Marine VFD Market Size

Marine VFD Market size is assessed at USD 978.8 million in 2024 and is expected to reach USD 1.9 billion by the end of 2037, witnessing around 5.5% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of marine VFD is estimated at USD 1.03 billion.

The rising industrial and sea trade activities worldwide are augmenting the need for energy-efficient systems including, marine (VFDs). These drives help enhance the operational efficiency and speed of electric motors installed in ships. According to the UN Trade and Development Organization, around 11 billion tons of goods were traded through sea routes in 2021. Maritime trade is comparatively cost-effective due to lower freight rates, and the increasing preference of traders for seaborne transportation of goods and products. The International Chamber of Shipping (ICS) estimates that 90% of global trade is carried out through shipping.

Moreover, manufacturers in the marine VFD market are focused on developing high-power drives and technologies to cater to the growing need for enhanced energy-efficient systems in the marine sector. In October 2021, Invertek Drives, a global manufacturer of VFDs and AC drives announced the launch of a novel range of high-power VFDs; size 8 IP20 and IP55 optidrive VFDs, capable of controlling electric motors up to 48 Amps.