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

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

“The marine VFD market is projected to grow at a CAGR of 6.13% from 2019 to 2024”
The marine VFD market is projected 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. The major factors driving the growth of the marine VFD market include reducing energy consumption and energy cost.

“The pump segment, by application, is expected to be the largest market from 2019 to 2024”
The pump segment of the marine VFD market is expected to account for the largest share in 2019, and this trend is expected to continue during the forecast period. Pumps consume maximum energy during their operation, hence, VFDs are installed in order to increase energy efficiency.

“The AC drive segment, by type, is expected to be the largest market from 2019 to 2024”
The AC drive segment is estimated to account for the largest share of 87.2% of the marine VFD market in 2019. This segment is expected to maintain its high market share during the forecast period, as AC drives require less maintenance and are less expensive than DC drives. Moreover, most DC drives are currently being replaced with AC drives, thus contributing to the higher growth rate of the AC drive segment.

“Asia Pacific: The largest marine VFD market”
Asia Pacific is expected to grow at the highest CAGR during the forecast period. It is expected to dominate the market, owing to the presence of a large number of shipbuilding companies in China, Japan, and South Korea. The maritime industry in Japan has a significant influence on the country’s economic development. Over the past few decades, Japan has been the largest shipbuilding nation, with products being built using advanced technologies combined with modern facilities. Furthermore, the various supportive government policies for the shipbuilding industry in this region are likely to drive the marine VFD market during the forecast period.

Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts, to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: Europe- 18, Asia Pacific- 40%, North America- 20%, Middle East & Africa- 16%, and South America- 6%

Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3: <USD 500 million

The marine VFD market is dominated by a few major players that have a wide regional presence. ABB (Switzerland), Eaton (Ireland), Siemens (Germany), Danfoss (Denmark), GE (US) Rockwell (US), Yaskawa (Japan), CG Power and Industrial Solutions (India), WEG (Brazil), Mitsubishi Electric (Japan), Parker Hannifin (US), and Invertek Drives (UK).

Research Coverage:
The report defines, describes, and forecasts the marine VFD market, by application, type, voltage, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include the analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the marine VFD market.

Why Buy This Report?
1. The report identifies and addresses the key markets in the marine VFD market, which would help various stakeholders such as energy utilities, government and research organizations, institutional investors, shareholders, VFD manufacturers, dealers, and suppliers.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report would help the key players understand the strategies of their competitors and help them in make better strategic decisions.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONAL SCOPE
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • MARKET SIZE ESTIMATION
      • IDEAL DEMAND-SIDE ANALYSIS
        • Table SHIPBUILDING DATA IS THE DETERMINING FACTOR FOR THE GLOBAL MARINE VFD MARKET
      • SUPPLY-SIDE ANALYSIS
      • FRAME WORK OF MARKET ASSESSMENT
      • FORECAST
    • SOME OF THE INSIGHTS OF INDUSTRY EXPERTS
  • EXECUTIVE SUMMARY
    • Table MARINE VFD MARKET SNAPSHOT
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE MARINE VFD MARKET DURING THE FORECAST PERIOD
    • MARINE VFD MARKET, BY REGION
    • ASIA PACIFIC MARINE VFD MARKET, BY APPLICATION AND COUNTRY
    • MARINE VFD MARKET, BY TYPE
    • MARINE VFD MARKET, BY VOLTAGE
    • MARINE VFD MARKET, BY APPLICATION
  • MARKET OVERVIEW
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
  • MARINE VFD MARKET, BY TYPE
    • INTRODUCTION
      • Table MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (UNITS)
      • Table MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
    • AC DRIVE
      • RISE IN THE NEED FOR ENERGY SAVINGS IS EXEPECTED TO DRIVE THE MARKET FOR AC DRIVES
        • Table AC DRIVE: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • DC DRIVE
      • NEED FOR GOOD SPEED REGULATION IS EXPECTED TO DRIVE THE MARKET FOR DC DRIVES
        • Table DC DRIVE: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • MARINE VFD MARKET, BY VOLTAGE
    • INTRODUCTION
      • Table MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (UNITS)
      • Table MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
    • LOW VOLTAGE DRIVE (UPTO 1000 V)
      • INCREASED USE OF LOW VOLTAGE MOTORS IS DRIVING THE MARKET FOR LOW VOLTAGE DRIVES
        • Table LOW VOLTAGE DRIVE: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • MEDIUM VOLTAGE DRIVE (ABOVE 1000 V)
      • NEED FOR REDUCING OVERALL OPERATING COSTS IS DRIVING THE MARKET FOR MEDIUM VOLTAGE DRIVES
        • Table MEDIUM VOLTAGE DRIVE: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • MARINE VFD MARKET, BY APPLICATION
    • INTRODUCTION
      • Table MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (UNITS)
      • Table MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
    • PUMP
      • INCREASE IN DEMAND FOR ENERGY EFFICIENCY IS DRIVING THE MARKET FOR VFDS IN THE PUMP SEGMENT
        • Table PUMP: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • FAN
      • NEED FOR PROPER HVAC SYSTEM IN MARINE VESSELS IS DRIVING THE MARKET FOR VFDS IN THE FAN SEGMENT
        • Table FAN: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • COMPRESSOR
      • NEED FOR REDUCING COMPONENT DEGRADATION IS DRIVING THE MARKET FOR VFDS IN THE COMPRESSORS SEGMENT
        • Table COMPRESSOR: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • PROPULSION/THRUSTER
      • NEED FOR REDUCTION IN ENERGY CONSUMPTION IS DRIVING THE MARKET FOR VFDS IN THE PROPULSION/THRUSTER SEGMENT
        • Table PROPULSION/THRUSTER: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
    • CRANE & HOIST
      • INCREASE IN NEED FOR SPEED ADJUSTMENT AND REDUCTION IN ENERGY WASTAGE IS DRIVING THE MARKET FOR VFDS IN THE CRANE & HOIST SEGMENT
        • Table CRANE & HOIST: MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD MILLION)
  • MARINE VFD MARKET, BY REGION
    • INTRODUCTION
      • Table MARINE VFD MARKET SIZE, BY REGION, 2017-2024 (USD BILLION)
    • NORTH AMERICA
      • BY TYPE
        • Table NORTH AMERICA: MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • BY VOLTAGE
        • Table NORTH AMERICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
      • BY APPPLICATION
        • Table NORTH AMERICA: MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • BY COUNTRY
        • Table NORTH AMERICA: MARINE VFD MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
        • Table US: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table CANADA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table MEXICO: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
    • SOUTH AMERICA
      • BY TYPE
        • Table SOUTH AMERICA: MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • BY VOLTAGE
        • Table SOUTH AMERICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
      • BY APPPLICATION
        • Table SOUTH AMERICA: MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • BY COUNTRY
        • Table SOUTH AMERICA: MARINE VFD MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
        • Table BRAZIL: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table ARGENTINA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table REST OF SOUTH AMERICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
    • MIDDLE EAST & AFRICA
      • BY TYPE
        • Table MIDDLE EAST & AFRICA: MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • BY VOLTAGE
        • Table MIDDLE EAST & AFRICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
      • BY APPPLICATION
        • Table MIDDLE EAST & AFRICA: MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • BY COUNTRY
        • Table MIDDLE EAST & AFRICA: MARINE VFD MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
        • Table SAUDI ARABIA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table UAE: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table QATAR: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table SOUTH AFRICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table REST OF MIDDLE EAST & AFRICA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
    • ASIA PACIFIC
      • BY TYPE
        • Table ASIA PACIFIC: MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • BY VOLTAGE
        • Table ASIA PACIFIC: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
      • BY APPPLICATION
        • Table ASIA PACIFIC: MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • BY COUNTRY
        • Table ASIA PACIFIC: MARINE VFD MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
        • Table CHINA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table INDIA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table JAPAN: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table SOUTH KOREA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table AUSTRALIA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table REST OF ASIA PACIFIC: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
    • EUROPE
      • BY TYPE
        • Table EUROPE: MARINE VFD MARKET SIZE, BY TYPE, 2017-2024 (USD MILLION)
      • BY VOLTAGE
        • Table EUROPE: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
      • BY APPPLICATION
        • Table EUROPE: MARINE VFD MARKET SIZE, BY APPLICATION, 2017-2024 (USD MILLION)
      • BY COUNTRY
        • Table EUROPE: MARINE VFD MARKET SIZE, BY COUNTRY, 2017-2024 (USD MILLION)
        • Table ITALY: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table GERMANY: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table FRANCE: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table NETHERLANDS: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table UK: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table RUSSIA: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
        • Table REST OF EUROPE: MARINE VFD MARKET SIZE, BY VOLTAGE, 2017-2024 (USD MILLION)
  • COMPETITIVE LANDSCAPE
    • INTRODUCTION
    • MARKET SHARE ANALYSIS
    • COMPETITIVE SCENARIO
      • Table DEVELOPMENTS BY KEY PLAYERS IN THE MARKET, 2015-FEBRUARY 2019
      • NEW PRODUCT LAUNCHES
      • CONTRACTS & AGREEMENTS
      • MERGERS & ACQUISITIONS
      • INVESTMENTS & EXPANSIONS
      • PARTNERSHIPS
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • INNOVATORS
      • DYNAMIC
      • EMERGING
  • COMPANY PROFILING
    • ABB
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • ROCKWELL AUTOMATION
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • DANFOSS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • SIEMENS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • CG POWER AND INDUSTRIAL SOLUTIONS
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • MITSUBISHI ELECTRIC
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • WEG
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • INVERTEK DRIVES
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • EATON
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
    • GE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • YASKAWA
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
    • PARKER HANNIFIN
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
  • APPENDIX
    • INSIGHTS OF INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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