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Marine VFD Market Research Report - Segmentation By type (AC Drive and DC Drive), by voltage (Low Voltage and Medium Voltage), by application (Pump, Fan, Compressor, Propulsion, Crane & Hoist), and Region - Industry Forecast 2022 to 2027

Published: January, 2022
ID: 10211
Pages: 175

Marine VFD Market Size (2022-2027):

The Global Marine Variable Frequency Drive (VFD) Market is predicted to reach USD 1.3 billion by 2027 from an estimated USD 781.9 million in 2021, at a CAGR of 6.51% during the foreseen period 2022-2027.

This expansion can be attributed to factors such as lower energy costs, longer equipment life and lower maintenance, as well as the expansion of the shipbuilding industry, Strong economic expansion and government policies for the shipbuilding industry in APAC countries such as China are important factors contributing to the expansion of the market in this region. It is observed that the major market players focus on product launches and innovations during the foreseen period. Marine VFD market players are predicted to experience lucrative expansion opportunities in the future with the escalating call for marine VFDs in the worldwide market. Below is a list of the few companies active in the marine VFD market. Marine Frequency Inverter is an inexpensive electrical device employed to regulate the speed and torque of a VFD electric motor. It is employed in a variety of marine applications such as pumps, fans, compressors, propulsion, cranes, and forklifts. There are two types of marine frequency drives, namely AC and DC drives. VFD on boats helps electric motors run precisely and aids efficient fuel use with less maintenance. The major benefits of the marine VFD are the energy savings related with speed control, the enhanced efficiency of motorized device, and the advantages of network communications with ease of installation. These VFDs can be employed for medium and low voltage applications.

Market Trends:

The DC drive section is predicted to grow at the most surprising CAGR in the middle of the estimated time period. Top preferences for DC drives incorporate phenomenal speed control, built-in for medium and high HP applications. The pumps employed in offshore vessels transport liquids within various equipment and racks for lubrication, cooling and heating, thus devouring the most extreme vitality in the course of their task.

Market Drivers

The growing shipbuilding industry is driving the expansion of this market. The growing call for energy efficiency is driving the market. The escalated call for energy efficiency and the expansion of the shipbuilding industry will increase the installation of VFDs in the maritime sector. Also, major market players are signing contracts and agreements to provide marine propulsion solutions for ships, worldwide. These solutions include VFDs, as well as propulsion motors and distribution transformers. Latest government rules in the marine industry escalate the requirement for more energy-efficient operations with a decreased carbon footprint, hence augmenting the adoption of VFDs. Additionally, escalated maritime trade has led to escalated call for ships employed to transport manufactured goods around the world.

Market Restraints:

A high damaging cost slows the expansion of this market. The expensive nature of marine VFDs can be a limitation in the global marine VFD market.

Market Opportunities:

The marine VFD market is predicted to grow during the foreseen period due to drivers such as the strong expansion of the shipbuilding industry coupled with the growing need for energy efficiency. In addition, the advent of the Internet of Things (IoT) is predicted to provide lucrative expansion opportunities for players involved in the worldwide marine VFD market in the future.

Market Challenges:

Another factor limiting market expansion is the availability of cheap and low-quality products on the market. Also, high troubleshooting costs may hamper the expansion of the marine VFD market during the foreseen period.

MARINE VFD MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2027

Base Year

2021

Forecast Period

2022 - 2027

CAGR

6.51%

Segments Covered

By Type, Voltage, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

ABB (Switzerland), Siemens (Germany), Rockwell Automation (US), Danfoss (Denmark), CG Power (India), WEG (Brazil), Mitsubishi Electric (Japan), Eaton (Ireland), Invertek Drives (UK), General Electric (US), Yaskawa (Japan), and Parker Hannifin (US) and Others.

Marine VFD Market

Market Segmentation:

Marine VFD Market - By Type:

  • AC Drive
  • DC Drive

The DC drive segment is predicted to grow at the highest CAGR during the outlook period. The main advantages of DC drives include excellent speed control, low cost for medium and high-power applications, and good speed regulation. All of these factors are likely to drive the marine VFD market.

Marine VFD Market - By Voltage:

  • Low Voltage
  • Medium Voltage

Marine VFD Market - By Application:

  • Pump
  • Fan
  • Compressor
  • Propulsion
  • Crane & Hoist

The pumps employed in marine vessels circulate fluids within various machines and cooling, heating and lubrication systems, thus consuming maximum energy during their operation. Therefore, the pumps are installed with VFDs to increase energy efficiency, which will likely affect the expansion of the marine VFD market during the calculated period.

Market Regional Analysis:

The Marine VFD Market includes are

  • North America - U.S, Canada.

  • Europe - The UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe.

  • Asia Pacific - India, China, Japan, South Korea, Australia & New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore & Rest of APAC.

  • Latin America - Brazil, Mexico, Argentina, Chile & Rest of LATAM.

  • Middle East & Africa - KSA, UAE, Israel, rest of GCC countries, South Africa, Ethiopia, Kenya, Egypt, Sudan, rest of MEA.

Asia-Pacific is predicted to be the biggest industry over the years 2021 to 2025. The expansion of this region can be attributed to strong economic expansion and government policies favorable to the shipbuilding industry. China, South Korea and Japan are among the fastest growing Asia-Pacific countries. The maritime industry in Japan, for the past decades, has been the largest shipbuilding country with products built with advanced technology. In South Korea, the government is trying to introduce FDI into the maritime sector; This move has helped the Korean shipbuilding industry to achieve electronic control unit (ECU) technology.

