Global Frequency Converter Market Research, 2031
The global frequency converter market size was valued at $22.3 billion in 2021, and is projected to reach $39.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.
The worldwide spread of Coronavirus has a huge impact on various industries and countries across the globe. Owing to lockdown in economies worldwide, there has been decrease in the growth rate of industries such as construction & building, transportation, oil & gas, energy, food processing, electronics, pharmaceuticals, textiles, and others. In addition, there is decrease in electricity demand from the COVID-19 affected regions, which is expected to hamper the growth of the frequency converter market in 2020
Frequency converter is an electromechanically controlled device used to convert alternating current of one frequency to alternating current of another frequency. Frequency converters enable the equipment and devices to operate at their standard frequency apart from utility frequency, which is 50 Hz or 60 Hz varying with countries across the globe. Frequency converters are used to control the speed and torque of the AC motors as per the load requirement in various industries. There are two types of frequency converters used in the industries for conversion of frequency including static and rotary frequency converters.
Due to development of high speed rails which require frequency converter to control the speed of engine and fans and extensive use of equipment in aerospace and defense industry for monitoring the activities of axes are the key factors driving the growth of frequency converter market during the forecast period.
For the purpose of analysis, the frequency converter market forecast is segmented into type, end user, and region. Depending on type, the market is segmented into static frequency converter and rotary frequency converter.
On the basis of end user, it is categorized into aerospace & defense, power & energy, oil & gas, traction, marine/offshore, process industry, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global frequency converter market analysis covers in-depth information about the major frequency converter industry participants. Some of the major players in the market include ABB, Ltd., Avionic Instruments, LLC, Danfoss A/S, Georator Corporation, General Electric, KGS Electronics, NR Electric Co., Ltd., Power Systems & Controls, Inc., Siemens, and Langley Holdings Plc. Other players operating in the value chain of the global frequency converter market are Bosch Rexroth, Wacker Neuson, Piller Group GmbH, ENAG, and others. The key players have adopted numerous strategies such as product launch, acquisition, and business expansion, to stay competitive in the frequency converter market. The frequency converter market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2031. The report includes the study of the frequency converter market with respect to the growth prospects and restraints based on regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
By type, rotary frequency converter segment dominated the global frequency converter market in 2021 and is projected to remain the fastest-growing segment during the forecast period. This is attributed to rise in adoption of rotary frequency converters in large applications with a power rating of 10 kVA or more.
By end-user, the aerospace & defense segment dominated the global frequency converter market in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to use of frequency converters in power electronics applications in the military aircrafts.
By region, Asia-Pacific dominated the global frequency converter market in 2021, and is projected to remain the fastest-growing segment during the forecast period. This is attributed to demand for renewable power generation in Asia-Pacific, especially in China, Japan and India, owing to rise in need for continuous and stable power supply, due to increase in population, and is therefore, expected to fuel the demand for frequency converter market in the upcoming years.
IMPACT OF COVID-19 ON THE GLOBAL FREQUENCY CONVERT MARKET
The worldwide spread of Coronavirus has a huge impact on various industries and countries across the globe. Owing to lockdown in economies worldwide, there has been decrease in the growth rate of industries such as construction & building, transportation, oil & gas, energy, food processing, electronics, pharmaceuticals, textiles, and others. In addition, there is decrease in electricity demand from the COVID-19 affected regions, which is expected to hamper the growth of the frequency converter market in 2020. In Europe, economies such as Germany, France, Spain, Italy, and others, are following strict measures to break the spread of Coronavirus in their respective regions. As a result, there is huge impact on the supply chain and demand for the frequency converter, which in turn resulted in restraining the growth of the frequency converter market till the starting of businesses, productions, and manufacturing in the world. In addition, manufacturing firms in the U.S. faced supply chain and demand crisis due to labor shortages, stuck manufacturing, and construction works, which hampered the growth of the frequency converter market. Furthermore, other industries such as pharmaceuticals, chemicals, healthcare, textile, automotive and others, have put R&D activities and production on hold owing to lack of funding, which in turn hampered the growth of the market during the pandemic period. Furthermore, halt in construction of new electric utility infrastructures, renewable power plants, grid network, and other power plants, due to lack of workers and increase in demand–supply gaps, hampered the market growth in the pandemic period. Thus, all these factors collectively resulted in sluggish growth of the global frequency converter market in 2020.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global frequency converter market analysis from 2021 to 2031 to identify the prevailing global frequency converter market opportunities.
- A comprehensive analysis of the factors that drive and restrict the global frequency converter market growth is provided.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global frequency converter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global global frequency converter market trends, key players, market segments, application areas, and market growth strategies.
Global Frequency Converter Market Report Highlights
| Aspects | Details |
 By End-User |
|
 By Type |
|
 By Region |
|
 Key Market Players | Danfoss, KGS Electronics, Georator Corporation, Siemens, General Electric Company, ABB Ltd, NR Electric, APLAB Ltd, Magnus Power, Aelco |
Analyst Review
Rapid industrialization and growth of energy and manufacturing sector are the key factors attributed to the leading position of Asia-Pacific. The huge potential in Asia-Pacific to set up renewable energy plants & industries and surge in power transmission and distribution networks along with rise in investment toward R&D of frequency converter products are expected to provide lucrative opportunities to leading frequency converter manufacturers.
Rapid development in the power & energy sector and increase in installation of grid infrastructure are the key factors that are expected to drive the demand for frequency converters during the forecast period. In addition, increase in demand for frequency converters from aerospace & defense, oil & gas, marine/offshore, and others, is expected to boost the growth of the global frequency converter market during the forecast period.
However, difference in the standards in various countries and variations in the prices of raw materials are expected to hamper the growth of the frequency converter market during the analyzed time frame. On the contrary, increase in government initiatives and investment toward R&D of machineries & equipment to work at difference frequencies in various end-use industries and to introduce new frequency converter products are anticipated to provide remunerative opportunities for the key players to maintain their pace in the frequency converter market in the upcoming years. Among the analyzed regions, Asia-Pacific is expected to account for the highest revenue in the market throughout the forecast period, followed by Europe, North America, and LAMEA.
Aerospace and defense is the leading application of Global Frequency Converter Market
Rise in building & construction activities and rapid growth of manufacturing industry are the upcoming trends of Global Frequency Converter Market in the world
Asia-Pacific is the largest regional market for Global Frequency Converter Market
ABB, Ltd., Avionic Instruments, LLC, Danfoss A/S, Georator Corporation, General Electric are the top companies to hold the market share in Global Frequency Converter Market
The global frequency converter market was valued at $22.3 billion in 2021, and is projected to reach $39.7 billion by 2031
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