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. Factors such as the need of energy and cost efficiency and emission reduction are driving the market.
The Marine VFD market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network.
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Siemens Energy (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), Rockwell Automation (Denmark) are the market leaders in the Marine VFD market. These companies use strategies such as acquisitions, sales contracts, product launches, partnerships to increase their market share.
Siemens (Germany) is a technology company that provides products and services for the transportation, healthcare, and infrastructure sectors. The company caters solutions to various industries like automotive manufacturing, battery manufacturing, cranes, commercial buildings, data centers, mining, food & beverages, power utilities wind, oil & gas and many more. Siemens operates through six business segments namely, Digital Industries, Smart Infrastructure, Mobility, Portfolio Companies, Healthineers, and Financial Services. It offers VFDs through its Digital Industries business segment.
Siemens is a global company with operations in over 190 countries. The company's headquarters are in Munich, Germany. Siemens has a presence in all the major countries of Europe, South America, North America, the Middle East & Africa, and Asia Pacific.
ABB (Switzerland) is a power technology and industrial automation company that offers a range of products, systems, solutions, and services that help boost productivity, enhance energy efficiency, and increase power reliability. The product portfolio includes drives, industrial software, measurement and analytics, PLC automation, robotics, power converters and inverters and more. The company operates through four business segments namely, Electrification, Robotics & Discrete Automation, Process Automation, and Motion. It provides marine VFD products through the Process Automation segment.
ABB has a presence in over 100 countries, with manufacturing units in Europe, the Middle East & Africa, South America, Asia Pacific, and North America.
Danfoss (Denmark) is a multinational company that provides climatic solutions and energy-efficient products to various industries. Danfoss offers products for various markets like automotive, residential and commercial buildings, food & beverages, marine & offshore, energy & natural resources and many more. The company operates through four business segments namely, Power Solutions, Climate Solutions, Power Electronics and Drives, and Other Areas. It offers VFDs through the Power Electronic and Drives segment.
Danfoss has 95 factories, of which 39 are in Europe, and sells its products in more than 100 countries worldwide. It also has 23 Research & development sites globally.
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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