1	INTRODUCTION	30
1.1	STUDY OBJECTIVES	30
1.2	MARKET DEFINITION	30
1.3	INCLUSIONS AND EXCLUSIONS	31
1.3.1	MARINE VFD MARKET, BY VOLTAGE	31
1.3.2	MARINE VFD MARKET, BY APPLICATION	31
1.3.3	MARINE VFD MARKET, BY TYPE	32
1.3.4	MARINE VFD MARKET, BY END USER	32
1.4	MARKET SCOPE	32
1.4.1	MARKETS COVERED	32
1.4.2	REGIONAL SCOPE	33
1.4.3	YEARS CONSIDERED	33
1.4.4	CURRENCY CONSIDERED	34
1.5	LIMITATIONS	34
1.6	STAKEHOLDERS	34
1.7	SUMMARY OF CHANGES	35
1.8	RECESSION IMPACT	35
2	RESEARCH METHODOLOGY	36
2.1	RESEARCH DATA	36
FIGURE 1	MARINE VFD MARKET: RESEARCH DESIGN	36
2.2	MARKET BREAKDOWN AND DATA TRIANGULATION	37
FIGURE 2	DATA TRIANGULATION	37
2.2.1	SECONDARY DATA	38
2.2.1.1	Key data from secondary sources	38
2.2.2	PRIMARY DATA	38
2.2.2.1	Key data from primary sources	39
2.2.2.2	Breakdown of primaries	39
2.3	SCOPE	40
FIGURE 3	MAIN METRICS CONSIDERED TO ANALYZE AND ASSESS DEMAND  FOR MARINE VFDS	41
2.4	MARKET SIZE ESTIMATION	41
2.4.1	BOTTOM-UP APPROACH	41
FIGURE 4	MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH	42
2.4.2	TOP-DOWN APPROACH	43
FIGURE 5	MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH	43
2.4.3	DEMAND-SIDE ANALYSIS	44
2.4.3.1	Regional analysis	44
2.4.3.2	Country-level analysis	44
2.4.3.3	Assumptions for demand-side analysis	45
2.4.3.4	Calculations for demand-side analysis	45
2.4.4	SUPPLY-SIDE ANALYSIS	45
FIGURE 6	KEY STEPS CONSIDERED TO ASSESS SUPPLY OF MARINE VFDS	45
FIGURE 7	MARINE VFD MARKET: SUPPLY-SIDE ANALYSIS	46
2.4.4.1	Calculations for supply-side analysis	46
2.4.4.2	Assumptions for supply-side analysis	46
FIGURE 8	COMPANY REVENUE ANALYSIS, 2022	46
2.4.5	FORECAST	47
2.5	RISK ASSESSMENT	47
2.6	IMPACT OF RECESSION	47
3	EXECUTIVE SUMMARY	48
TABLE 1	MARINE VFD MARKET SNAPSHOT	48
FIGURE 9	ASIA PACIFIC TO REGISTER HIGHEST CAGR IN MARINE VFD MARKET DURING FORECAST PERIOD	49
FIGURE 10	RETROFIT SEGMENT TO LEAD MARINE VFD MARKET DURING FORECAST PERIOD	49
FIGURE 11	LOW VOLTAGE SEGMENT TO DOMINATE MARINE VFD MARKET DURING FORECAST PERIOD	50
FIGURE 12	MARINE SHIPS SEGMENT TO LEAD MARINE VFD MARKET DURING FORECAST PERIOD	50
FIGURE 13	PUMP SEGMENT TO LEAD MARINE VFD MARKET DURING FORECAST PERIOD	51
4	PREMIUM INSIGHTS	52
4.1	ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN MARINE  VFD MARKET	52
FIGURE 14	RISING ADOPTION OF ENERGY-EFFICIENT SYSTEMS IN MARITIME SECTOR	52
4.2	MARINE VFD MARKET, BY REGION	52
FIGURE 15	ASIA PACIFIC TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD	52
4.3	NORTH AMERICAN MARINE VFD MARKET, BY END USER AND COUNTRY	53
FIGURE 16	MARINE SHIPS SEGMENT AND US HELD LARGEST SHARES OF NORTH AMERICAN MARINE VFD MARKET IN 2022	53
4.4	MARINE VFD MARKET, BY TYPE	53
FIGURE 17	RETROFIT SEGMENT TO DOMINATE MARINE VFD MARKET IN 2030	53
4.5	MARINE VFD MARKET, BY VOLTAGE	54
FIGURE 18	LOW VOLTAGE SEGMENT TO ACCOUNT FOR LARGER SHARE OF MARINE  VFD MARKET IN 2030	54
4.6	MARINE VFD MARKET, BY END USER	54
FIGURE 19	MARINE SHIPS SEGMENT TO ACCOUNT FOR LARGER SHARE OF MARINE VFD MARKET IN 2030	54
4.7	MARINE VFD MARKET, BY APPLICATION	55
FIGURE 20	PUMP SEGMENT TO ACCOUNT FOR LARGEST SHARE OF MARINE VFD MARKET  IN 2030	55
 
5	MARKET OVERVIEW	56
5.1	INTRODUCTION	56
5.2	MARKET DYNAMICS	56
FIGURE 21	MARINE VFD MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES	56
5.2.1	DRIVERS	57
5.2.1.1	Increasing demand for energy-efficient systems in maritime vessels	57
TABLE 2	MEASURES UNDERTAKEN TO ENHANCE ENERGY EFFICIENCY OF SHIPS	57
FIGURE 22	GLOBAL MERCHANT VESSEL FLEET, 2018–2023 (NUMBER OF SHIPS)	58
5.2.1.2	Expanding shipbuilding industry	58
FIGURE 23	INCREMENTAL CARGO DEMAND, 2015–2024	59
5.2.2	RESTRAINTS	59
5.2.2.1	High installation cost	59
5.2.2.2	Dependence on heavy liquid fuels	60
5.2.3	OPPORTUNITIES	60
5.2.3.1	Growing adoption of electric and hybrid propulsion systems	60