All of these initiatives are likely to stimulate the expansion of the shipbuilding industry and thus the market for marine VFDs. Furthermore, in recent years, this region has experienced rapid economic development and expansion in maritime trade. The boom in maritime trade subsequently led to escalated call for ships employed to transport manufactured goods to various regions of the world. Therefore, escalated call for vessels is likely to stimulate the call for marine VFDs in the Asia-Pacific region.

Market Key Players:

The key players operating in the global Marine VFD Market are

  1. ABB (Switzerland)
  2. Siemens (Germany)
  3. Rockwell Automation (US)
  4. Danfoss (Denmark)
  5. CG Power (India)
  6. WEG (Brazil)
  7. Mitsubishi Electric (Japan)
  8. Eaton (Ireland)
  9. Invertek Drives (UK)
  10. General Electric (US)
  11. Yaskawa (Japan)
  12. Parker Hannifin (US)

Recent Developments:

  • Invertek Drives presented at Hannover Messe two next-generation contactless and mobile communication tools for faster real-time setup, commissioning and monitoring of its VFD drives.

1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 Marine VFD Market, By Type                           

                             6.1.1 AC Drive  

                             6.1.2 DC Drive  

                             6.1.3 Market Size Estimations & Forecasts (2022-2027) 

                             6.1.4 Y-o-Y Growth Rate Analysis            

                             6.1.5 Market Attractiveness Index          

              6.2 Marine VFD Market, By Application               

                             6.2.1 Pump       

                             6.2.2 Fan           

                             6.2.3 Compressor          

                             6.2.4 Propulsion             

                             6.2.5 Crane & Hoist       

                             6.2.6 Market Size Estimations & Forecasts (2022-2027) 

                             6.2.7 Y-o-Y Growth Rate Analysis            

                             6.2.8 Market Attractiveness Index          

              6.3 Marine VFD Market, By Voltage                      

                             6.3.1 Low Voltage          

                             6.3.2 Medium Voltage  

                             6.3.3 Market Size Estimations & Forecasts (2022-2027) 

                             6.3.4 Y-o-Y Growth Rate Analysis            

                             6.3.5 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2022 - 2027)                        

                             7.2.1 By Country            

                                           7.2.1.1 USA

                                           7.2.1.2 Canada

                             7.2.2 By Type    

                             7.2.3 By Application      

                             7.2.4 By Voltage             

              7.3 Europe                      

                             7.3.1 By Country            

                                           7.3.1.1 UK

                                           7.3.1.2 France

                                           7.3.1.3 Germany

                                           7.3.1.4 Spain

                                           7.3.1.5 Italy

                                           7.3.1.6 Rest of Europe

                             7.3.2 By Type    

                             7.3.3 By Application      

                             7.3.4 By Voltage             

              7.4 Asia Pacific                

                             7.4.1 By Country            

                                           7.4.1.1 China

                                           7.4.1.2 India

                                           7.4.1.3 Japan

                                           7.4.1.4 South Korea

                                           7.4.1.5 South East Asia

                                           7.4.1.6 Australia & NZ

                                           7.4.1.7 Rest of Asia-Pacific

                             7.4.2 By Type    

                             7.4.3 By Application      

                             7.4.4 By Voltage             

              7.5 Latin America                         

                             7.5.1 By Country            

                                           7.5.1.1 Brazil

                                           7.5.1.2 Argentina

                                           7.5.1.3 Mexico

                                           7.5.1.4 Rest of Latin America

                             7.5.2 By Type    

                             7.5.3 By Application      

                             7.5.4 By Voltage             

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                           7.6.1.1 Middle East

                                           7.6.1.2 Africa

                             7.6.2 By Type    

                             7.6.3 By Application      

                             7.6.4 By Voltage             

8. Key Player Analysis                                

              8.1 ABB Ltd                      

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Siemens AG              

              8.3 Rockwell Automation                          

              8.4 Danfoss                     

              8.5 CG Power                  

              8.6 WEG                           

              8.7 Mitsubishi Electric                 

              8.8 Eaton Corporation                

              8.9 Invertek Drives                       

              8.10 General Electric                   

9. Market Outlook & Investment Opportunities                             

Appendix                                       

              List of Tables                   

              List of Figures                 

  1. Global Marine VFD Market By Region, From 2022 - 2027 ( USD Billion )
  2. Global Marine VFD Market By Type, From 2022 - 2027 ( USD Billion )
  3. Global AC Drive Market By Region, From 2022 - 2027 ( USD Billion )
  4. Global DC Drive Market By Region, From 2022 - 2027 ( USD Billion )
  5. Global Marine VFD Market By Application, From 2022 - 2027 ( USD Billion )
  6. Global Pump Market By Region, From 2022 - 2027 ( USD Billion )
  7. Global Fan Market By Region, From 2022 - 2027 ( USD Billion )
  8. Global Compressor Market By Region, From 2022 - 2027 ( USD Billion )
  9. Global Propulsion Market By Region, From 2022 - 2027 ( USD Billion )
  10. Global Crane & Hoist Market By Region, From 2022 - 2027 ( USD Billion )
  11. Global Marine VFD Market By Voltage, From 2022 - 2027 ( USD Billion )
  12. Global Low Voltage Market By Region, From 2022 - 2027 ( USD Billion )
  13. Global Medium Voltage Market By Region, From 2022 - 2027 ( USD Billion )

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