Marine Variable Frequency Drive Market by Voltage (Low Voltage, Medium Voltage), Category (Air-Cooled, Liquid-Cooled), Application, End-Use - Global Forecast 2024-2030
Description
Marine Variable Frequency Drive Market by Voltage (Low Voltage, Medium Voltage), Category (Air-Cooled, Liquid-Cooled), Application, End-Use - Global Forecast 2024-2030
The Marine Variable Frequency Drive Market size was estimated at USD 1.61 billion in 2023 and expected to reach USD 1.69 billion in 2024, at a CAGR 5.13% to reach USD 2.28 billion by 2030.
A marine variable frequency drive (VFD), also known as an adjustable speed drive, is a sophisticated electronic device designed to control the speed and torque of marine electric motors. It plays a crucial role in optimizing power consumption, enhancing process efficiency, and extending the lifespan of critical equipment within various onboard systems such as propulsion, pumps, fans, winches, and cranes. The increasing demand for energy efficiency in maritime operations prompts vessel owners to invest in advanced motor control technologies. However, high initial costs associated with installing and integrating variable frequency drives and limited awareness among small- and medium-scale vessel owners impede the market's growth. Furthermore, advancements in power electronics and improved motor protection capabilities are expected to create lucrative opportunities for the marine variable frequency drive market.
Regional Insights
The marine variable frequency drive market is experiencing significant growth in the Americas due to a surge in demand for energy-efficient technology and strict government regulations for maritime sector safety. EU countries are at the forefront of adopting sustainable technologies in the marine sector. The EU-funded project focuses on energy efficiency improvements through innovative propulsion systems, including VFDs. In the Middle East and Africa region, ongoing oil & gas exploration activities have led to substantial investments in offshore support vessels equipped with variable frequency drives. The APAC region has exhibited rapid growth in the shipbuilding industry and offshore renewable energy sector, contributing to increased demand for advanced technologies such as VFDs. In addition, public-private partnerships in the Asia-Pacific region for developing shipbuilding industries are driving the adoption of energy-efficient technologies, including marine variable frequency drive.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Marine Variable Frequency Drive Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Increasing global maritime activities for trades and tourism
- Demand for marine VFD owing to rapid growth of shipbuilding industry
- Market Restraints
- Increased maintenance and implementation cost of VFD
- Market Opportunities
- Adoption of hybrid and electric propulsion in VFDs to increase efficiency of systems
- Integration of IoT and advanced control systems in marine VFDs to optimize marine operations
- Market Challenges
- Technical limitations associated with marine variable frequency drive
- Market Segmentation Analysis
- Voltage: High demand for medium-voltage marine VFDs in large vessels with complex propulsion systems
- Category: Preference for air-cooled VFDs for their relatively lower upfront costs and ease of installation
- Application: High penetration of VFDs in compressors for air conditioning and refrigeration systems
- End-Use: High usage of marine variable frequency drives in offshore platforms
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Marine Variable Frequency Drive Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Marine Variable Frequency Drive Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- Danfoss Reiterates Its Commitment To Energy Efficiency
Danfoss A/S launched the iC7 Vfd series (variable frequency drive) to demonstrate its dedication to energy efficiency. This state-of-the-art drive facilitates efficient and swift operation, leading to optimized energy consumption. By leveraging this technology, the marine industry can significantly reduce emissions and energy usage, benefiting businesses, the environment, and society.
ABB Expands Production Footprint Of Its Energy Efficient Drives Portfolio
ABB Ltd. expanded its production capacity of energy-efficient drives by introducing a Marine Variable Frequency Drive. This drive is designed to reduce energy consumption and ensure reliable performance in challenging marine applications. By incorporating this drive into marine systems, users can benefit from enhanced energy efficiency, improved reliability, and extended service life.
Siemens Launched New Sinamics G220 High-Performance Frequency Converter For Greater Efficiency, Easier Engineering And Faster Commissioning
Siemens AG launched the Sinamics G220, a cutting-edge Marine Variable Frequency Drive, as part of their Xcelerator portfolio. This innovative device is designed to enhance system availability and boost overall performance. It is specifically engineered to meet the power-intensive demands of ships navigating challenging routes.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Marine Variable Frequency Drive Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Marine Variable Frequency Drive Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Carrier Global Corporation, Caterpillar Inc., CG Power & Industrial Solutions Ltd. by Murugappa Group, Danfoss A/S, Eaton Corporation PLC, Emerson Electric Co., General Electric Company, Hitachi, Ltd., Honeywell International Inc., Ingeteam, S.A., Johnson Controls International PLC, LS Electric Co. Ltd., Mitsubishi Electric Corporation, Nidec Corporation, Parker-Hannifin Corporation, Rockwell Automation, Inc., Schlumberger N.V., Schneider Electric SE, Siemens AG, Sumitomo Heavy Industries, Ltd., WEG S.A., Wärtsilä Corporation, and Yaskawa Electric Corporation.
Market Segmentation & Coverage
This research report categorizes the Marine Variable Frequency Drive Market to forecast the revenues and analyze trends in each of the following sub-markets:- Voltage
- Low Voltage
- Medium Voltage
- Category
- Air-Cooled
- Liquid-Cooled
- Application
- Compressor
- Crane & Hoist
- Fan
- Propeller
- Pump
- Shaft Generator
- End-Use
- Marine Vessels
- Offshore Platform
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
Table of Contents
184 Pages
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Increasing global maritime activities for trades and tourism
- 5.1.1.2. Demand for marine VFD owing to rapid growth of shipbuilding industry
- 5.1.2. Restraints
- 5.1.2.1. Increased maintenance and implementation cost of VFD
- 5.1.3. Opportunities
- 5.1.3.1. Adoption of hybrid and electric propulsion in VFDs to increase efficiency of systems
- 5.1.3.2. Integration of IoT and advanced control systems in marine VFDs to optimize marine operations
- 5.1.4. Challenges
- 5.1.4.1. Technical limitations associated with marine variable frequency drive
- 5.2. Market Segmentation Analysis
- 5.2.1. Voltage: High demand for medium-voltage marine VFDs in large vessels with complex propulsion systems
- 5.2.2. Category: Preference for air-cooled VFDs for their relatively lower upfront costs and ease of installation
- 5.2.3. Application: High penetration of VFDs in compressors for air conditioning and refrigeration systems
- 5.2.4. End-Use: High usage of marine variable frequency drives in offshore platforms
- 5.3. Market Trend Analysis
- 5.3.1. Expanding marine-based tourism coupled with increasing seaborne trade activities in the Americas region
- 5.3.2. Growing offshore oil & gas exploration activities with the availability of large coastline in the APAC region
- 5.3.3. Robust shipbuilding ecosystem backed by strict government norms for energy-efficient infrastructure
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Marine Variable Frequency Drive Market, by Voltage
- 6.1. Introduction
- 6.2. Low Voltage
- 6.3. Medium Voltage
- 7. Marine Variable Frequency Drive Market, by Category
- 7.1. Introduction
- 7.2. Air-Cooled
- 7.3. Liquid-Cooled
- 8. Marine Variable Frequency Drive Market, by Application
- 8.1. Introduction
- 8.2. Compressor
- 8.3. Crane & Hoist
- 8.4. Fan
- 8.5. Propeller
- 8.6. Pump
- 8.7. Shaft Generator
- 9. Marine Variable Frequency Drive Market, by End-Use
- 9.1. Introduction
- 9.2. Marine Vessels
- 9.3. Offshore Platform
- 10. Americas Marine Variable Frequency Drive Market
- 10.1. Introduction
- 10.2. Argentina
- 10.3. Brazil
- 10.4. Canada
- 10.5. Mexico
- 10.6. United States
- 11. Asia-Pacific Marine Variable Frequency Drive Market
- 11.1. Introduction
- 11.2. Australia
- 11.3. China
- 11.4. India
- 11.5. Indonesia
- 11.6. Japan
- 11.7. Malaysia
- 11.8. Philippines
- 11.9. Singapore
- 11.10. South Korea
- 11.11. Taiwan
- 11.12. Thailand
- 11.13. Vietnam
- 12. Europe, Middle East & Africa Marine Variable Frequency Drive Market
- 12.1. Introduction
- 12.2. Denmark
- 12.3. Egypt
- 12.4. Finland
- 12.5. France
- 12.6. Germany
- 12.7. Israel
- 12.8. Italy
- 12.9. Netherlands
- 12.10. Nigeria
- 12.11. Norway
- 12.12. Poland
- 12.13. Qatar
- 12.14. Russia
- 12.15. Saudi Arabia
- 12.16. South Africa
- 12.17. Spain
- 12.18. Sweden
- 12.19. Switzerland
- 12.20. Turkey
- 12.21. United Arab Emirates
- 12.22. United Kingdom
- 13. Competitive Landscape
- 13.1. Market Share Analysis, 2023
- 13.2. FPNV Positioning Matrix, 2023
- 13.3. Competitive Scenario Analysis
- 13.3.1. Danfoss Reiterates Its Commitment To Energy Efficiency
- 13.3.2. ABB Expands Production Footprint Of Its Energy Efficient Drives Portfolio
- 13.3.3. Siemens Launched New Sinamics G220 High-Performance Frequency Converter For Greater Efficiency, Easier Engineering And Faster Commissioning
- 13.3.4. WEG HVService team commissioned MV drives for a FPSO in the Gulf of Mexico
- 13.3.5. ABB and MAN to collaborate on dual-fuel electric propulsion solutions for LNG carriers
- 13.3.6. Mitsubishi Electric invests INR 220 crore in a new Automation systems manufacturing facility
- 14. Competitive Portfolio
- 14.1. Key Company Profiles
- 14.2. Key Product Portfolio
Pricing
Currency Rates
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