Marine VFD Market worth $1.6 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 3, 2023 /PRNewswire/ -- Marine VFD Market is expected to reach USD 1.6 billion by 2030 from USD 1.1 billion in 2023 at a CAGR of 5.0% during the 2023–2030 period according to a new report by MarketsandMarkets™.  Marine VFDs are essential because they help reduce power consumption, prevent damage, and enhance safety. VFDs also allow remote tracking of ship VFDs, regulate speed and torque, and provide fuel savings. The majority of propeller applications use VFDs, which can boost energy efficiency.

Browse in-depth TOC on "Marine VFD Market"

175 - Tables
57 - Figures
215 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=85395523 

Marine VFD Market Scope:

Marine Ships, by end-user, is expected to grow by the largest segment during the forecast period. 

Based on end users, the Marine VFD Market has been split into Marine Ships and Offshore Platforms. The Marine Ships segment is anticipated to be the largest during the forecast period. The Marine Ships segment is growing in the Marine VFD Market due to the increased emphasis on meeting energy efficiency targets and achieving environmental sustainability. VFDs aid vessels in meeting strict environmental regulations by reducing emissions, aligning with the industry's sustainability objectives. They ensure precise and dynamic control, enhancing vessel maneuverability and operational flexibility while contributing to overall safety and reliability by reducing the risk of accidents and equipment failures.

The steering segment, by application segment, is expected to grow at the second-fastest during the forecast period.

This report segments the Marine VFD Market based on application into pump, propulsion, fan, compressor, crane and hoist, winch, HVAC, steering, scrubber, shaft generator, and power electronics. The steering segment is expected to be the second-fastest growing segment during the forecast period. The steering segment is growing as they are instrumental in governing the speed and control of AC electric motors responsible for driving critical steering components like azimuth thrusters or electric rudders. VFDs in marine steering systems are imperative to attain precise and responsive control over vessel direction, a paramount requirement for safe navigation and maintaining position in challenging maritime scenarios. VFDs offer dynamic, real-time adjustments, ensuring optimal steering responses, especially in situations demanding rapid course changes or precise vessel positioning

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=85395523

Asia Pacific is expected to be the largest region in the Marine VFD Industry 

Asia Pacific is expected to be the largest Marine VFD Market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives The adoption of VFDs is driven by a focus on renewable energy integration, environmental concerns, and offshore energy projects, all requiring advanced energy-efficient technologies. These large-scale projects contribute to the rapid expansion of the Marine VFD Market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.

Key Market Players:

Some of the major players in the Marine VFD Companies are Siemens (Germany), ABB (Switzerland), Danfoss (Denmark), General Electric (US), and Rockwell Automation (US). The major strategies adopted by these players include sales contracts and agreements.

Inquiry Before Buying : https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=85395523

Recent Developments

• In May 2023, GE Power Conversion signed an agreement to renew its partnership with Nedstack Fuel Cell Technology for the development of marine fuel cell solutions. The agreement follows on from a previous cooperation agreement for collaborative work. A pilot project for a large-scale marine fuel cell application provided valuable feasibility support to a cruise provider for their technical and commercial evaluation of decarbonization solutions.
• In June 2022, ABB leads a consortium to implement shore-to-ship power connections for ferries and cruise ships at the port of Toulon. ABB's technology reduces emissions and noise during port stops. Additionally, ABB is installing an energy storage system to handle grid demand fluctuations and incorporate renewable energy sources, ensuring a sustainable and efficient solution.
• In December 2020, Cochin Shipyard selected Siemens to implement advanced marine solutions for India's first fleet of 23 boats equipped with electric propulsion and battery-integrated technology.

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Variable Frequency Drive Market by Type (AC, DC, Servo), Application (Pumps, Fans, Compressors, Conveyors), End User (Industrial, Infrastructure, Oil & Gas, Power), Power Rating (Micro, Low, Medium, High), Voltage and Region - Global Forecast to 2027

AC Drives Market by Voltage (Low and Medium), Power Rating (Low, Medium, and High Power), Application (Pumps, Fans, Compressors, Conveyors, Extruders), End-Use Industry and Region - Global Trends & Forecast to 2021

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/marine-vfd-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/marine-vfd.asp 

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg