.
  • Market Diversification: Ingeteam’s product INGEDRIVE LV800 offers up to a 35% increase in power density compared to the previous range, enhancing their versatility for various applications including marine propulsion, fan drives, pumping, and energy storage systems, with a capacity of up to 10.8MVA and an output voltage of 690V.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US) among others in the marine VFD market.

Table of Contents

1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Inclusions and Exclusions
1.3.1 Marine VFD Market, by Voltage
1.3.2 Marine VFD Market, by Application
1.3.3 Marine VFD Market, by Type
1.3.4 Marine VFD Market, by End-user
1.4 Market Scope
1.4.1 Markets Covered
1.4.2 Regional Scope
1.4.3 Years Considered
1.4.4 Currency Considered
1.5 Limitations
1.6 Stakeholders
1.7 Summary of Changes
1.8 Recession Impact

2 Research Methodology
2.1 Research Data
Figure 1 Marine VFD Market: Research Design
2.2 Market Breakdown and Data Triangulation
Figure 2 Data Triangulation
2.2.1 Secondary Data
2.2.1.1 Key Data from Secondary Sources
2.2.2 Primary Data
2.2.2.1 Key Data from Primary Sources
2.2.2.2 Breakdown of Primaries
2.3 Scope
Figure 3 Main Metrics Considered to Analyze and Assess Demand for Marine VFDs
2.4 Market Size Estimation
2.4.1 Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
2.4.2 Top-Down Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
2.4.3 Demand-Side Analysis
2.4.3.1 Regional Analysis
2.4.3.2 Country-Level Analysis
2.4.3.3 Assumptions for Demand-Side Analysis
2.4.3.4 Calculations for Demand-Side Analysis
2.4.4 Supply-Side Analysis
Figure 6 Key Steps Considered to Assess Supply of Marine VFDs
Figure 7 Marine VFD Market: Supply-Side Analysis
2.4.4.1 Calculations for Supply-Side Analysis
2.4.4.2 Assumptions for Supply-Side Analysis
Figure 8 Company Revenue Analysis, 2022
2.4.5 Forecast
2.5 Risk Assessment
2.6 Impact of Recession

3 Executive Summary
Table 1 Marine VFD Market Snapshot
Figure 9 Asia-Pacific to Register Highest CAGR in Marine VFD Market During Forecast Period
Figure 10 Retrofit Segment to Lead Marine VFD Market During Forecast Period
Figure 11 Low Voltage Segment to Dominate Marine VFD Market During Forecast Period
Figure 12 Marine Ships Segment to Lead Marine VFD Market During Forecast Period
Figure 13 Pump Segment to Lead Marine VFD Market During Forecast Period

4 Premium Insights
4.1 Attractive Opportunities for Players in the Marine VFD Market
Figure 14 Rising Adoption of Energy-Efficient Systems in Maritime Sector
4.2 Marine VFD Market, by Region
Figure 15 Asia-Pacific to Register Highest CAGR During Forecast Period
4.3 North American Marine VFD Market, by End-user and Country
Figure 16 Marine Ships Segment and Us Held Largest Shares of North American Marine VFD Market in 2022
4.4 Marine VFD Market, by Type
Figure 17 Retrofit Segment to Dominate Marine VFD Market in 2030
4.5 Marine VFD Market, by Voltage
Figure 18 Low Voltage Segment to Account for Larger Share of Marine VFD Market in 2030
4.6 Marine VFD Market, by End-user
Figure 19 Marine Ships Segment to Account for Larger Share of Marine VFD Market in 2030
4.7 Marine VFD Market, by Application
Figure 20 Pump Segment to Account for Largest Share of Marine VFD Market in 2030

