Marine VFD Market

ABB (Switzerland) and Siemens (Germany) are the Major Players in the Marine VFD Market

The marine VFD market is expected to grow from an estimated USD 772 million in 2019 to USD 1,039 million by 2024, at a CAGR of 6.13% during the forecast period. Major factors driving the growth of the marine VFD market include reduced energy consumption and energy cost.

The marine VFD market is dominated by a few major players that have a wide regional presence. The leading players in the marine VFD market are ABB (Switzerland), GE (US), Siemens (Germany), Eaton (Ireland), and Danfoss (Denmark).

The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, and collaborations. New product launches was the most commonly adopted strategy from January 2015 to February 2019. These industry players also adopted contracts & agreements and mergers & acquisitions as major strategies during that period.

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ABB (Switzerland) is a leading power technology and industrial automation company that offers a range of products, systems, solutions, and services to boost productivity, enhance energy efficiency, and increase power reliability. It operates through 4 business segments, namely, electrification products, robotics and motion, industrial automation, and power grids. In November 2016, ABB launched a new all-compatible DCS880 drive. The drive offers built-in safety functionality and is also enabled for compatibility with the Industrial Internet of Things (IIoT). The drive has many readymade application programs such as a control program dedicated for industrial, harbor, tower, and marine deck cranes.

Siemens is a German conglomerate that focuses on the fields of electrification, automation, and digitalization. The company conducts its operations through 8 business segments, namely, power & gas, healthineers, energy management, digital factory, mobility, Siemens Gamesa renewable energy, process industries and drives, and building technologies. It offers VFDs under its process industries and drives business segment. In September 2016, Kongsberg Maritime partnered with Siemens to provide a component for VFD systems for offshore and maritime vessels. This would strengthen the partnerships between Siemens and Kongsberg Maritime, enabling them to develop a larger footprint in the marine markets.

Related Reports:

Marine VFD Market by Type (AC Drive, DC Drive), Voltage (Low Voltage (Up to 1 kV), Medium Voltage (Above 1 kV)), Application (Pump, Fan, Compressor, Propulsion / Thruster, Crane & Hoist) and Region - Global Forecast to 2024

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Report Code
EP 7008
RI Published ON
4/2/2019
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