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Market Highlights The Global Marine VFD Market is expected to reach USD 1.05 Billion by 2027 at a CAGR of 6.50% from 2020–2027.
Marine VFD is an AC/DC drive that helps to regulate the speed and torque of motors in the ships so that they run accurately.
VFDs are low or medium voltage drives that help the propulsion systems, thrusters, deck machinery, pumps, and HVAC systems to use the fuel more efficiently and reduce maintenance costs.
In 2018, the market in Asia-Pacific held the largest share of the global Marine VFD market, mainly due to the increasing investments in shipbuilding, government mandates on energy efficiency, and rise in seaborne trade.
Within Asia-Pacific, China is likely to hold the largest share of the market during the forecast period owing to increasing construction of specialized vessels, such as offshore support vessels, and dredgers, which will increase the demand for VFD.
Other countries in Asia-Pacific such as Singapore, Indonesia, and South Korea are also trying to increase their FDI in marine sector with new project developments.