A notable development of end use industries in textile, paints and coatings etc surged the demand for frequency converter to operate the industries at variable frequencies which is expected to derive the growth of frequency converter market during the forecast period.
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
efficiency of the equipment or machines such as motors, pumps, fans, and
others. They offer advantages such as reduction in maintenance cost, increase
lifetime of machines, improve processes, enable 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.
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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
machineries & equipment in industries at variable frequencies from above
mentioned industries, and is thereby expected to drive the growth of the
frequency converter market during the forecast period. In addition, increase in
demand for frequency converters from developing economies such as India, China,
and Japan, owing to presence of manufacturing facilities in the region fuels
the growth of the market, globally. However, fluctuation in 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 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 rise in demand for rotary frequency converters from
applications including aerospace & defense, weapon systems, manufacturing
facilities, rail & hydro facilities and.
In addition, rise in adoption of rotary frequency converters
in large applications with power rating 10 kVA or more is further anticipated
to boost the demand for rotary frequency converters in the coming years.
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On the basis of end user, 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 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 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.
The global frequency converter market analysis covers
in-depth information about the major frequency converter industry participants.
The key players operating and profiled in the report 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.
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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.
- 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, Asia-Pacific region dominated the global frequency converter market
with more than 39.6% share, in terms of revenue.
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