Marine VFD Market Share

Asia Pacific Market

Asia Pacific marine VFD market is set to hold revenue share of over 45.8% by the end of 2037, owing to the increasing industrial and offshore trading activities and rapid adoption of advanced technologies. India and China are witnessing high trade through sea routes, augmenting robust demand for advanced VFD in marine vessels. Japan and South Korea are well known for technological advancements and the market is no exception.

The India marine VFD market is foreseen to exhibit high growth due to the presence of large maritime sectors, an increasing industrial base, and rising external trade activities. For instance, according to the India Brand Equity Foundation, prime ports in the country handled around 783.50 million tonnes of cargo traffic in FY23 and the top 12 ports handled 819.227 million tonnes of cargo traffic in FY24. Moreover, rising government support and policies for advancing the shipping industry and rapidly expanding shipbuilding and repair sectors are anticipated to boost the marine variable frequency drive sales in the country going ahead. The Ministry of Shipping witnessed the allocation of USD 281.2 million in the Interim Union Budget 2024-25.

In China, the marine VFD market is expected to expand at a robust CAGR between 2025 and 2037 owing to high dominance in shipbuilding and growing adoption of advanced VFDs in new products to meet standards for energy efficiency and emission reduction. In addition, the government’s commitment to reach carbon neutrality by 2060 and the electrification of marine vessels are expected to contribute to market growth going ahead.

North America Market Statistics

The North America marine VFD market is expected to expand fast pace owing to the increasing adoption of advanced technologies. The companies in the region are investing heavily in R&D for the production of innovative technologies that aid in energy consumption and boost the operational efficiency of marine vessels.

The increasing offshore activities and strict emission regulations are pushing the marine VFD market growth in the U.S. To comply with rules implemented by the U.S. EPA the ship owners or operators are adopting energy-efficient marine VFD that aid in mitigating fuel consumption and emissions. For instance, the Bureau of Transportation Statistics reveals that marine vessels hold around 40.0% of U.S. international trade value.

Canada has the longest coastline in the world and connects the Great Lakes and the Atlantic, Pacific, and Arctic Oceans, booming the marine trade. For instance, the marine trade in Canada was valued at USD 345.0 billion in 2022. This trade hike is augmenting the need for marine vessels with advanced technologies such as variable frequency drives. Also, with the increasing contribution and leadership in marine trade, the country was re-elected to the International Maritime Organization Council for a two-year term in 2023.