According to a research report "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" published by MarketsandMarkets, the Marine VFD market is projected to reach USD 1.6 billion by 2030 from an estimated USD 1.1 billion in 2023, at a CAGR of 5.0% during the forecast period.
Browse 223 market data Tables and 57 Figures spread through 237 Pages and in-depth TOC on "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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Marine VFDs are essential because They help reduce power consumption, prevent damage, and enhance safety. VFDs also allow remote tracking of ship VFDs, regulate speed and torque, and provide fuel savings. The majority of propeller applications use VFDs, which can boost energy efficiency.
Marine Ships, by end-user, is expected to grow by the largest segment during the forecast period.
Based on end users, the Marine VFD market has been split into Marine Ships and Offshore Platforms. The Marine Ships segment is anticipated to be the largest during the forecast period. The Marine Ships segment is growing in the Marine VFD market due to the increased emphasis on meeting energy efficiency targets and achieving environmental sustainability. VFDs aid vessels in meeting strict environmental regulations by reducing emissions, aligning with the industry’s sustainability objectives. They ensure precise and dynamic control, enhancing vessel maneuverability and operational flexibility while contributing to overall safety and reliability by reducing the risk of accidents and equipment failures.
The steering segment, by application segment, is expected to grow at the second-fastest during the forecast period.
This report segments the marine VFD market based on application into pump, propulsion, fan, compressor, crane and hoist, winch, HVAC, steering, scrubber, shaft generator, and power electronics. The steering segment is expected to be the second-fastest growing segment during the forecast period. The steering segment is growing as they are instrumental in governing the speed and control of AC electric motors responsible for driving critical steering components like azimuth thrusters or electric rudders. VFDs in marine steering systems are imperative to attain precise and responsive control over vessel direction, a paramount requirement for safe navigation and maintaining position in challenging maritime scenarios. VFDs offer dynamic, real-time adjustments, ensuring optimal steering responses, especially in situations demanding rapid course changes or precise vessel positioning
Asia Pacific is expected to be the largest region in the marine VFD market
Asia Pacific is expected to be the largest marine VFD market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives The adoption of VFDs is driven by a focus on renewable energy integration, environmental concerns, and offshore energy projects, all requiring advanced energy-efficient technologies. These large-scale projects contribute to the rapid expansion of the marine VFD market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.
Some of the major players in the marine VFD market are Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US). The major strategies adopted by these players include sales contracts and agreements.
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