Marine VFD Market By Product Type (AC Drive and DC Drive), Voltage (Low Voltage and Medium Voltage), Application (Pump, Fan, Compressor, Propeller, Crane & Hoist, and Others), and Geography

Marine VFD Market size is expected to be valued at USD 865.3 million in 2022 and is poised to grow at a significant CAGR of 6.4% over 2022–2028. A variable-frequency drive (VFD) is a type of AC or DC motor drive used in electro-mechanical drive systems to control AC motor speed and torque by varying motor input frequency and, to control the associated voltage of its power supply. The VFD can also be used to control ramp-up and ramp-down of the motor during start or stop, respectively. Marine VFD is primarily used in aquatic applications to provide energy savings by controlling the speed of a pump. For instance, a speed reduction of 20% can save up to 50% energy. The rising need for energy-efficient systems is the major global marine VFD market driver. There is a constant need for energy-efficient systems in ships all over the world to achieve greater efficiency. The increasing concern about the environment and energy savings and constant support of government and international agencies will further boost the global market. Moreover, global players such as Danfoss, Siemens, ABB, etc are continuously influencing the global market through the improvement and discovery of new technology, new product launches in the marine drive market, and innovative business plans. However, increasing maintenance costs of VFD, low-quality products, and high implementation costs may hinder the global marine VFD market growth at a significant rate. The marine drive can be subjected to harmful external effects such as environmental damage, impaired power quality, and application abuse. Hence, this can hamper the marine VFD market growth. Although, implementing remote monitoring in VFDs can solve the above problems and create new opportunities to increase the efficiency of systems. Based on geography, the Asia Specific region held the major global marine VFD market share is expected to dominate the market in the forecasted years at a significant growth rate.   Recent Market Developments: In Mar 2019, Franklin Electric introduced its Pioneer PumpVortex Series pumps designed for waste handling, sludges, and industrial effluent. In Mar 2019, ABB launched a new series of DC variable speed drives (VSDs) that allow users with a large installed base to get better performance from their existing systems.