FIGURE 24	USE OF ALTERNATIVE FUELS IN GLOBAL MARINE FLEET, 2022  (NUMBER OF SHIPS)	61
5.2.3.2	Technological advancements in remote monitoring of VFDs	61
5.2.4	CHALLENGES	62
5.2.4.1	Undeveloped port infrastructure	62
5.2.4.2	Shortage of components and parts attributed to supply chain disruptions	63
5.3	TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES	64
FIGURE 25	REVENUE SHIFTS AND NEW REVENUE POCKETS FOR PLAYERS IN MARINE VFD MARKET	64
5.4	ECOSYSTEM ANALYSIS	64
TABLE 3	COMPANIES AND THEIR ROLE IN MARINE VFD ECOSYSTEM	64
FIGURE 26	MARINE VFD MARKET: ECOSYSTEM ANALYSIS	65
5.5	VALUE CHAIN ANALYSIS	66
FIGURE 27	MARINE VFD MARKET: VALUE CHAIN ANALYSIS	66
5.5.1	RAW MATERIAL PROVIDERS/SUPPLIERS/COMPONENT MANUFACTURERS	66
5.5.2	MARINE VFD MANUFACTURERS/ASSEMBLERS	66
5.5.3	DISTRIBUTORS/RESELLERS	66
5.5.4	END USERS	66
5.5.5	MAINTENANCE/SERVICE PROVIDERS	67
5.6	PRICING ANALYSIS	67
FIGURE 28	AVERAGE SELLING PRICE (ASP) OF MARINE VFDS, BY VOLTAGE, 2020, 2021, 2022, AND 2030 (USD/UNIT)	67
TABLE 4	AVERAGE SELLING PRICE (ASP) OF MARINE VFDS, BY VOLTAGE, 2020, 2021,  2022, AND 2030 (USD/UNIT)	67
 
TABLE 5	AVERAGE SELLING PRICE (ASP) TREND, BY REGION, 2020, 2021, 2022,  AND 2030 (USD/UNIT)	67
FIGURE 29	AVERAGE SELLING PRICE (ASP) TREND, BY REGION, 2020, 2021,  2022, AND 2030	68
5.7	TECHNOLOGY ANALYSIS	68
5.7.1	WIRELESS DIAGNOSTIC	68
5.7.2	MODULAR MEMORY	68
5.7.3	PREDICTIVE MAINTENANCE	68
5.7.4	POWER ELECTRONICS	69
5.8	TARIFF ANALYSIS	69
TABLE 6	TARIFF LEVIED ON ELECTRIC MOTORS AND GENERATORS, 2022	69
5.9	REGULATORY LANDSCAPE	70
TABLE 7	MARINE VFD MARKET: EUROPE REGULATIONS	70
TABLE 8	MARINE VFD MARKET: ASIA PACIFIC REGULATIONS	71
TABLE 9	MARINE VFD MARKET: NORTH AMERICA REGULATIONS	71
TABLE 10	MARINE VFD MARKET: INTERNATIONAL REGULATIONS	72
TABLE 11	INTERNATIONAL: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	72
TABLE 12	NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	73
TABLE 13	EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	73
TABLE 14	ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS	74
5.10	PATENT ANALYSIS	74
TABLE 15	MARINE VFD MARKET: INNOVATIONS AND PATENT REGISTRATIONS	74
5.11	TRADE ANALYSIS	77
5.11.1	EXPORT DATA	77
TABLE 16	EXPORT DATA FOR PRODUCTS UNDER HS CODE: 8501, BY COUNTRY,  2020–2022 (USD THOUSAND)	77
FIGURE 30	EXPORT DATA FOR PRODUCTS UNDER HS CODE: 8501, BY KEY COUNTRY, 2020–2022 (USD THOUSAND)	78
5.11.2	IMPORT DATA	79
TABLE 17	IMPORT DATA FOR PRODUCTS UNDER HS CODE: 8501, BY COUNTRY,  2020–2022 (USD THOUSAND)	79
FIGURE 31	IMPORT DATA FOR PRODUCTS UNDER HS CODE: 8501, BY KEY COUNTRY, 2020–2022 (USD THOUSAND)	80
5.12	KEY CONFERENCES AND EVENTS, 2023–2024	80
TABLE 18	MARINE VFD MARKET: LIST OF CONFERENCES AND EVENTS	80
5.13	CASE STUDY ANALYSIS	81
5.13.1	DANFOSS PROVIDED MODULAR VACON 3000 DRIVE KIT TO ENHANCE PERFORMANCE OF INBOARD DREDGE PUMP OF DEME AND ELEVATE ENERGY EFFICIENCY	81
5.13.2	HAREID GROUP EMPLOYED ABB DRIVES IN SHORE POWER SOLUTIONS TO DELIVER ENVIRONMENTALLY FRIENDLY ELECTRICAL POWER TO VESSELS	81
5.13.3	SCHOTTEL GROUP HIRED INVERTEK DRIVES FAR EAST PTE LTD TO DELIVER VFD FOR PROPULSION APPLICATION	82
5.14	PORTER’S FIVE FORCES ANALYSIS	83
TABLE 19	MARINE VFD MARKET: PORTER’S FIVE FORCES ANALYSIS	83
FIGURE 32	MARINE VFD MARKET: PORTER’S FIVE FORCES ANALYSIS	83
5.14.1	THREAT OF SUBSTITUTES	84
5.14.2	BARGAINING POWER OF SUPPLIERS	84
5.14.3	BARGAINING POWER OF BUYERS	84
5.14.4	THREAT OF NEW ENTRANTS	84
5.14.5	INTENSITY OF COMPETITIVE RIVALRY	85
5.15	KEY STAKEHOLDERS AND BUYING CRITERIA	85
5.15.1	KEY STAKEHOLDERS IN BUYING PROCESS	85
FIGURE 33	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TWO KEY END USERS	85
TABLE 20	INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TWO KEY END USERS (%)	85
5.15.2	BUYING CRITERIA	86
FIGURE 34	KEY BUYING CRITERIA FOR TWO KEY END USERS	86
