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

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Marine VFD Market size was valued at USD 866.3 million in 2023 and is poised to grow at a significant CAGR of 6.5% from 2024 - 2030. 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 the 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. However, 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 and is expected to dominate the market in the forecasted years at a significant growth rate.  

Marine VFD 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.

Marine Vfd Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

6.5%

Largest Market

North America

Fastest Growing Market

Asia Pacific
Marine VFD Market Dynamics

Increasing advanced technologies in various industries will boost the global marine VFD market to achieve greater efficiency and less energy consumption. According to IEA, the international shipping industry accounted for 2% of the global energy-related CO2 emission in 2019. The global key companies are trying to build newer efficient VFDs to accomplish the target and reduce carbon intensity. With all these regulations in place and growing concern over CO2 emissions, the global marine VFD market will grow at a significant rate in the forecasted years.

Marine Vfd Market Segmentation

By Product Type
  • AC Drive
  • DC Drive
By Voltage Type
  • Low Voltage
  • Medium Voltage
By Application
  • Pump
  • Fan
  • Compressor
  • Propeller
  • Crane & Hoist
  • Others

Frequently Asked Questions

The marine VFD market size is expected to be valued at USD 866.3 million in 2022.

The leading players in the global marine VFD market are General Electric, Danfoss, Siemens, Rockwell Automation, ABB, C G Power, and Industrial Solutions, Mitsubishi Electric, Invertek, WEG, Yaskawa, NIDEC, Honeywell, Fuji Electric, Hitachi Industrial Equipment System Co., and Yaskawa electric corporation.

The marine VFD market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
1. Executive Summary
2. Global Marine VFD Market Introduction
2.1. Global Marine VFD Market Taxonomy
2.2. Global Marine VFD Market Definitions
2.2.1. By Product Type
2.2.2. By Voltage
2.2.3. By Application
2.2.4. By Region
3. Global Marine VFD Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Global Marine VFD Market Dynamic Factors - Impact Analysis
3.6. Global Marine VFD Market Competition Landscape
3.7. Epidemiology
4. Global Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%)
4.3. Market Opportunity Analysis
5. Global Marine VFD Market, By Product Type, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1. AC Drive
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. DC Drive
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
6. Global Marine VFD Market, By Voltage, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1. Low Voltage
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Medium Voltage
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
7. Global Marine VFD Market, By Application, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1. Pump
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.1.3. Market Opportunity Analysis
7.2. Fan
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.2.3. Market Opportunity Analysis
7.3. Compressor
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.3.3. Market Opportunity Analysis
7.4. Propeller
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.4.3. Market Opportunity Analysis
7.5. Crane & Hoist
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.5.3. Market Opportunity Analysis
7.6. Others
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
7.6.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
7.6.3. Market Opportunity Analysis
8. Global Marine VFD Market Forecast, By Region, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.1.3. Market Opportunity Analysis
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.2.3. Market Opportunity Analysis
8.3. Asia-Pacific
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.3.3. Market Opportunity Analysis
8.4. Latin America
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.4.3. Market Opportunity Analysis
8.5. Middle East and Africa
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
8.5.3. Market Opportunity Analysis
8.6. Global Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Region, 2024 - 2030
9. North America Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
9.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.1.1. AC Drive
9.1.2. DC Drive
9.2. Voltage Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
9.2.1. Low Voltage
9.2.2. Medium Voltage
9.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
9.3.1. Pump
9.3.2. Fan
9.3.3. Compressor
9.3.4. Propeller
9.3.5. Crane & Hoist
9.3.6. Others
9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
9.4.1. USA
9.4.2. Canada
9.5. North America Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Country, 2024 - 2030
9.6. North America Marine VFD Market Dynamics Trends
10. Europe Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
10.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.1.1. AC Drive
10.1.2. DC Drive
10.2. Voltage Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
10.2.1. Low Voltage
10.2.2. Medium Voltage
10.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
10.3.1. Pump
10.3.2. Fan
10.3.3. Compressor
10.3.4. Propeller
10.3.5. Crane & Hoist
10.3.6. Others
10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
10.4.1. Germany
10.4.2. UK
10.4.3. France
10.4.4. Spain
10.4.5. Italy
10.4.6. Rest of Europe
10.5. Europe Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Country, 2024 - 2030
10.6. Europe Marine VFD Market Dynamics Trends
11. Asia-Pacific Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
11.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.1.1. AC Drive
11.1.2. DC Drive
11.2. Voltage Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
11.2.1. Low Voltage
11.2.2. Medium Voltage
11.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
11.3.1. Pump
11.3.2. Fan
11.3.3. Compressor
11.3.4. Propeller
11.3.5. Crane & Hoist
11.3.6. Others
11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
11.4.1. China
11.4.2. India
11.4.3. Japan
11.4.4. ASEAN
11.4.5. Australia & New Zealand
11.4.6. Rest of Asia-Pacific
11.5. Asia-Pacific Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Country, 2024 - 2030
11.6. Asia-Pacific Marine VFD Market Dynamics Trends
12. Latin America Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
12.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.1.1. AC Drive
12.1.2. DC Drive
12.2. Voltage Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
12.2.1. Low Voltage
12.2.2. Medium Voltage
12.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
12.3.1. Pump
12.3.2. Fan
12.3.3. Compressor
12.3.4. Propeller
12.3.5. Crane & Hoist
12.3.6. Others
12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
12.4.1. Brazil
12.4.2. Mexico
12.4.3. Rest of Latin America
12.5. Latin America Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Country, 2024 - 2030
12.6. Latin America Marine VFD Market Dynamics Trends
13. Middle East and Africa Marine VFD Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030 (Revenue, USD Mn)
13.1. Product Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.1.1. AC Drive
13.1.2. DC Drive
13.2. Voltage Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
13.2.1. Low Voltage
13.2.2. Medium Voltage
13.3. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
13.3.1. Pump
13.3.2. Fan
13.3.3. Compressor
13.3.4. Propeller
13.3.5. Crane & Hoist
13.3.6. Others
13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
13.4.1. Gulf Cooperation Council (GCC) Countries
13.4.2. South Africa
13.4.3. Rest of MEA
13.5. MEA Marine VFD Market - Opportunity Analysis Index, By Product Type, By Voltage, By Application, and Country, 2024 - 2030
13.6. MEA Marine VFD Market Dynamics Trends
14. Competition Landscape
14.1. Strategic Dashboard of Top Market Players
14.2. Company Profiles (Introduction, Financial Analysis, Key Product Types, Key Developments, Strategies, and SWOT Analysis)
14.2.1. General Electric
14.2.2. Danfoss
14.2.3. Siemens
14.2.4. Rockwell Automation
14.2.5. ABB
14.2.6. C G Power and Industrial Solutions
14.2.7. Mitsubishi Electric
14.2.8. Invertek
14.2.9. WEG
14.2.10. Yaskawa
14.2.11. NIDEC
14.2.12. Honeywell
14.2.13. Fuji Electric
14.2.14. Hitachi Industrial Equipment System Co.
14.2.15. Yaskawa electric corporation
15. Research Methodology
16. Key Assumptions and Acronyms
  • General Electric
  • Danfoss
  • Siemens
  • Rockwell Automation
  • ABB
  • C G Power and Industrial Solutions
  • Mitsubishi Electric
  • Invertek
  • WEG
  • Yaskawa
  • NIDEC
  • Honeywell
  • Fuji Electric
  • Hitachi Industrial Equipment System Co.
  • Yaskawa electric corporation

Adjacent Markets