Marine Variable Frequency Drives Market
Marine Variable Frequency Drives Market Forecasts to 2030 - Global Analysis By Type (AC Drives, DC Drives, Servo Drives, and Other Types), Power Rating, Technology, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2024) |
US $1.45 BN |
|
Projected Year Value (2030) |
US $2.09 BN |
|
CAGR (2024- 2030) |
6.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Marine Variable Frequency Drives Market is accounted for $1.45 billion in 2024 and is expected to reach $2.09 billion by 2030 growing at a CAGR of 6.3% during the forecast period. Marine Variable Frequency Drives (VFDs) are specialized devices that alter the frequency and voltage of the electricity supplied to electric motors on marine vessels in order to regulate their speed and torque. Marine VFDs reduce mechanical stress, increase equipment life, and enhance overall performance in challenging marine conditions by facilitating smooth acceleration and deceleration. Their integration is essential for encouraging sustainability in the maritime sector and for adhering to environmental rules.
According to IEA, the international shipping industry accounted for 2% of the global energy-related CO2 emission in 2019. According to the United Nations Conference on Trade and Development (UNCTAD), in 2017, international seaborne trade increased by 4% due to the growth in world economy.
Market Dynamics:
Driver:
Increased demand for marine transportation
One of the main factors propelling the market is the rising need for maritime transportation. The need for effective and dependable transportation solutions is increasing as international trade keeps growing. As a result, there are now more commercial and naval ships that need sophisticated propulsion and control systems. In these systems, VFDs are essential because they give exact control over the ship's direction, speed, and maneuvering. The use of VFDs in a variety of marine applications, such as propulsion systems, deck machinery, and cargo handling, is being fuelled by the rising need for maritime transportation.
Restraint:
High initial costs
The use of Marine Variable Frequency Drives (VFDs) in the maritime industry is significantly hampered by their high initial price. The initial outlay needed to purchase and set up VFD systems could be high, especially if being retrofitting an existing vessel, which entails additional costs for labour and engineering changes. VFD technology integration requires a percentage of the construction budget for new structures, which drives up expenses even further. The high initial costs of VFDs continue to be a major barrier to market expansion, even with the long-term energy savings and operational advantages they provide.
Opportunity:
Government regulations and standards
Government rules and guidelines have a significant impact regarding the way the marine variable frequency drive (VFD) market is structured. Strict rules have been set by regulatory organizations like the International Maritime Organization (IMO) to improve energy efficiency and lower greenhouse gas emissions. Ship-owners are required to implement sophisticated technologies, such as VFDs, in order to meet with standards such as the Carbon Intensity Indicator (CII) and the Energy Efficiency Design Index (EEDI). These rules therefore encourage investment in VFD systems, which in turn promote innovation and guarantees that ships fulfil contemporary operational and environmental requirements while advancing sustainability in the maritime sector.
Threat:
Complexity of installation and maintenance
In the maritime industry, installing and maintaining Marine Variable Frequency Drives (VFDs) can be difficult due to their complexities. Since VFDs are complex systems that require exact electrical connections and adherence to safety regulations, installing them calls for qualified experts. The process is further complicated by the fact that retrofitting existing vessels frequently calls for significant structural and electrical system changes. Ship-owners may be discouraged from implementing VFD technology due to the requirement for specific expertise and the possibility of downtime during installation or maintenance, which could hinder the expansion of the market as a whole.
Covid-19 Impact
A major effect of the COVID-19 epidemic sensation was experienced by the marine variable frequency drives (VFDs) business. The market for new ships and marine equipment decreased as a result of disruptions in global supply chains and a downturn in economic activity. The need for VFDs did, however, progressively begin to increase as the pandemic spread and recovery operations got underway. The necessity for modernization and improvements of current fleets, along with the growing emphasis on energy efficiency and emissions reduction, propelled the VFD market's resurgence.
The AC drives segment is expected to be the largest during the forecast period
The AC drives segment is estimated to be the largest, because AC drives can regulate electric motor speed and torque, which is essential for a number of onboard systems like propulsion, pumps, and ventilation, they are widely utilized in marine applications. Significant energy savings result from their use, improving operational effectiveness and lowering fuel usage. AC drives are becoming more and more necessary for contemporary marine operations as a result of growing regulatory constraints for sustainability and energy efficiency in the maritime industry.
The naval and defense segment is expected to have the highest CAGR during the forecast period
The naval and defense segment is anticipated to witness the highest CAGR during the forecast period, due to the rising need for cutting-edge technology that increase operational safety and efficiency. In marine systems including propulsion, pumps, and HVAC, VFDs are essential for managing torque and speed. VFD technology adoption is further accelerated by government restrictions and the emphasis on updating fleets with electric and hybrid propulsion systems, guaranteeing environmental compliance and enhanced mission readiness.