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 21 Marine VFD Market: Drivers, Restraints, Opportunities, and Challenges
5.2.1 Drivers
5.2.1.1 Increasing Demand for Energy-Efficient Systems in Maritime Vessels
Table 2 Measures Undertaken to Enhance Energy Efficiency of Ships
Figure 22 Global Merchant Vessel Fleet, 2018-2023 (Number of Ships)
5.2.1.2 Expanding Shipbuilding Industry
Figure 23 Incremental Cargo Demand, 2015-2024
5.2.2 Restraints
5.2.2.1 High Installation Cost
5.2.2.2 Dependence on Heavy Liquid Fuels
5.2.3 Opportunities
5.2.3.1 Growing Adoption of Electric and Hybrid Propulsion Systems
Figure 24 Use of Alternative Fuels in Global Marine Fleet, 2022 (Number of Ships)
5.2.3.2 Technological Advancements in Remote Monitoring of VFDs
5.2.4 Challenges
5.2.4.1 Undeveloped Port Infrastructure
5.2.4.2 Shortage of Components and Parts Attributed to Supply Chain Disruptions
5.3 Trends/Disruptions Impacting Customers’ Businesses
Figure 25 Revenue Shifts and New Revenue Pockets for Players in the Marine VFD Market
5.4 Ecosystem Analysis
Table 3 Companies and Their Role in Marine VFD Ecosystem
Figure 26 Marine VFD Market: Ecosystem Analysis
5.5 Value Chain Analysis
Figure 27 Marine VFD Market: Value Chain Analysis
5.5.1 Raw Material Providers/Suppliers/Component Manufacturers
5.5.2 Marine VFD Manufacturers/Assemblers
5.5.3 Distributors/Resellers
5.5.4 End-users
5.5.5 Maintenance/Service Providers
5.6 Pricing Analysis
Figure 28 Average Selling Price (ASP) of Marine VFDs, by Voltage, 2020, 2021, 2022, and 2030 (USD/Unit)
Table 4 Average Selling Price (ASP) of Marine VFDs, by Voltage, 2020, 2021, 2022, and 2030 (USD/Unit)
Table 5 Average Selling Price (ASP) Trend, by Region, 2020, 2021, 2022, and 2030 (Usd/Unit)
Figure 29 Average Selling Price (ASP) Trend, by Region, 2020, 2021, 2022, and 2030
5.7 Technology Analysis
5.7.1 Wireless Diagnostic
5.7.2 Modular Memory
5.7.3 Predictive Maintenance
5.7.4 Power Electronics
5.8 Tariff Analysis
Table 6 Tariff Levied on Electric Motors and Generators, 2022
5.9 Regulatory Landscape
Table 7 Marine VFD Market: Europe Regulations
Table 8 Marine VFD Market: Asia-Pacific Regulations
Table 9 Marine VFD Market: North America Regulations
Table 10 Marine VFD Market: International Regulations
Table 11 International: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 12 North America: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 13 Europe: List of Regulatory Bodies, Government Agencies, and Other Organizations
Table 14 Asia-Pacific: List of Regulatory Bodies, Government Agencies, and Other Organizations
5.10 Patent Analysis
Table 15 Marine VFD Market: Innovations and Patent Registrations
5.11 Trade Analysis
5.11.1 Export Data
Table 16 Export Data for Products Under Hs Code: 8501, by Country, 2020-2022 (USD Thousand)
Figure 30 Export Data for Products Under Hs Code: 8501, by Key Country, 2020-2022 (USD Thousand)
5.11.2 Import Data
Table 17 Import Data for Products Under Hs Code: 8501, by Country, 2020-2022 (USD Thousand)
Figure 31 Import Data for Products Under Hs Code: 8501, by Key Country, 2020-2022 (USD Thousand)
5.12 Key Conferences and Events, 2023-2024
Table 18 Marine VFD Market: List of Conferences and Events
5.13 Case Study Analysis
5.13.1 Danfoss Provided Modular Vacon 3000 Drive Kit to Enhance Performance of Inboard Dredge Pump of Deme and Elevate Energy Efficiency
5.13.2 Hareid Group Employed Abb Drives in Shore Power Solutions to Deliver Environmentally Friendly Electrical Power to Vessels
5.13.3 Schottel Group Hired Invertek Drives Far East Pte Ltd to Deliver VFD for Propulsion Application
5.14 Porter's Five Forces Analysis
Table 19 Marine VFD Market: Porter's Five Forces Analysis
Figure 32 Marine VFD Market: Porter's Five Forces Analysis
5.14.1 Threat of Substitutes
5.14.2 Bargaining Power of Suppliers
5.14.3 Bargaining Power of Buyers
5.14.4 Threat of New Entrants
5.14.5 Intensity of Competitive Rivalry
5.15 Key Stakeholders and Buying Criteria
5.15.1 Key Stakeholders in the Buying Process
Figure 33 Influence of Stakeholders on the Buying Process for Two Key End-users
Table 20 Influence of Stakeholders on the Buying Process for Two Key End-users (%)
5.15.2 Buying Criteria
Figure 34 Key Buying Criteria for Two Key End-users
Table 21 Key Buying Criteria for Two Key End-users

