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Marine Variable Frequency Drives Market Size

Report ID: GMI11115
Published Date: Aug 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
Marine Variable Frequency Drives Market Size in 2023:	USD 927.8 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	5%
2032 Value Projection:	USD 1.4 Billion
Historical Data for:	2021 to 2023
No. of Pages:	80
Tables, Charts & Figures:	30
Segments covered:	Voltage, Drive, and Region
Growth Drivers:	Rising demand for reliable motor control solutions and focus on fuel efficiency Favorable regulatory framework and R&D initiatives for deployment of energy efficient systems Stringent maritime regulations to reduce carbon emissions
Pitfalls & Challenges:	High initial deployment cost

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Authors: Ankit Gupta, Manish Dhiman

Frequently Asked Questions (FAQ) :

Market size for marine variable frequency drives was over USD 927.8 million in 2023 and is expected to register 5% CAGR from 2024-2032 due to the ongoing technological advancements, regulatory mandates, and increasing demand for energy efficient systems worldwide.

Marine variable frequency drives industry from the low voltage drives segment is expected to surpass USD 1.2 billion by 2032 due to rising need for efficient, cost-effective solutions across marine applications, coupled with stringent mandates toward reducing carbon emissions.

Asia Pacific industry is expected to reach over USD 670 million by 2032 due to rising clean power generation, robust development of marine engine and propulsion, and efforts to reduce energy consumption in the region.

ABB, Danfoss, GE Vernova, Invertek Drives Ltd., Leonardo DRS, Nidec Motor Corporation, PARKER HANNIFIN CORP, Rockwell Automation, Siemens Energy, Triol Industrial Solutions, WEG, and Yaskawa Europe GmbH, are some of the major marine variable frequency drives companies worldwide.