TABLE 21	KEY BUYING CRITERIA FOR TWO KEY END USERS	86
6	MARINE VFD MARKET, BY APPLICATION	87
6.1	INTRODUCTION	88
FIGURE 35	MARINE VFD MARKET, BY APPLICATION, 2022	88
TABLE 22	MARINE VFD MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	89
TABLE 23	MARINE VFD MARKET, BY APPLICATION, 2023–2030 (USD MILLION)	89
6.2	PUMP	90
6.2.1	USED TO ENHANCE OPERATIONAL EFFICIENCY OF PUMPS AND MITIGATE MECHANICAL STRESS	90
TABLE 24	PUMP: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	90
TABLE 25	PUMP: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	90
6.3	PROPULSION	91
6.3.1	HELP CONTROL SPEED AND POWER OUTPUT OF AC ELECTRIC MOTORS THAT DRIVE PROPELLERS OF VESSELS	91
TABLE 26	PROPULSION: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	91
TABLE 27	PROPULSION: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	91
6.4	FAN	92
6.4.1	OFFER PRECISE CONTROL OVER FAN SPEED TO MAKE ADJUSTMENTS TO MATCH VARYING VENTILATION REQUIREMENTS OF DIFFERENT SHIP COMPARTMENTS AND CONDITIONS	92
TABLE 28	FAN: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	92
TABLE 29	FAN: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	92
 
6.5	COMPRESSOR	93
6.5.1	HELP REDUCE POWER CONSUMPTION, EXTEND EQUIPMENT LIFESPAN, AND LOWER MAINTENANCE COST	93
TABLE 30	COMPRESSOR: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	93
TABLE 31	COMPRESSOR: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	93
6.6	CRANE & HOIST	94
6.6.1	FACILITATE EFFECTIVE CARGO HANDLING AND ALLOW OPERATORS FINE-TUNE LIFTING SPEEDS AND LOAD CAPACITIES	94
TABLE 32	CRANE & HOIST: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	94
TABLE 33	CRANE & HOIST: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	94
6.7	WINCH	95
6.7.1	REGULATE SPEED AND PERFORMANCE OF AC MOTORS DRIVING WINCHES	95
TABLE 34	WINCH: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	95
TABLE 35	WINCH: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	95
6.8	HVAC	96
6.8.1	ENSURE ENERGY EFFICIENCY BY ADAPTING EQUIPMENT OPERATION TO REAL-TIME DEMAND	96
TABLE 36	HVAC: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	96
TABLE 37	HVAC: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	96
6.9	STEERING	97
6.9.1	IMPERATIVE TO ATTAIN PRECISE AND RESPONSIVE CONTROL OVER VESSEL DIRECTION	97
TABLE 38	STEERING: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	97
TABLE 39	STEERING: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	97
6.10	SCRUBBER	98
6.10.1	OPTIMIZE EFFICIENCY OF SCRUBBERS IN REMOVING SULFUR DIOXIDE AND OTHER POLLUTANTS FROM EXHAUST GASES OF VESSELS	98
TABLE 40	SCRUBBER: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	98
TABLE 41	SCRUBBER: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	98
6.11	SHAFT GENERATOR	99
6.11.1	REDUCE WEAR AND TEAR AND ENSURE RELIABLE POWER SUPPLY	99
TABLE 42	SHAFT GENERATOR: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	99
TABLE 43	SHAFT GENERATOR: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	99
6.12	POWER ELECTRONICS	100
6.12.1	ENABLE EFFICIENT BATTERY CHARGING, OPTIMIZED UTILIZATION OF SHORE CONNECTIONS, AND ENHANCED STABILITY WITHIN DC GRIDS	100
TABLE 44	POWER ELECTRONICS: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	100
TABLE 45	POWER ELECTRONICS: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	100
7	MARINE VFD MARKET, BY TYPE	101
7.1	INTRODUCTION	102
FIGURE 36	MARINE VFD MARKET, BY TYPE, 2022	102
TABLE 46	MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	102
TABLE 47	MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	102
7.2	NEW	103
7.2.1	INCREASING REQUIREMENT FOR PRECISE AND DYNAMIC CONTROL IN MARITIME SECTOR	103
TABLE 48	NEW: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	103
TABLE 49	NEW: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	103
7.3	RETROFIT	104