6 Marine VFD Market, by Application
6.1 Introduction
Figure 35 Marine VFD Market, by Application, 2022
Table 22 Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 23 Marine VFD Market, by Application, 2023-2030 (USD Million)
6.2 Pump
6.2.1 Used to Enhance Operational Efficiency of Pumps and Mitigate Mechanical Stress
Table 24 Pump: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 25 Pump: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.3 Propulsion
6.3.1 Help Control Speed and Power Output of Ac Electric Motors That Drive Propellers of Vessels
Table 26 Propulsion: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 27 Propulsion: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.4 Fan
6.4.1 Offer Precise Control Over Fan Speed to Make Adjustments to Match Varying Ventilation Requirements of Different Ship Compartments and Conditions
Table 28 Fan: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 29 Fan: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.5 Compressor
6.5.1 Help Reduce Power Consumption, Extend Equipment Lifespan, and Lower Maintenance Cost
Table 30 Compressor: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 31 Compressor: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.6 Crane & Hoist
6.6.1 Facilitate Effective Cargo Handling and Allow Operators Fine-Tune Lifting Speeds and Load Capacities
Table 32 Crane & Hoist: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 33 Crane & Hoist: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.7 Winch
6.7.1 Regulate Speed and Performance of Ac Motors Driving Winches
Table 34 Winch: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 35 Winch: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.8 HVAC
6.8.1 Ensure Energy Efficiency by Adapting Equipment Operation to Real-Time Demand
Table 36 HVAC: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 37 HVAC: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.9 Steering
6.9.1 Imperative to Attain Precise and Responsive Control Over Vessel Direction
Table 38 Steering: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 39 Steering: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.10 Scrubber
6.10.1 Optimize Efficiency of Scrubbers in Removing Sulfur Dioxide and Other Pollutants from Exhaust Gases of Vessels
Table 40 Scrubber: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 41 Scrubber: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.11 Shaft Generator
6.11.1 Reduce Wear and Tear and Ensure Reliable Power Supply
Table 42 Shaft Generator: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 43 Shaft Generator: Marine VFD Market, by Region, 2023-2030 (USD Million)
6.12 Power Electronics
6.12.1 Enable Efficient Battery Charging, Optimized Utilization of Shore Connections, and Enhanced Stability Within DC Grids
Table 44 Power Electronics: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 45 Power Electronics: Marine VFD Market, by Region, 2023-2030 (USD Million)

7 Marine VFD Market, by Type
7.1 Introduction
Figure 36 Marine VFD Market, by Type, 2022
Table 46 Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 47 Marine VFD Market, by Type, 2023-2030 (USD Million)
7.2 New
7.2.1 Increasing Requirement for Precise and Dynamic Control in Maritime Sector
Table 48 New: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 49 New: Marine VFD Market, by Region, 2023-2030 (USD Million)
7.3 Retrofit
7.3.1 Growing Use of VFDs to Extend Operational Life of Vessels by Improving Reliability of Critical Systems
Table 50 Retrofit: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 51 Retrofit: Marine VFD Market, by Region, 2023-2030 (USD Million)

8 Marine VFD Market, by Voltage
8.1 Introduction
Figure 37 Marine VFD Market, by Voltage, 2022
Table 52 Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 53 Marine VFD Market, by Voltage, 2023-2030 (USD Million)
8.2 Low Voltage
8.2.1 Rising Deployment of Low Voltage VFDs on Critical Systems to Achieve Cost Savings and Reduce Emissions
Table 54 Low Voltage: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 55 Low Voltage: Marine VFD Market, by Region, 2023-2030 (USD Million)
8.3 Medium Voltage
8.3.1 Capability to Optimize Energy Consumption and Ensure Seamless Voltage Compatibility with Medium Voltage Electrical Systems
Table 56 Medium Voltage: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 57 Medium Voltage: Marine VFD Market, by Region, 2023-2030 (USD Million)

