Marine Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Marine Variable Frequency Drive Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Marine Variable Frequency Drive Market

The marine variable frequency drive market size was valued at USD 1.21 billion in 2021, and the market is now projected to grow from USD 1.25 billion in 2022 to USD 1.68 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period of 2022-2029.

The emergence and subsequent spread of COVID-19 negatively impacted the marine variable frequency drive market growth through ripple effects in supply chain production, demand and financial viability especially in the marine transport industry which facilitates more than 80% of global trade. Global industries connected to oil prices were heavily affected and Brent crude oil prices fell by a quarter in 2020. Furthermore, demand for petroleum was reduced by 25%, coupled with capital costs and research and development investments in oil and gas costing 30-40%, which led to long-term supply, demand and price disruptions.

The demand for energy-efficient systems in ships is increasing as the shipping industry contributing 2% of global CO2 emissions looks forward to carbon-free shipping. The extent of fuel-saving programs such as SEEMP and the Energy Efficiency Design Index (EEDI) of IMO aims to get the new fleets' annual efficiency up to 2025 at 1.5%. These measures propel the marine variable frequency drive market share due to their 40-60% energy-saving capability and compliance with emission standards.

Also, remote monitoring in VFDS improves the overall system efficiency since any adverse environmental and power quality issues are detected. It allows users to monitor the degradation of drives and solve small problems without physically visiting the unit to reduce time wastage. Involuntary and extensive data capture is performed constantly through cloud systems, providing performance board and trend-charting analyses. This approach also puts into consideration the ability to predict specific problems and as a result, reduce the costs while improving drive reliability.

Comprehensive Analysis of Marine Variable Frequency Drive Market

The marine variable frequency drive market and power & energy industry are rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by type, by application and by end-user. The type includes, AC Drive, DC Drive and Servo Drive. The application includes, Propellers, Pumps, Electric Fan, HVAC, Compressors and Others. The end-user includes, Marine Vessels, Offshore Oil & Gas and Offshore Wind Power.

The Asia Pacific holds the largest marine variable frequency drive market share because of the higher growth in the optimized energy solution and carbon emission regulation in various countries. In China, CO2 emissions from coastal shipping are expected to peak by 2040 and decline significantly by 2060 with mandatory energy-efficiency regulations, according to the ICCT. These factors are accelerating the adoption of energy-efficient technologies, boosting Asia Pacific's market share.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Siemens (Germany), ABB (Switzerland), Sumitomo Heavy Industries (Japan), Danfoss Drives (Denmark), Triol Corporation (U.S.), Bulutlu Marine (Turkey), Wärtsilä (Finland), Yaskawa Corporation (Japan), Johnson Controls (U.S.), G.E. Power (U.S.) and C.G. Drives & Automation (U.K.). These market players provide a level-playing competitive landscape.

In October 2021, Siemens initiated a plan to spin off its major drive system business. The unit is part of Siemens ‘so-called portfolio businesses. It produces electrical drive systems for large applications such as ships, mines and rolling mills, which is the first level of a divesture. The company desires to optimise or divest additional processes in the long run.

Segmentation Table

Global Marine Variable Frequency Drive Market Scope

Study Period

2018-2029

Base Year

2021

Forecast Period

2022-2029

Growth Rate

CAGR of 4.3% from 2022 to 2029

Historical Period

2018-2020

Unit

Value (USD Billion)

Segmentation

By Type, Application, End-user, and Region

By Type

AC Drive

DC Drive

Servo Drive

By Application

Propellers

Pumps

Electric Fan

HVAC

Compressors

Others

By End-user

Marine Vessels

Offshore Oil & Gas

Offshore Wind Power

By Region

North America (By Type, Application, End-user, and Country)

• U.S. (By End-user)
• Canada (By End-user)

Europe (By Type, Application, End-user, and Country)

• Greece (By End-user)
• Germany (By End-user)
• U.K. (By End-user)
• Norway (By End-user)
• Netherland (By End-user)
• Italy (By End-user)
• Russia (By End-user)
• Rest of Europe (By End-user)

Asia Pacific (By Type, Application, End-user, and Country)

• China (By End-user)
• Japan (By End-user)
• India (By End-user)
• Singapore (By End-user)
• Indonesia (By End-user)
• South Korea (By End-user)
• Rest of Asia Pacific (By End-user)

Latin America (By Type, Application, End-user, and Country)

• Brazil (By End-user)
• Bermuda (By End-user)
• Rest of Latin America (By End-user)

Middle East and Africa (By Type, Application, End-user, and Country)

• United Arab Emirates (By End-user)
• Saudi Arabia (By End-user)
• Qatar (By End-user)
• Kuwait (By End-user)
• Oman (By End-user)
• Rest of Middle East & Africa (By End-user)

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