Marine VFD Market Worth $1,075 Million by 2026 - Exclusive Report by MarketsandMarkets™

The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast period. The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast period. The pump segment accounted for the largest share of the Marine VFD Market, by application, in 2020. The pump is the component which is extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. Thus, the use of VFD to control the...

The pump segment is expected to dominate the Marine VFD Market, by application, during the forecast period.

The pump segment accounted for the largest share of the Marine VFD Market, by application, in 2020. The pump is the component which is extensively used for various purposes onboard a ship and is critical for proper functioning of any ship. Thus, the use of VFD to control the functioning the pumps can save a lot of energy. These factors are likely to increase the demand for VFD used to control pumps.

The low voltage is expected to dominate the Marine VFD Market, by voltage, during the forecast period.

The low voltage segment accounted for a larger share, owing to the increased use of low-voltage motors in the marine industry across applications such as cranes, pumps, fans, and hoists. The increasing use of variable drives to improve the efficiency of various small components across a system equipped with motors to improve the efficiency of such systems has boosted the market for low-voltage drives.

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The AC drive is expected to dominate the Marine VFD Market, by type, during the forecast period.

AC drives are more widely used VFDs. As most of the equipment used onboard a ship operates on AC input, the AC drive segment is projected to account for a larger market share. The demand for AC drives is also driven by the increasing demand for energy-efficient solutions. An AC drive is used to control the speed of an electric motor by changing the frequency and voltage of electric supply to the motor. A VFD controls the speed of the AC motor by changing the frequency supplied to the motor.

Asia Pacific is expected to lead the Marine VFD Market

Asia Pacific is expected to show a robust growth during the forecast period. The Asia Pacific region includes China, Japan, South Korea, India, Australia, and Rest of Asia Pacific. This region has shown strong demand for marine VFD owing to rapid growth of shipbuilding industry. With the shift towards decarbonization, there has been a strong demand for more energy efficient engines with less emissions. Governments in this region are increasingly opening gates for development and growth of ship building industry. Technological advancements and less energy consumption would further propel marine VFD deployment and open up opportunities in the emerging markets in APAC. Various countries are adopting new hybrid and electric systems in ships in order to save energy as well as to meet their goal of rection in carbon emission. Moreover, favorable supportive schemes, huge investments in ship building and port development would further drive the market for marine VFD. The market in China is expected to grow mainly because of government initiatives to cut down carbon emissions as well as to become leader in ship building.

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The key players include General Electric (US), Danfoss (Denmark), Siemens (Germany), ABB (Switzerland), Rockwell Automation (US). The leading players are adopting various strategies to increase their share in the Marine VFD Market.

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