9 Marine VFD Market, by End-user
9.1 Introduction
Figure 38 Marine VFD Market, by End-user, 2022
Table 58 Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 59 Marine VFD Market, by End-user, 2023-2030 (USD Million)
9.2 Marine Ships
9.2.1 Used to Optimize Energy Usage by Precisely Controlling Electrical Systems on Ships
Table 60 Marine Ships: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 61 Marine Ships: Marine VFD Market, by Region, 2023-2030 (USD Million)
9.3 Offshore Platforms
9.3.1 Used in Offshore Platforms to Enhance Energy Efficiency by Precisely Regulating Critical Electrical Systems
Table 62 Offshore Platforms: Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 63 Offshore Platforms: Marine VFD Market, by Region, 2023-2030 (USD Million)

10 Marine VFD Market, by Region
10.1 Introduction
Figure 39 Asia-Pacific Marine VFD Market to Register Highest CAGR During Forecast Period
Figure 40 Marine VFD Market, by Region, 2022 (%)
Table 64 Marine VFD Market, by Region, 2019-2022 (USD Million)
Table 65 Marine VFD Market, by Region, 2023-2030 (USD Million)
Table 66 Marine VFD Market, by Region, 2019-2022 (Thousand Units)
Table 67 Marine VFD Market, by Region, 2023-2030 (Thousand Units)
10.2 Asia-Pacific
Figure 41 Asia-Pacific: Marine VFD Market Snapshot
10.2.1 Asia-Pacific: Recession Impact
10.2.2 By Type
Table 68 Asia-Pacific: Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 69 Asia-Pacific: Marine VFD Market, by Type, 2023-2030 (USD Million)
10.2.3 By Voltage
Table 70 Asia-Pacific: Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 71 Asia-Pacific: Marine VFD Market, by Voltage, 2023-2030 (USD Million)
10.2.4 By End-user
Table 72 Asia-Pacific: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 73 Asia-Pacific: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.2.5 By Application
Table 74 Asia-Pacific: Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 75 Asia-Pacific: Marine VFD Market, by Application, 2023-2030 (USD Million)
10.2.6 By Country
Table 76 Asia-Pacific: Marine VFD Market, by Country, 2019-2022 (USD Million)
Table 77 Asia-Pacific: Marine VFD Market, by Country, 2023-2030 (USD Million)
10.2.7 China
10.2.7.1 Rising Port Infrastructure Development Investments
Table 78 China: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 79 China: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.2.8 Japan
10.2.8.1 High Emphasis on Slashing Co2 Emissions and Aligning with Eco-Friendly Shipping Agenda
Table 80 Japan: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 81 Japan: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.2.9 Rest of Asia-Pacific
Table 82 Rest of Asia-Pacific: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 83 Rest of Asia-Pacific: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3 Europe
Figure 42 Europe: Marine VFD Market Snapshot
10.3.1 Europe: Recession Impact
10.3.2 By Type
Table 84 Europe: Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 85 Europe: Marine VFD Market, by Type, 2023-2030 (USD Million)
10.3.3 By Voltage
Table 86 Europe: Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 87 Europe: Marine VFD Market, by Voltage, 2023-2030 (USD Million)
10.3.4 By End-user
Table 88 Europe: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 89 Europe: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.5 By Application
Table 90 Europe: Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 91 Europe: Marine VFD Market, by Application, 2023-2030 (USD Million)
10.3.6 By Country
Table 92 Europe: Marine VFD Market, by Country, 2019-2022 (USD Million)
Table 93 Europe: Marine VFD Market, by Country, 2023-2030 (USD Million)
10.3.7 Germany
10.3.7.1 Government-Led Incentives and Subsidies for Increasing Adoption of Eco-Friendly Maritime Technologies
Table 94 Germany: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 95 Germany: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.8 UK
10.3.8.1 Strong Commitment to Sustainable Future and Technological Advancements
Table 96 UK: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 97 UK: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.9 France
10.3.9.1 Relevant Collaborations and Partnerships in the Maritime Sector
Table 98 France: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 99 France: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.10 Italy
10.3.10.1 Technological Innovations and Shift Toward Renewable Energy
Table 100 Italy: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 101 Italy: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.11 Spain
10.3.11.1 Shift Toward Cleaner Fuels
Table 102 Spain: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 103 Spain: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.12 Norway
10.3.12.1 Presence of Stringent Environmental Regulations
Table 104 Norway: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 105 Norway: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.13 Denmark
10.3.13.1 Growing Adoption of Energy-Efficient Technologies and Focus on Adhering to Environmental Compliances
Table 106 Denmark: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 107 Denmark: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.14 Sweden
10.3.14.1 Integration of VFDs and Other Electrification Technologies into Ferries and Other Vessels to Reduce Reliance on Fossil Fuels
Table 108 Sweden: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 109 Sweden: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.15 Finland
10.3.15.1 Government-Led Incentives and Subsidies to Shipping Companies Investing in Green Technologies
Table 110 Finland: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 111 Finland: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.16 Netherlands
10.3.16.1 Increasing Offshore Wind Expansions and Multiyear Framework Agreements
Table 112 Netherlands: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 113 Netherlands: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.17 Belgium
10.3.17.1 Growing Need to Enhance Efficiency and Reduce Vessel Emissions
Table 114 Belgium: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 115 Belgium: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.18 Austria
10.3.18.1 Government Focus on Use of Green Technologies
Table 116 Austria: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 117 Austria: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.19 Greece
10.3.19.1 High Commitment to International Maritime Regulations
Table 118 Greece: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 119 Greece: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.3.20 Rest of Europe
Table 120 Rest of Europe: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 121 Rest of Europe: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.4 North America
10.4.1 North America: Recession Impact
10.4.2 By Type
Table 122 North America: Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 123 North America: Marine VFD Market, by Type, 2023-2030 (USD Million)
10.4.3 By Voltage
Table 124 North America: Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 125 North America: Marine VFD Market, by Voltage, 2023-2030 (USD Million)
10.4.4 By End-user
Table 126 North America: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 127 North America: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.4.5 By Application
Table 128 North America: Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 129 North America: Marine VFD Market, by Application, 2023-2030 (USD Million)
10.4.6 By Country
Table 130 North America: Marine VFD Market, by Country, 2019-2022 (USD Million)
Table 131 North America: Marine VFD Market, by Country, 2023-2030 (USD Million)
10.4.7 US
10.4.7.1 Strong Government Support and Technological Advancements
Table 132 US: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 133 US: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.4.8 Canada
10.4.8.1 Naval Expansions and Strategic Collaborations
Table 134 Canada: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 135 Canada: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.4.9 Mexico
10.4.9.1 Rising Offshore Expansion Activities and Focus on Environmental Conservation
Table 136 Mexico: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 137 Mexico: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.5 South America
10.5.1 South America: Recession Impact
10.5.2 By Type
Table 138 South America: Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 139 South America: Marine VFD Market, by Type, 2023-2030 (USD Million)
10.5.3 By Voltage
Table 140 South America: Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 141 South America: Marine VFD Market, by Voltage, 2023-2030 (USD Million)
10.5.4 By End-user
Table 142 South America: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 143 South America: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.5.5 By Application
Table 144 South America: Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 145 South America: Marine VFD Market, by Application, 2023-2030 (USD Million)
10.5.6 By Country
Table 146 South America: Marine VFD Market, by Country, 2019-2022 (USD Million)
Table 147 South America: Marine VFD Market, by Country, 2023-2030 (USD Million)
10.5.7 Brazil
10.5.7.1 Government-Led Support and Focus on Sustainability
Table 148 Brazil: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 149 Brazil: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.5.8 Argentina
10.5.8.1 Flourishing Fishing Industry
Table 150 Argentina: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 151 Argentina: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.5.9 Rest of South America
Table 152 Rest of South America: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 153 Rest of South America: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.6 Middle East & Africa
10.6.1 Recession Impact: Middle East & Africa
10.6.2 By Type
Table 154 Middle East & Africa: Marine VFD Market, by Type, 2019-2022 (USD Million)
Table 155 Middle East & Africa: Marine VFD Market, by Type, 2023-2030 (USD Million)
10.6.3 By Voltage
Table 156 Middle East & Africa: Marine VFD Market, by Voltage, 2019-2022 (USD Million)
Table 157 Middle East & Africa: Marine VFD Market, by Voltage, 2023-2030 (USD Million)
10.6.4 By End-user
Table 158 Middle East & Africa: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 159 Middle East & Africa: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.6.5 By Application
Table 160 Middle East & Africa: Marine VFD Market, by Application, 2019-2022 (USD Million)
Table 161 Middle East & Africa: Marine VFD Market, by Application, 2023-2030 (USD Million)
10.6.6 By Country
Table 162 Middle East & Africa: Marine VFD Market, by Country, 2019-2022 (USD Million)
Table 163 Middle East & Africa: Marine VFD Market, by Country, 2023-2030 (USD Million)
10.6.7 Turkey
10.6.7.1 Rising Focus on Modernization of Maritime Sector
Table 164 Turkey: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 165 Turkey: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.6.8 South Africa
10.6.8.1 Deployment of Floating Power Plants Equipped with VFDs
Table 166 South Africa: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 167 South Africa: Marine VFD Market, by End-user, 2023-2030 (USD Million)
10.6.9 Rest of Middle East & Africa
Table 168 Rest of Middle East & Africa: Marine VFD Market, by End-user, 2019-2022 (USD Million)
Table 169 Rest of Middle East & Africa: Marine VFD Market, by End-user, 2023-2030 (USD Million)

11 Competitive Landscape
11.1 Overview
11.2 Key Strategies Adopted by Major Players
Table 170 Key Strategies Adopted by Top Players, 2019-2022
11.3 Market Share Analysis, 2022
Table 171 Marine VFD Market: Degree of Competition
Figure 43 Marine VFD Market Share Analysis, 2022
11.4 Revenue Analysis of Top Five Players, 2018-2022
Figure 44 Marine VFD Market: Revenue Analysis of Top Five Players, 2018-2022
11.5 Evaluation Matrix of Key Companies, 2022
11.5.1 Stars
11.5.2 Pervasive Players
11.5.3 Emerging Leaders
11.5.4 Participants
Figure 45 Marine VFD Market: Evaluation Matrix of Key Companies, 2022
11.6 Competitive Benchmarking
Table 172 Type: Company Footprint
Table 173 End-user: Company Footprint
Table 174 Application: Company Footprint
Table 175 Voltage: Company Footprint
Table 176 Region: Company Footprint
Table 177 Company Footprint
11.7 Competitive Scenarios and Trends
Table 178 Marine VFD Market: Deals, January 2019-January 2023
Table 179 Marine VFD Market: Others, January 2019-January 2023

12 Company Profiles
(Business Overview Products/Solutions/Services Offered, Recent Developments, Analyst's View)*
12.1 Key Players
12.1.1 Siemens
Table 180 Siemens: Company Overview
Figure 46 Siemens: Company Snapshot
Table 181 Siemens: Products/Solutions/Services Offered
Table 182 Siemens: Deals
12.1.2 Schneider Electric
Table 183 Schneider Electric: Company Overview
Figure 47 Schneider Electric: Company Snapshot
Table 184 Schneider Electric: Products/Solutions/Services Offered
12.1.3 General Electric
Table 185 General Electric: Company Overview
Figure 48 General Electric: Company Snapshot
Table 186 General Electric: Products/Solutions/Services Offered
Table 187 General Electric: Deals
12.1.4 Abb
Table 188 Abb: Company Overview
Figure 49 Abb: Company Snapshot
Table 189 Abb: Products/Solutions/Services Offered
Table 190 Abb: Deals
Table 191 Abb: Others
12.1.5 Danfoss
Table 192 Danfoss: Company Overview
Figure 50 Danfoss: Company Snapshot
Table 193 Danfoss: Products/Solutions/Services Offered
Table 194 Danfoss: Deals
12.1.6 Nidec
Table 195 Nidec: Company Overview
Figure 51 Nidec: Company Snapshot
Table 196 Nidec: Products/Solutions/Services Offered
Table 197 Nidec: Deals
Table 198 Nidec: Others
12.1.7 Weg
Table 199 Weg: Company Overview
Figure 52 Weg: Company Snapshot
Table 200 Weg: Products/Solutions/Services Offered
Table 201 Weg: Deals
Table 202 Weg: Others
12.1.8 Rockwell Automation
Table 203 Rockwell Automation: Company Overview
Figure 53 Rockwell Automation: Company Snapshot
Table 204 Rockwell Automation: Products/Solutions/Services Offered
Table 205 Rockwell Automation: Deals
12.1.9 Ingeteam
Table 206 Ingeteam: Company Overview
Table 207 Ingeteam: Products/Solutions/Services Offered
Table 208 Ingeteam: Product Launches
Table 209 Ingeteam: Deals
12.1.10 Triol
Table 210 Triol: Company Overview
Table 211 Triol: Products/Solutions/Services Offered
Table 212 Triol: Deals
12.1.11 Cg Power and Industrial Solutions
Table 213 Cg Power and Industrial Solutions: Company Overview
Figure 54 Cg Power and Industrial Solutions: Company Snapshot