7.3.1	GROWING USE OF VFDS TO EXTEND OPERATIONAL LIFE OF VESSELS BY IMPROVING RELIABILITY OF CRITICAL SYSTEMS	104
TABLE 50	RETROFIT: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	104
TABLE 51	RETROFIT: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	104
8	MARINE VFD MARKET, BY VOLTAGE	105
8.1	INTRODUCTION	106
FIGURE 37	MARINE VFD MARKET, BY VOLTAGE, 2022	106
TABLE 52	MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	106
TABLE 53	MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	106
8.2	LOW VOLTAGE	107
8.2.1	RISING DEPLOYMENT OF LOW VOLTAGE VFDS ON CRITICAL SYSTEMS TO ACHIEVE COST SAVINGS AND REDUCE EMISSIONS	107
TABLE 54	LOW VOLTAGE: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	107
TABLE 55	LOW VOLTAGE: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	107
8.3	MEDIUM VOLTAGE	108
8.3.1	CAPABILITY TO OPTIMIZE ENERGY CONSUMPTION AND ENSURE SEAMLESS VOLTAGE COMPATIBILITY WITH MEDIUM VOLTAGE ELECTRICAL SYSTEMS	108
TABLE 56	MEDIUM VOLTAGE: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	108
TABLE 57	MEDIUM VOLTAGE: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	108
9	MARINE VFD MARKET, BY END USER	109
9.1	INTRODUCTION	110
FIGURE 38	MARINE VFD MARKET, BY END USER, 2022	110
TABLE 58	MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	110
TABLE 59	MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	110
9.2	MARINE SHIPS	111
9.2.1	USED TO OPTIMIZE ENERGY USAGE BY PRECISELY CONTROLLING ELECTRICAL SYSTEMS ON SHIPS	111
TABLE 60	MARINE SHIPS: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	111
TABLE 61	MARINE SHIPS: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	111
9.3	OFFSHORE PLATFORMS	112
9.3.1	USED IN OFFSHORE PLATFORMS TO ENHANCE ENERGY EFFICIENCY BY PRECISELY REGULATING CRITICAL ELECTRICAL SYSTEMS	112
TABLE 62	OFFSHORE PLATFORMS: MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	112
TABLE 63	OFFSHORE PLATFORMS: MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	112
10	MARINE VFD MARKET, BY REGION	113
10.1	INTRODUCTION	114
FIGURE 39	ASIA PACIFIC MARINE VFD MARKET TO REGISTER HIGHEST CAGR DURING FORECAST PERIOD	114
FIGURE 40	MARINE VFD MARKET, BY REGION, 2022 (%)	115
TABLE 64	MARINE VFD MARKET, BY REGION, 2019–2022 (USD MILLION)	115
TABLE 65	MARINE VFD MARKET, BY REGION, 2023–2030 (USD MILLION)	115
TABLE 66	MARINE VFD MARKET, BY REGION, 2019–2022 (THOUSAND UNITS)	116
TABLE 67	MARINE VFD MARKET, BY REGION, 2023–2030 (THOUSAND UNITS)	116
10.2	ASIA PACIFIC	116
FIGURE 41	ASIA PACIFIC: MARINE VFD MARKET SNAPSHOT	117
10.2.1	ASIA PACIFIC: RECESSION IMPACT	117
10.2.2	BY TYPE	118
TABLE 68	ASIA PACIFIC: MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	118
TABLE 69	ASIA PACIFIC: MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	118
10.2.3	BY VOLTAGE	118
TABLE 70	ASIA PACIFIC: MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	118
TABLE 71	ASIA PACIFIC: MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	118
10.2.4	BY END USER	119
TABLE 72	ASIA PACIFIC: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	119
TABLE 73	ASIA PACIFIC: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	119
10.2.5	BY APPLICATION	119
TABLE 74	ASIA PACIFIC: MARINE VFD MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	119
TABLE 75	ASIA PACIFIC: MARINE VFD MARKET, BY APPLICATION, 2023–2030 (USD MILLION)	120
10.2.6	BY COUNTRY	120
TABLE 76	ASIA PACIFIC: MARINE VFD MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	120
TABLE 77	ASIA PACIFIC: MARINE VFD MARKET, BY COUNTRY, 2023–2030 (USD MILLION)	121
10.2.7	CHINA	121
10.2.7.1	Rising port infrastructure development investments	121
TABLE 78	CHINA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	121
TABLE 79	CHINA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	122
10.2.8	JAPAN	122
10.2.8.1	High emphasis on slashing CO2 emissions and aligning with eco-friendly shipping agenda	122
