New Revenue Pockets:
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. Marine VFDs are primarily used in marine ships and offshore platforms to control the speed and power of electric motors including vessel propulsion, offshore drilling rigs, offshore wind turbines, crane and hoist systems and more. They are employed to enhance energy efficiency, reduce emissions, and provide precise control over various equipment and systems on ships, offshore platforms, and vessels.
Key Market Players
Prominent companies in this market include Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US).
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Some key trends in such as improved energy efficiency, reduced emissions & costs, and increased safety drive the market for Marine VFD with the rising need for digitalization and customization. This has enhanced the Marine VFD market.
This report segments the Marine VFD market based on end user into two types: marine ships and offshore platforms. The offshore platforms segment is expected to be the second-largest segment in marine VFD market in the forecast period. The global demand for oil and gas continues to propel offshore drilling and production activities, creating a substantial market for VFDs in optimizing power management and operations. Beyond efficiency gains, VFDs also contribute to safety enhancement and emissions reduction, aligning with industry sustainability goals and regulations. Consequently, offshore platforms segment has experienced substantial growth in marine VFD market.
This report segments the Marine VFD market based on applications into eleven segments: pump, propulsion, fan, compressor, crane & hoist, winches, HVAC, steering, scrubber, shaft generators & power electronics. Winches is expected to be the fastest growing segment in the market. VFDs provide precise and adaptable control over winch operations, allowing for smooth adjustments in speed and torque. This control enhances safety during crucial tasks such as mooring, cargo handling, and towing. Additionally, VFDs minimize wear and tear on winch components, extending their operational lifespan and reducing maintenance costs. As a result, the adoption of Marine VFDs in winches is surging due to their ability to improve efficiency, safety, and environmental compliance in marine operations.
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The marine VFD market is witnessing substantial growth globally due to growing need for energy-efficient solutions in the maritime industry to reduce fuel consumption and emissions. Marine VFDs offer precise control over electric motors, optimizing energy usage in various applications such as propulsion systems, winches, and pumps. Additionally, the industry’s focus on safety, reduced maintenance costs, and compliance with environmental regulations is driving the adoption of VFD technology, making it an essential component of modern marine operations.
