pune, India, Jan. 23, 2023 (GLOBE NEWSWIRE) — The global marine variable frequency drive market size was valued USD 1.21 billion in 2021 and USD 1.25 billion in 2022 respectively. The global market size is expected to grow from USD 1.68 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period from 2022-2029.
Key Industry Development-
October 2021 – Siemens announced that its major drive system unit will be prepared for separation. The operation, which is the first step in a sale, is a member of Siemens’ so-called portfolio companies, which make heavy-duty electrical drive systems for ships, rolling mills, and mines.
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Marine Variable Frequency Drive Market Scope:
Report Coverage
Details
Forecast Period
2022-2029
Forecast Period 2022 to 2029 CAGR
4.3%
2029 Value Projection
USD 1.68 Billion
Base Year
2021
Market Size in 2021
USD 1.21 Billion
Historical Data for
2017-2019
No. of Pages
160
Segments covered
Type, Application, End-user, and Region
Growth Drivers
Surge in Demand for Energy-efficient Systems for Maritime Vessels Propels Market Growth
