Frequency Converter Market Expected To Reach $39.7 Billion By 2031 | Registering A CAGR Of 6%

Frequency Converter Insight

Frequency Converter Market to Witness Comprehensive Growth by 2031

PORTLAND, OREGON, UNITED STATES, October 9, 2023 /EINPresswire / -- Allied Market Research published a report on the Global Frequency Converter Market By End-User (Aerospace And Defense, Power And Energy, Oil And Gas, Traction, Marine/Offshore, Process Industry, Others), By Type (Static frequency converter, Rotary frequency converter): Global Opportunity Analysis and Industry Forecast, 2021-2031.

The global Frequency Converter Market size was valued at $22.3 billion in 2021 and is estimated to reach $39.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.

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Frequency converters are electronic devices used in various applications including generation, transmission, distribution, and use of electrical energy. They can control frequency, power, and voltage and improve the efficiency of the equipment or machines such as motors, pumps, fans, and others. They offer advantages such as reduction in maintenance cost, increased lifetime of machines, improved processes, enabled utilization of equipment imported from other countries, and others. They are used in various end-use industries including aerospace & defense, power & energy, oil & gas, marine, and others.

Significant development of the end-use industries such as textile, automotive, paint & coatings, solar, pharmaceutical, chemicals, and healthcare, has fueled the demand for frequency converters to operate the machinery & equipment in industries at variable frequencies from the above-mentioned industries and is thereby expected to drive the growth of the frequency converter market during the forecast period. In addition, an increase in demand for frequency converters from developing economies such as India, China, and Japan, owing to the presence of manufacturing facilities in the region fuels the growth of the market, globally. However, fluctuations in the cost of raw materials & components and different electricity standards in different countries are the key factors that are expected to hamper the growth of the global frequency converter market in the upcoming years.

Depending on the type, the rotary frequency converter segment held the highest market share of about 68.4% in 2021 and is expected to maintain its dominance during the frequency converter market forecast period. This is attributed to the rise in demand for rotary frequency converters from applications including aerospace & defense, weapon systems, manufacturing facilities, rail & hydro facilities, and.

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In addition, a rise in the adoption of rotary frequency converters in large applications with a power rating of 10 kVA or more is further anticipated to boost the demand for rotary frequency converters in the coming years.

On the basis of end users, the aerospace & defense segment held the largest share in 2021, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is attributed to the rapid growth of the aerospace & defense industry across the globe for national security. In addition, frequency converters are increasingly used in applications including aviation and weapon systems, signal systems, and others, which is expected to fuel the growth of the market during the forecast period.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2021 and is anticipated to maintain this dominance in the frequency converter market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. In addition, rapid expansion of the renewable energy sector, rise in investment toward building & construction of modern grid infrastructure and increase in R&D efforts in the region are further anticipated to fuel the growth of the market in the upcoming years.

Competitive Analysis:

The Frequency Converter industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players in the global Frequency Converter market include,

APLAB Ltd
Georator Corporation
Siemens
Magnus Power
NR Electric
ABB Ltd
KGS Electronics
General Electric Company
Aelco, Danfoss

Key findings:

- In 2021, the rotary frequency converter type segment accounted for about 68.4% of the share in the global frequency converter market and is expected to maintain its dominance till the end of the forecast period.
- The rotary frequency converter end-user segment is expected to grow at the fastest rate, registering a CAGR of 6.1%, throughout the forecast period.
- In 2021, the aerospace & defense end-user segment accounted for 30.7% frequency converter market share in the year 2021 and is anticipated to grow at a rate of 6.7% in terms of revenue, while increasing its share in the global frequency converter market.
- In 2020, the Asia-Pacific region dominated the global frequency converter market with more than 39.6% share, in terms of revenue.

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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 to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the global frequency converter market segmentation assists in determining 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 an analysis of the regional as well as global frequency converter market trends, key players, market segments, application areas, and market growth strategies.

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