Frequency converter is an electromechanical device that converts the frequency of alternating current suitable to various appliances connected. These converters are used to speed control of alternating current motors used for pumps and fans. Also, frequency converters market play an important role in extending the durability of the motors, pumps, and other equipment, minimizing electrical and mechanical stress.
The global frequency converter market is growing at a rapid pace. The market growth majorly attributes to the rising uptake of frequency converters worldwide. Frequent power outages interrupt operations damage several connected appliances and electrical & electronics instruments in industries, emergency services, homes, and commercial establishments.
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Therefore, power outages escalate market demand further. According to Market Research Future (MRFR), the global frequency converter market valuation is projected to expand at 9% CAGR during the assessment period (2017 – 2023). Moreover, varying electrical and electricity supply standards worldwide act as a key driving force for market growth.
Additionally, increasing international trading and growing demand for energy-efficient frequency converters substantiate market growth. Growing installations and government initiatives & policies benefit the growth of the market. Furthermore, the spurring rise in off-grid renewable energy generation installations for commercial, industrial, and residential sectors impacts the growth of the market positively.
Conversely, high costs associated with frequency converter and maintenance are the major factors projected to impede the market growth. Nevertheless, the spurring rise in the electronics sector would support market growth throughout the forecast period.
Global Frequency Converter Market – Segments
The report is segmented into three dynamics;
By Type : Static and Rotary.
By End-User: Aerospace & Defense, Power & Energy, Process Industry, Traction, Oil & Gas, Marine/Offshore, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Frequency Converter Market – Geographical Analysis
Europe is the largest market for frequency converters globally. The largest market share attributes to extensive investments into the development of aerospace & defense, manufacturing, energy infrastructures, and marine/offshore. Besides, countries such as Germany, France, and the UK contribute to the regional market’s growth, witnessing a huge rise across end-user verticals.
Over the past couple of years, several utility development projects have been erected in Europe. Also, many are under construction as well, which are expected to boost market growth, increasing the primary energy production in the region. The European frequency converter market is projected to retain its dominance throughout the estimated period.
North America accounts for the second-largest share in the global frequency converter market. The market rise is fostered by the increasing emphasis on curtailing the costs of power generation. Additionally, the broad uptake of green energy generation systems and substantial investments in solar power plants to increase energy production and storage capacity fosters regional market growth. Also, government initiatives to promote the utilization of renewable energy increase market revenues.
Other factors impacting the regional market’s growth include rapid growth in the industrial, commercial, and utility sectors, creating a massive electricity demand. Furthermore, the rising renewable energy generation led by government initiatives supports the regional market’s growth. The North American shore power market is expected to support market growth throughout the assessment period.
The Asia Pacific frequency converter market is growing rapidly, accounting for over half of the total global population, which creates vast energy demand. Moreover, increasing infrastructural development projects, such as manufacturing & production facilities and ports & airports, influence the growth of the regional market. Electrical equipment used in the region needs specific current frequencies to run efficiently, which, in turn, increases the market size.
Due to the ample renewable natural resources, the region holds the largest share in the global renewable energy generation market. The demand in the synchronous condenser market and shore power market in the region drives the growth of the frequency converter market. China, India, Korea, and Japan, are emerging markets for frequency converters projected to register a healthy CAGR during the review period.
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Frequency Converter Market – Competitive Analysis
Intensely competitive, the frequency converter market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch remain key trends for these players.
Players leading the frequency converter market include
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