PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1358288
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1358288
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 marine industry.
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Units Considered | USD |
Segments | Voltage, Type, End USer, Application, Region |
Regions covered | North America, Europe, APAC, South America, MEA |
"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.
"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 control of 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 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.
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).
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.
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