Northbrook, IL 60062 -- (SBWire) -- 10/04/2023 --According to a research report "Marine VFD Market by End User Type (Marine Ships, and Offshore Platforms), Application ( Pump, Propulsion, Fan, Compressor, Crane & Hoist, Winch, HVAC, Steering, Scrubber, Shaft Generator, Power Electronics), & Region - Global Forecast to 2030" published by MarketsandMarkets, the Marine VFD market is projected to reach USD 1.6 billion by 2030 from an estimated USD 1.1 billion in 2023, at a CAGR of 5.0% during the forecast period.
Browse 223 market data Tables and 57 Figures spread through 237 Pages and in-depth TOC on "Marine VFD Market - Global Forecast to 2030"
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=85395523
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.
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
Asia Pacific is expected to be the largest region in the marine VFD market
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.
Ask Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=85395523
Some of the major players in the marine VFD market 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.
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.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
newsletter@marketsandmarkets.com
Marine VFD Market Size Worth $1.6 Billion by 2030
The Marine VFD market is expected to grow from an estimated USD 1.1 billion in 2023 to USD 1.6 billion by 2030, at a CAGR of 5.0% during the forecast period.