Table 214 Cg Power and Industrial Solutions: Products/Solutions/Services Offered
12.1.12 Ls Electric Co., Ltd.
Table 215 Ls Electric Co., Ltd.: Company Overview
Table 216 Ls Electric Co., Ltd.: Products/Solutions/Services Offered
12.1.13 Johnson Controls
Table 217 Johnson Controls: Company Overview
Figure 55 Johnson Controls: Company Snapshot
Table 218 Johnson Controls: Products/Solutions/Services Offered
12.1.14 Honeywell
Table 219 Honeywell: Company Overview
Figure 56 Honeywell: Company Snapshot
Table 220 Honeywell: Products/Solutions/Services Offered
12.1.15 Parker Hannifin
Table 221 Parker Hannifin: Company Overview
Figure 57 Parker Hannifin: Company Snapshot
Table 222 Parker Hannifin: Products/Solutions/Services Offered
Table 223 Parker Hannifin: Deals
*Details on Business Overview Products/Solutions/Services Offered, Recent Developments, and Analyst's View Might Not be Captured in the Case of Unlisted Companies.
12.2 Other Players
12.2.1 Invertek Drives
12.2.2 Selma
12.2.3 Hi-Sea
12.2.4 Bosch Rexroth
12.2.5 Nord

13 Appendix
13.1 Insights from Industry Experts
13.2 Discussion Guide
13.3 Knowledgestore: Subscription Portal
13.4 Customization Options

Executive Summary

Companies Mentioned

  • ABB
  • Bosch Rexroth
  • CG Power and Industrial Solutions
  • Danfoss
  • General Electric
  • Hi-Sea
  • Honeywell
  • Ingeteam
  • Invertek Drives
  • Johnson Controls
  • LS Electric Co., Ltd.
  • Nidec
  • Nord
  • Parker Hannifin
  • Rockwell Automation
  • Schneider Electric
  • Selma
  • Siemens
  • Triol
  • WEG

Methodology

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Table Information

Report AttributeDetails
No. of Pages230
PublishedOctober 2023
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 1.1 Billion
Forecasted Market Value ( USD ) by 2030 $ 1.6 Billion
Compound Annual Growth Rate5.0%
Regions CoveredGlobal
No. of Companies Mentioned20

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About the Marine Variable Frequency Drive Market

The Marine Variable Frequency Drive (VFD) market is a specialized segment of the maritime industry. It is a type of motor control device that is used to regulate the speed of a motor by varying the frequency of the power supply. VFDs are used in a variety of marine applications, such as propulsion systems, pumps, and fans. They are designed to provide precise control of the motor speed, allowing for greater efficiency and improved performance. VFDs are becoming increasingly popular in the maritime industry due to their ability to reduce energy consumption and improve operational efficiency. They are also used to reduce noise and vibration, as well as to improve safety. Additionally, VFDs are becoming more widely used in the maritime industry due to their ability to reduce maintenance costs and extend the life of the motor. Some of the major companies in the Marine Variable Frequency Drive market include ABB, Siemens, WEG, Danfoss, and Rockwell Automation. Show Less Read more

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