The Global marine VFD market is expected to grow from an estimated USD 804 million in 2021 to USD 1,075 million by 2026, at a CAGR of 6.0% during the forecast period.

This growth can be attributed to factors such as reduced energy cost, extended equipment life and reduced maintenance, and the growth of the shipbuilding industry.

The global marine VFD market is projected to reach USD 1,039 million by 2024 from an estimated USD 772 million in 2019, at a CAGR of 6.13% during the forecast period.

This growth can be attributed to the rise in demand for energy efficiency.