Region with largest share:
North America is expected to have the largest market share during the forecast period due to strict environmental rules, such those enforced by the International Maritime Organization (IMO) and the Environmental Protection Agency (EPA), which promote lower emissions and more energy efficiency. Energy-efficient propulsion systems are in great demand due to the region's thriving marine sector, which includes offshore oil exploration, naval operations, and commercial shipping. The use of VFDs to improve operational performance and sustainability is also being encouraged by developments in digitization and automation in marine technologies.
Region with highest CAGR:
Asia Pacific is projected to witness the highest CAGR over the forecast period. Strong shipbuilding, especially in nations like China, South Korea, and Japan, greatly increases the need for VFDs to improve energy management and operational efficiency. The use of VFD technology in maritime operations is further encouraged by the growing emphasis on energy saving and adherence to strict environmental standards. As ship-owners look for cutting-edge technologies to maximize performance and lower fuel consumption in their vessels, the rise of the offshore oil exploration industry and maritime trade both contribute to the market's expansion.
Key players in the market
Some of the key players profiled in the Marine Variable Frequency Drives Market include ABB, Siemens, Danfoss, Rockwell Automation, Emerson Electric, Mitsubishi Electric, Yaskawa Electric, Parker Hannifin, Schneider Electric, WEG, Toshiba, Nidec Corporation, Fuji Electric, Leroy Somer, Inductrol, GE Industrial Solutions, Rexroth Bosch Group, SKF, Omron, and Toshiba Machine.
Key Developments:
In May 2023, ABB unveiled the Dynafin™ propulsion system, inspired by the dynamic motions of a whale’s tail. This innovative system aims to enhance efficiency in the marine industry.
In March 2023, Siemens launched its SINAMICS Perfect Harmony GH180, a marine-specific VFD that offers optimized energy efficiency and control for large propulsion systems in commercial vessels.
In July 2022, Rockwell Automation launched a new series of marine-certified Allen-Bradley PowerFlex VFDs, focusing on durability and energy-saving for onboard propulsion and HVAC systems.
In October 2021, Danfoss introduced its VACON® NXP Liquid Cooled Drive, targeting the marine sector for energy-efficient control in high-performance propulsion and thruster systems.
In February 2021, Mitsubishi Electric released its next-generation FR-F800 VFD, designed for marine propulsion and pump systems, with an emphasis on energy savings and reliability in harsh marine environments.
Types Covered:
• AC Drives
• DC Drives
• Servo Drives
• Other Types
Power Ratings Covered:
• Low Power (Up to 100 kW)
• Medium Power (100 kW to 500 kW)
• High Power (Above 500 kW)
Technologies Covered:
• Silicon Carbide (SiC)
• Gallium Nitride (GaN)
• Silicon (Si)
• Other Technologies
Applications Covered:
• Pump Systems
• Fans and Blowers
• Propulsion Systems
• Compressors
• Crane & Hoist
• Deck Machinery
• Heating, Ventilation, and Air Conditioning (HVAC)
• Steering
• Scrubber
• Shaft Generator
• Power Electronics
• Other Applications
End Users Covered:
• Commercial Shipping
• Naval and Defense
• Offshore Vessels
• Fishing Vessels
• Leisure Boats
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Marine Variable Frequency Drives Market, By Type
5.1 Introduction
5.2 AC Drives
5.3 DC Drives
5.4 Servo Drives
5.5 Other Types
6 Global Marine Variable Frequency Drives Market, By Power Rating
6.1 Introduction
6.2 Low Power (Up to 100 kW)
6.3 Medium Power (100 kW to 500 kW)
6.4 High Power (Above 500 kW)
7 Global Marine Variable Frequency Drives Market, By Technology
7.1 Introduction
7.2 Silicon Carbide (SiC)
7.3 Gallium Nitride (GaN)
7.4 Silicon (Si)
7.5 Other Technologies
8 Global Marine Variable Frequency Drives Market, By Application
8.1 Introduction
8.2 Pump Systems
8.3 Fans and Blowers
8.4 Propulsion Systems
8.5 Compressors
8.6 Crane & Hoist
8.7 Deck Machinery
8.8 Heating, Ventilation, and Air Conditioning (HVAC)
8.9 Steering
8.10 Scrubber
8.11 Shaft Generator
8.12 Power Electronics
8.13 Other Applications
9 Global Marine Variable Frequency Drives Market, By End User
9.1 Introduction
9.2 Commercial Shipping
9.3 Naval and Defense
9.4 Offshore Vessels
9.5 Fishing Vessels
9.6 Leisure Boats
9.7 Other End Users
10 Global Marine Variable Frequency Drives Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 ABB
12.2 Siemens
12.3 Danfoss
12.4 Rockwell Automation
12.5 Emerson Electric
12.6 Mitsubishi Electric
12.7 Yaskawa Electric
12.8 Parker Hannifin
12.9 Schneider Electric
12.10 WEG
12.11 Toshiba
12.12 Nidec Corporation
12.13 Fuji Electric
12.14 Leroy Somer
12.15 Inductrol
12.16 GE Industrial Solutions
12.17 Rexroth Bosch Group
12.18 SKF
12.19 Omron
12.20 Toshiba Machine
List of Tables
1 Global Marine Variable Frequency Drives Market Outlook, By Region (2022-2030) ($MN)
2 Global Marine Variable Frequency Drives Market Outlook, By Type (2022-2030) ($MN)
3 Global Marine Variable Frequency Drives Market Outlook, By AC Drives (2022-2030) ($MN)
4 Global Marine Variable Frequency Drives Market Outlook, By DC Drives (2022-2030) ($MN)
5 Global Marine Variable Frequency Drives Market Outlook, By Servo Drives (2022-2030) ($MN)
6 Global Marine Variable Frequency Drives Market Outlook, By Other Types (2022-2030) ($MN)
7 Global Marine Variable Frequency Drives Market Outlook, By Power Rating (2022-2030) ($MN)
8 Global Marine Variable Frequency Drives Market Outlook, By Low Power (Up to 100 kW) (2022-2030) ($MN)
9 Global Marine Variable Frequency Drives Market Outlook, By Medium Power (100 kW to 500 kW) (2022-2030) ($MN)
10 Global Marine Variable Frequency Drives Market Outlook, By High Power (Above 500 kW) (2022-2030) ($MN)
11 Global Marine Variable Frequency Drives Market Outlook, By Technology (2022-2030) ($MN)
12 Global Marine Variable Frequency Drives Market Outlook, By Silicon Carbide (SiC) (2022-2030) ($MN)
13 Global Marine Variable Frequency Drives Market Outlook, By Gallium Nitride (GaN) (2022-2030) ($MN)
14 Global Marine Variable Frequency Drives Market Outlook, By Silicon (Si) (2022-2030) ($MN)
15 Global Marine Variable Frequency Drives Market Outlook, By Other Technologies (2022-2030) ($MN)
16 Global Marine Variable Frequency Drives Market Outlook, By Application (2022-2030) ($MN)
17 Global Marine Variable Frequency Drives Market Outlook, By Pump Systems (2022-2030) ($MN)
18 Global Marine Variable Frequency Drives Market Outlook, By Fans and Blowers (2022-2030) ($MN)
19 Global Marine Variable Frequency Drives Market Outlook, By Propulsion Systems (2022-2030) ($MN)
20 Global Marine Variable Frequency Drives Market Outlook, By Compressors (2022-2030) ($MN)
21 Global Marine Variable Frequency Drives Market Outlook, By Crane & Hoist (2022-2030) ($MN)
22 Global Marine Variable Frequency Drives Market Outlook, By Deck Machinery (2022-2030) ($MN)
23 Global Marine Variable Frequency Drives Market Outlook, By Heating, Ventilation, and Air Conditioning (HVAC) (2022-2030) ($MN)
24 Global Marine Variable Frequency Drives Market Outlook, By Steering (2022-2030) ($MN)
25 Global Marine Variable Frequency Drives Market Outlook, By Scrubber (2022-2030) ($MN)
26 Global Marine Variable Frequency Drives Market Outlook, By Shaft Generator (2022-2030) ($MN)
27 Global Marine Variable Frequency Drives Market Outlook, By Power Electronics (2022-2030) ($MN)
28 Global Marine Variable Frequency Drives Market Outlook, By Other Applications (2022-2030) ($MN)
29 Global Marine Variable Frequency Drives Market Outlook, By End User (2022-2030) ($MN)
30 Global Marine Variable Frequency Drives Market Outlook, By Commercial Shipping (2022-2030) ($MN)
31 Global Marine Variable Frequency Drives Market Outlook, By Naval and Defense (2022-2030) ($MN)
32 Global Marine Variable Frequency Drives Market Outlook, By Offshore Vessels (2022-2030) ($MN)
33 Global Marine Variable Frequency Drives Market Outlook, By Fishing Vessels (2022-2030) ($MN)
34 Global Marine Variable Frequency Drives Market Outlook, By Leisure Boats (2022-2030) ($MN)
35 Global Marine Variable Frequency Drives Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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