TABLE 80	JAPAN: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	122
TABLE 81	JAPAN: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	122
10.2.9	REST OF ASIA PACIFIC	123
TABLE 82	REST OF ASIA PACIFIC: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	123
TABLE 83	REST OF ASIA PACIFIC: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	123
10.3	EUROPE	124
FIGURE 42	EUROPE: MARINE VFD MARKET SNAPSHOT	125
10.3.1	EUROPE: RECESSION IMPACT	126
10.3.2	BY TYPE	126
TABLE 84	EUROPE: MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	126
TABLE 85	EUROPE: MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	126
10.3.3	BY VOLTAGE	126
TABLE 86	EUROPE: MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	126
TABLE 87	EUROPE: MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	127
10.3.4	BY END USER	127
TABLE 88	EUROPE: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	127
TABLE 89	EUROPE: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	127
10.3.5	BY APPLICATION	128
TABLE 90	EUROPE: MARINE VFD MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	128
TABLE 91	EUROPE: MARINE VFD MARKET, BY APPLICATION, 2023–2030 (USD MILLION)	128
10.3.6	BY COUNTRY	129
TABLE 92	EUROPE: MARINE VFD MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	129
TABLE 93	EUROPE: MARINE VFD MARKET, BY COUNTRY, 2023–2030 (USD MILLION)	130
10.3.7	GERMANY	130
10.3.7.1	Government-led incentives and subsidies for increasing adoption of eco-friendly maritime technologies	130
TABLE 94	GERMANY: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	131
TABLE 95	GERMANY: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	131
10.3.8	UK	131
10.3.8.1	Strong commitment to sustainable future and technological advancements	131
TABLE 96	UK: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	132
TABLE 97	UK: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	132
10.3.9	FRANCE	132
10.3.9.1	Relevant collaborations and partnerships in maritime sector	132
TABLE 98	FRANCE: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	133
TABLE 99	FRANCE: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	133
10.3.10	ITALY	133
10.3.10.1	Technological innovations and shift toward renewable energy	133
TABLE 100	ITALY: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	133
TABLE 101	ITALY: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	134
10.3.11	SPAIN	134
10.3.11.1	Shift toward cleaner fuels	134
TABLE 102	SPAIN: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	134
TABLE 103	SPAIN: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	135
10.3.12	NORWAY	135
10.3.12.1	Presence of stringent environmental regulations	135
TABLE 104	NORWAY: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	135
TABLE 105	NORWAY: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	136
10.3.13	DENMARK	136
10.3.13.1	Growing adoption of energy-efficient technologies and focus on adhering to environmental compliances	136
TABLE 106	DENMARK: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	136
TABLE 107	DENMARK: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	137
10.3.14	SWEDEN	137
10.3.14.1	Integration of VFDs and other electrification technologies into ferries and other vessels to reduce reliance on fossil fuels	137
TABLE 108	SWEDEN: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	137
TABLE 109	SWEDEN: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	138
10.3.15	FINLAND	138
10.3.15.1	Government-led incentives and subsidies to shipping companies investing in green technologies	138
TABLE 110	FINLAND: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	138
TABLE 111	FINLAND: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	139
10.3.16	NETHERLANDS	139
10.3.16.1	Increasing offshore wind expansions and multiyear framework agreements	139
TABLE 112	NETHERLANDS: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	139
TABLE 113	NETHERLANDS: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	139
10.3.17	BELGIUM	140
10.3.17.1	Growing need to enhance efficiency and reduce vessel emissions	140
TABLE 114	BELGIUM: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	140
TABLE 115	BELGIUM: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	140
10.3.18	AUSTRIA	140
10.3.18.1	Government focus on use of green technologies	140
TABLE 116	AUSTRIA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	141
TABLE 117	AUSTRIA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	141
10.3.19	GREECE	141
10.3.19.1	High commitment to international maritime regulations	141
TABLE 118	GREECE: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	142
TABLE 119	GREECE: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	142
10.3.20	REST OF EUROPE	142
TABLE 120	REST OF EUROPE: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	142
TABLE 121	REST OF EUROPE: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	143
10.4	NORTH AMERICA	143
10.4.1	NORTH AMERICA: RECESSION IMPACT	143
10.4.2	BY TYPE	144
TABLE 122	NORTH AMERICA: MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	144
TABLE 123	NORTH AMERICA: MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	144
10.4.3	BY VOLTAGE	144
TABLE 124	NORTH AMERICA: MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	144
TABLE 125	NORTH AMERICA: MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	144
10.4.4	BY END USER	145
TABLE 126	NORTH AMERICA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	145
TABLE 127	NORTH AMERICA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	145
10.4.5	BY APPLICATION	145
TABLE 128	NORTH AMERICA: MARINE VFD MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	145
TABLE 129	NORTH AMERICA: MARINE VFD MARKET, BY APPLICATION, 2023–2030 (USD MILLION)	146
10.4.6	BY COUNTRY	146
TABLE 130	NORTH AMERICA: MARINE VFD MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	146
TABLE 131	NORTH AMERICA: MARINE VFD MARKET, BY COUNTRY, 2023–2030 (USD MILLION)	146
10.4.7	US	147
10.4.7.1	Strong government support and technological advancements	147
TABLE 132	US: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	147
TABLE 133	US: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	147
 
10.4.8	CANADA	148
10.4.8.1	Naval expansions and strategic collaborations	148
TABLE 134	CANADA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	148
TABLE 135	CANADA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	148
10.4.9	MEXICO	149
10.4.9.1	Rising offshore expansion activities and focus on environmental conservation	149
TABLE 136	MEXICO: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	149
TABLE 137	MEXICO: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	149
10.5	SOUTH AMERICA	149
10.5.1	SOUTH AMERICA: RECESSION IMPACT	150
10.5.2	BY TYPE	150
TABLE 138	SOUTH AMERICA: MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	150
TABLE 139	SOUTH AMERICA: MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	150
10.5.3	BY VOLTAGE	151
TABLE 140	SOUTH AMERICA: MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	151
TABLE 141	SOUTH AMERICA: MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	151
10.5.4	BY END USER	151
TABLE 142	SOUTH AMERICA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	151
TABLE 143	SOUTH AMERICA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	151
10.5.5	BY APPLICATION	152
TABLE 144	SOUTH AMERICA: MARINE VFD MARKET, BY APPLICATION, 2019–2022 (USD MILLION)	152
TABLE 145	SOUTH AMERICA: MARINE VFD MARKET, BY APPLICATION, 2023–2030 (USD MILLION)	152
10.5.6	BY COUNTRY	153
TABLE 146	SOUTH AMERICA: MARINE VFD MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	153
TABLE 147	SOUTH AMERICA: MARINE VFD MARKET, BY COUNTRY, 2023–2030 (USD MILLION)	153
10.5.7	BRAZIL	153
10.5.7.1	Government-led support and focus on sustainability	153
TABLE 148	BRAZIL: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	154
TABLE 149	BRAZIL: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	154
10.5.8	ARGENTINA	154
10.5.8.1	Flourishing fishing industry	154
TABLE 150	ARGENTINA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	154
TABLE 151	ARGENTINA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	155
10.5.9	REST OF SOUTH AMERICA	155
TABLE 152	REST OF SOUTH AMERICA: MARINE VFD MARKET, BY END USER,  2019–2022 (USD MILLION)	155
TABLE 153	REST OF SOUTH AMERICA: MARINE VFD MARKET, BY END USER,  2023–2030 (USD MILLION)	156
10.6	MIDDLE EAST & AFRICA	156
10.6.1	RECESSION IMPACT: MIDDLE EAST & AFRICA	156
10.6.2	BY TYPE	156
TABLE 154	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY TYPE, 2019–2022 (USD MILLION)	156
TABLE 155	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY TYPE, 2023–2030 (USD MILLION)	157
10.6.3	BY VOLTAGE	157
TABLE 156	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY VOLTAGE, 2019–2022 (USD MILLION)	157
TABLE 157	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY VOLTAGE, 2023–2030 (USD MILLION)	157
10.6.4	BY END USER	157
TABLE 158	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY END USER,  2019–2022 (USD MILLION)	157
TABLE 159	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY END USER,  2023–2030 (USD MILLION)	158
10.6.5	BY APPLICATION	158
TABLE 160	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY APPLICATION,  2019–2022 (USD MILLION)	158
TABLE 161	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY APPLICATION,  2023–2030 (USD MILLION)	159
10.6.6	BY COUNTRY	159
TABLE 162	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY COUNTRY, 2019–2022 (USD MILLION)	159
TABLE 163	MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY COUNTRY, 2023–2030 (USD MILLION)	160
10.6.7	TURKEY	160
10.6.7.1	Rising focus on modernization of maritime sector	160
TABLE 164	TURKEY: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	160
TABLE 165	TURKEY: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	161
10.6.8	SOUTH AFRICA	161
10.6.8.1	Deployment of floating power plants equipped with VFDs	161
TABLE 166	SOUTH AFRICA: MARINE VFD MARKET, BY END USER, 2019–2022 (USD MILLION)	161
TABLE 167	SOUTH AFRICA: MARINE VFD MARKET, BY END USER, 2023–2030 (USD MILLION)	162
10.6.9	REST OF MIDDLE EAST & AFRICA	162
TABLE 168	REST OF MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY END USER,  2019–2022 (USD MILLION)	162
TABLE 169	REST OF MIDDLE EAST & AFRICA: MARINE VFD MARKET, BY END USER,  2023–2030 (USD MILLION)	163
11	COMPETITIVE LANDSCAPE	164
11.1	OVERVIEW	164
11.2	KEY STRATEGIES ADOPTED BY MAJOR PLAYERS	164
TABLE 170	KEY STRATEGIES ADOPTED BY TOP PLAYERS, 2019–2022	164
11.3	MARKET SHARE ANALYSIS, 2022	166
TABLE 171	MARINE VFD MARKET: DEGREE OF COMPETITION	167
FIGURE 43	MARINE VFD MARKET SHARE ANALYSIS, 2022	167
11.4	REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022	168
FIGURE 44	MARINE VFD MARKET: REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022	168
11.5	EVALUATION MATRIX OF KEY COMPANIES, 2022	169
11.5.1	STARS	169
11.5.2	PERVASIVE PLAYERS	169
11.5.3	EMERGING LEADERS	169
11.5.4	PARTICIPANTS	169
FIGURE 45	MARINE VFD MARKET: EVALUATION MATRIX OF KEY COMPANIES, 2022	170
11.6	COMPETITIVE BENCHMARKING	171
TABLE 172	TYPE: COMPANY FOOTPRINT	171
TABLE 173	END USER: COMPANY FOOTPRINT	172
TABLE 174	APPLICATION: COMPANY FOOTPRINT	173
TABLE 175	VOLTAGE: COMPANY FOOTPRINT	174
TABLE 176	REGION: COMPANY FOOTPRINT	175
TABLE 177	COMPANY FOOTPRINT	176
11.7	COMPETITIVE SCENARIOS AND TRENDS	177
TABLE 178	MARINE VFD MARKET: DEALS, JANUARY 2019–JANUARY 2023	177
TABLE 179	MARINE VFD MARKET: OTHERS, JANUARY 2019–JANUARY 2023	178
12	COMPANY PROFILES	179
(Business overview Products/Solutions/Services offered, Recent Developments, MNM view)*
12.1	KEY PLAYERS	179
12.1.1	SIEMENS	179
TABLE 180	SIEMENS: COMPANY OVERVIEW	179
FIGURE 46	SIEMENS: COMPANY SNAPSHOT	180
TABLE 181	SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	181
TABLE 182	SIEMENS: DEALS	181
12.1.2	SCHNEIDER ELECTRIC	183
TABLE 183	SCHNEIDER ELECTRIC: COMPANY OVERVIEW	183
FIGURE 47	SCHNEIDER ELECTRIC: COMPANY SNAPSHOT	184
TABLE 184	SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED	184
12.1.3	GENERAL ELECTRIC	186
TABLE 185	GENERAL ELECTRIC: COMPANY OVERVIEW	186
FIGURE 48	GENERAL ELECTRIC: COMPANY SNAPSHOT	187
TABLE 186	GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED	188
TABLE 187	GENERAL ELECTRIC: DEALS	188
12.1.4	ABB	191
TABLE 188	ABB: COMPANY OVERVIEW	191
FIGURE 49	ABB: COMPANY SNAPSHOT	192
TABLE 189	ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED	192
TABLE 190	ABB: DEALS	193
TABLE 191	ABB: OTHERS	194
12.1.5	DANFOSS	195
TABLE 192	DANFOSS: COMPANY OVERVIEW	195
FIGURE 50	DANFOSS: COMPANY SNAPSHOT	196
TABLE 193	DANFOSS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	197
TABLE 194	DANFOSS: DEALS	197
12.1.6	NIDEC	199
TABLE 195	NIDEC: COMPANY OVERVIEW	199
FIGURE 51	NIDEC: COMPANY SNAPSHOT	200
TABLE 196	NIDEC: PRODUCTS/SOLUTIONS/SERVICES OFFERED	200
TABLE 197	NIDEC: DEALS	201
TABLE 198	NIDEC: OTHERS	202
12.1.7	WEG	203
TABLE 199	WEG: COMPANY OVERVIEW	203
FIGURE 52	WEG: COMPANY SNAPSHOT	204
TABLE 200	WEG: PRODUCTS/SOLUTIONS/SERVICES OFFERED	204
TABLE 201	WEG: DEALS	205
TABLE 202	WEG: OTHERS	205
12.1.8	ROCKWELL AUTOMATION	206
TABLE 203	ROCKWELL AUTOMATION: COMPANY OVERVIEW	206
FIGURE 53	ROCKWELL AUTOMATION: COMPANY SNAPSHOT	207
TABLE 204	ROCKWELL AUTOMATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED	207
TABLE 205	ROCKWELL AUTOMATION: DEALS	208
12.1.9	INGETEAM	209
TABLE 206	INGETEAM: COMPANY OVERVIEW	209
TABLE 207	INGETEAM: PRODUCTS/SOLUTIONS/SERVICES OFFERED	209
TABLE 208	INGETEAM: PRODUCT LAUNCHES	210
TABLE 209	INGETEAM: DEALS	210
12.1.10	TRIOL	213
TABLE 210	TRIOL: COMPANY OVERVIEW	213
TABLE 211	TRIOL: PRODUCTS/SOLUTIONS/SERVICES OFFERED	213
TABLE 212	TRIOL: DEALS	213
12.1.11	CG POWER AND INDUSTRIAL SOLUTIONS	215
TABLE 213	CG POWER AND INDUSTRIAL SOLUTIONS: COMPANY OVERVIEW	215
FIGURE 54	CG POWER AND INDUSTRIAL SOLUTIONS: COMPANY SNAPSHOT	216
TABLE 214	CG POWER AND INDUSTRIAL SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	217
12.1.12	LS ELECTRIC CO., LTD.	218
TABLE 215	LS ELECTRIC CO., LTD.: COMPANY OVERVIEW	218
TABLE 216	LS ELECTRIC CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED	218
12.1.13	JOHNSON CONTROLS	219
TABLE 217	JOHNSON CONTROLS: COMPANY OVERVIEW	219
FIGURE 55	JOHNSON CONTROLS: COMPANY SNAPSHOT	220
TABLE 218	JOHNSON CONTROLS: PRODUCTS/SOLUTIONS/SERVICES OFFERED	220
12.1.14	HONEYWELL	221
TABLE 219	HONEYWELL: COMPANY OVERVIEW	221
FIGURE 56	HONEYWELL: COMPANY SNAPSHOT	222
TABLE 220	HONEYWELL: PRODUCTS/SOLUTIONS/SERVICES OFFERED	222
12.1.15	PARKER HANNIFIN	223
TABLE 221	PARKER HANNIFIN: COMPANY OVERVIEW	223
FIGURE 57	PARKER HANNIFIN: COMPANY SNAPSHOT	223
TABLE 222	PARKER HANNIFIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED	224
TABLE 223	PARKER HANNIFIN: DEALS	224
*Details on Business overview Products/Solutions/Services offered, Recent Developments, MNM view might not be captured in case of unlisted companies.
12.2	OTHER PLAYERS	225
12.2.1	INVERTEK DRIVES	225
12.2.2	SELMA	225
12.2.3	HI-SEA	226
12.2.4	BOSCH REXROTH	226
12.2.5	NORD	227
13	APPENDIX	228
13.1	INSIGHTS FROM INDUSTRY EXPERTS	228
13.2	DISCUSSION GUIDE	229
13.3	KNOWLEDGESTORE: MARKETSANDMARKETS’  SUBSCRIPTION PORTAL	234
13.4	CUSTOMIZATION OPTIONS	236
13.5	RELATED REPORTS	236
13.6	AUTHOR DETAILS	237
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