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. 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.
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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
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.
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-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 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.
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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, the 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, Generator 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.
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.
IMPACT OF COVID-19 ON THE GLOBAL FREQUENCY CONVERT MARKET
The worldwide spread of Coronavirus has had a huge impact on
various industries and countries across the globe. Owing to the lockdown in
economies worldwide, there has been a 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 a 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 a 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, production, and manufacturing in the world. In addition,
manufacturing firms in the U.S. faced supply chain and demand crises due to
labor shortages, stuck manufacturing, and construction work, 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, a halt in the construction of new electric utility
infrastructures, renewable power plants, grid networks, and other power plants,
due to a lack of workers and an increase in demand–supply gaps, hampered the
market growth during the pandemic period. Thus, all these factors collectively
resulted in sluggish growth of the global frequency converter market in 2020.
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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.
- 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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Allied Analytics LLP
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