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Nowadays multilevel inverter with reduced switch count is more attractive among the researchers due to the unsuitability of the conventional multilevel inverter where the installation space is constrained. In this category, the marine ship board has limited installation space. In this paper, a new multilevel inverter with reduced power electronics components with improved conduction loss is proposed. The proposed topology is compared with conventional and recent multilevel inverter topologies in terms of the number of levels, auxiliary diode, gate driver circuits, and blocking voltage of switches. The performance of proposed multilevel inverter is measured by using simulation software MATLAB/Simulink, and laboratory workbench-based experimental test has been conducted. Finally, the comparison between the simulation output and experimental result is discussed to prove the superiority of proposed topology.