Marine Variable Frequency Drives Market – By Voltage (Low, Medium), By Drive (AC, DC, Servo) & Forecast, 2024 - 2032

Marine Variable Frequency Drives Market Size

Marine Variable Frequency Drives Market Size was valued at over USD 927.8 million in 2023 and is anticipated to grow a CAGR of 5% between 2024 and 2032. Ongoing technological advancements, regulatory mandates, increasing demand for energy efficient systems and introduction of stringent regulations toward energy consumption will complement the industry landscape.
 

For instance, in February 2024, the Environmental Protection Agency introduced new greenhouse gas emissions standards for heavy-duty vehicles, starting with model year 2032 and will begin to phase in 2027. This phase-in updates specific GHG standards and fuel efficiency standards for medium & heavy-duty vehicle engines. Furthermore, increasing automation and paradigm shift toward adoption of advanced technological systems, ensuring precise control over speed, and processes, will augment the industry outlook.
 

Marine Variable Frequency Drives Market Trends

Marine variable frequency drives industry is set to witness substantial growth on account of ongoing digitalization, smart shipping and increasing focus on energy efficiency. These units offer compatibility with digital control systems and IoT platforms enables real-time monitoring and data analysis, improves predictive maintenance and operational optimization. For instance, in May 2023, ABB has provided its ACS880 Multidrives for the shore power units of Hareid Group. These shore connections significantly reduce emissions, noise, and vibrations, as vessels no longer need to operate their auxiliary engines and generators. Furthermore, stringent emission regulations from authorities including International Maritime Organization to reduce carbon emissions along with introduction of enhanced technological systems will positively influence the industry outlook.
 

Marine Variable Frequency Drives Market Analysis

The low voltage drives market is set to grow to surpass USD 1.2 billion by 2032. Rising automation, focus on energy efficiency, and technological advancements in drives systems will positively influence industry growth. Rising need for efficient, cost-effective solutions across marine applications, coupled with stringent mandates toward reducing carbon emissions, will augment the low voltage drive business outlook.
 

Medium voltage drives segment is anticipated to grow owing to growing cruise and luxury yacht sectors, driven by increasing demand for energy efficiency and operational excellence. These high-end vessels equipped with advanced systems, gain significant advantages from the precise control offered by VFDs, leading to improved performance and enhanced passenger comfort further augmenting product deployment. Moreover, increasing demand for precise motor speed and control solutions along with shifting focus by manufacturers to introduce enhanced technologies that can withstand harsh conditions will augment the industry outlook.
 

AC Drives segment is set to observe over 5% CAGR through 2032. Ongoing adoption of enhanced drives for efficient control over motor speed and torque, focus on energy efficiency and ensuring compliance with emission standards will further boost the product deployment. These units play a crucial role in optimizing fuel consumption and curbing operational costs along with assist operators in adhering to marine regulations will positively influence the business dynamics. Moreover, ongoing technological advancements including increased reliability, seamless integration with digital control systems and shifting inclination towards digitalization will augment the AC drives market landscape.
 

The Asia Pacific marine variable frequency drives market is set to grow over USD 670 million by 2032. Rising clean power generation, robust development of marine engine and propulsion, efforts to reduce energy consumption will complement the industry outlook. Supportive policies targeting emission reductions and adoption of automation in marine applications will positively influence the business dynamics. For instance, in June 2024, China has revolutionized cargo handling through automated ports, intelligent machines, and self-driving vehicles. These advancements are influencing operational efficiency & costs and reshaping the global trade dynamics. Favorable initiatives to enhance energy efficiency, coupled with the increasing adoption of new technologies to enhance vessel performance, will shape the Asia Pacific variable frequency drives industry dynamics.
 

Marine Variable Frequency Drives Market Share

Key players in the marine variable frequency drives industry are prioritizing strategic agreements, partnerships, and collaborations, alongside the introduction of innovative technologies, to bolster their competitive edge. Key players including ABB, Danfoss, WEG, GE Vernova, Nidec, and Parker Hannifin among other, holds majority of the market share.
 

Marine Variable Frequency Drives Market Companies

Major manufacturers operating across the industry consists of:

• ABB
• BERG Propulsion
• Bosch Rexroth Corporation
• CG Power & Industrial Solutions Ltd.
• Danfoss
• GE Vernova
• Honeywell International, Inc.
• Invertek Drives Ltd.
• Leonardo DRS
• Nidec Motor Corporation
• PARKER HANNIFIN CORP
• Rockwell Automation
• Siemens Energy
• Triol Industrial Solutions
• WEG
• Yaskawa Europe GmbH
   

Marine Variable Frequency Drives Industry News

• In August 2024, Pacific International Lines (PIL) has ordered five new container ships powered by liquefied natural gas (LNG), marking a significant fleet expansion. The new vessels will comply with stringent environmental regulations and feature advanced advance VFD motor for large pumps, LNG propulsion technology, significantly reducing emissions compared to traditional marine fuels. This investment aligns with the industry's shift towards greener shipping solutions, driven by global regulations and growing demand for eco-friendly transportation.
   
• In June 2023, ABB delivered liquid-cooled VFDs to Sanmar Shipyards based in Türkiye, for the company’s prevailing electric tug projects. Moreover, ABB has partnered with Sanmar and Elkon for several years, equipping their ElectRA tugs with its liquid-cooled ACS880 drives. These versatile drives serve multiple roles including genset and shore rectifiers, inverters for fire-fighting pumps & propulsion motors, battery DC/DC converters, and off-grid converters for hotel loads. The product offers built-in redundancy ensuring safety, operational reliability and delivering exceptional performance.
   

The marine variable frequency drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “‘000 Units and USD Million” from 2021 to 2032 for the following segments:

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Market, By Voltage

• Low
• Medium

Market, By Drive

• AC
• DC
• Servo

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Denmark
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina