Marine VFD Market Likely to Boost Future Growth by 2026

According to the new market research report “Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage, Medium Voltage), Application (Pump, Fan, Compressor, Propeller (With Shaft Generator, Without Shaft Generator), Crane & Hoist), and Region – Global Forecast to 2026 “ size will grow to USD 1,075 million by 2026 (forecast year) from USD 804 million in 2021 (estimated year), at a CAGR of 6.0% during the forecast period. A marine VFD is a motor controller electronic device. It drives an electric motor by varying the frequency and voltage supplied to the motor according to the demand. It is also referred to as variable speed drive, adjustable speed drive, adjustable frequency drive, AC drive, Microdrive, and inverter. Marine VFD has been categorized into by type, by voltage, and by application. They can be installed in various systems on ships which have motor like cranes, compressor, fan, pumps, etc. Marine VFD is playing a crucial role to achieve more efficiency from systems and reducing fuel consumption in ships.

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The pump segment is expected to dominate the marine VFD market, by application, during the forecast period.

The pump segment accounted for the largest share of
the Marine VFD market, by application, in 2020. The pump is the
component which is extensively used for various purposes onboard a ship
and is critical for proper functioning of any ship. Thus, the use of VFD
to control the functioning the pumps can save a lot of energy. These
factors are likely to increase the demand for VFD used to control pumps.

The low voltage is expected to dominate the marine VFD market, by voltage, during the forecast period.

The low voltage segment accounted for a larger share,
owing to the increased use of low-voltage motors in the marine industry
across applications such as cranes, pumps, fans, and hoists. The
increasing use of variable drives to improve the efficiency of various
small components across a system equipped with motors to improve the
efficiency of such systems has boosted the market for low-voltage
drives.

The AC drive is expected to dominate the marine VFD market, by type, during the forecast period.

AC drives are more widely used VFDs. As most of the equipment used onboard a ship operates on AC input, the AC drive segment is projected to account for a larger market share. The demand for AC drives is also driven by the increasing demand for energy-efficient solutions. An AC drive is used to control the speed of an electric motor by changing the frequency and voltage of electric supply to the motor. A VFD controls the speed of the AC motor by changing the frequency supplied to the motor.

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Asia Pacific is expected to lead the marine VFD market

Asia Pacific is expected to show a robust growth
during the forecast period. The Asia Pacific region includes China,
Japan, South Korea, India, Australia, and Rest of Asia Pacific. This
region has shown strong demand for marine VFD owing to rapid growth of
shipbuilding industry. With the shift towards decarbonization, there has
been a strong demand for more energy efficient engines with less
emissions. Governments in this region are increasingly opening gates for
development and growth of ship building industry. Technological
advancements and less energy consumption would further propel marine VFD
deployment and open up opportunities in the emerging markets in APAC.
Various countries are adopting new hybrid and electric systems in ships
in order to save energy as well as to meet their goal of rection in
carbon emission. Moreover, favorable supportive schemes, huge
investments in ship building and port development would further drive
the market for marine VFD. The market in China is expected to grow
mainly because of government initiatives to cut down carbon emissions as
well as to become leader in ship building.

The key players include General Electric (US), Danfoss (Denmark), Siemens (Germany), ABB (Switzerland), Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the marine VFD market.

Browse related reports:

Variable Frequency Drive (VFD) Market by Type (AC, DC, and Servo), End-Users (Industrial, Infrastructure, Oil & Gas, and Power Generation), Application (Pumps, Fans, Compressors, and Conveyors), Power Range, Voltage, and Region – Global Forecast to 2025

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