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Marine Variable Frequency Drives Market Trends

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

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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.

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.