Frequency Converter Market Size was valued at USD 23.98 billion in 2023. The Frequency Converter Market industry is projected to grow from USD 24.90 billion in 2024 to USD 36.19 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.2% during the forecast period (2024 - 2032).
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The conversion of Ac into another frequency current by altering it is done by frequency converters. They are highly used to manipulate the frequency of speed of currents which is essential for removing mechanical stress and electrical stress. The use of a frequency converter also ensures the extended life of pumps, motors, and others equipment.
Recently due to the growing urbanization, the demand for frequency converter is increasing very frequently. Also, the use of frequency converter is economical and energy-efficient and hence leads to the growth of the global frequency converter market in the global market.
The most prominent major key players in the frequency converter market in the global market are mentioned below:
These major key players use various strategies to sustain their market position in the frequency converter market in the global market by collaborating, setting up a new joint venture, by going for mergers, and acquisitions, establishing a partnership, developing a new production process, innovation in the existing product, developing a new product line, and many others to expand their customer base in the untapped market of the frequency converter all across the globe.
The global pandemic of COVID has affected the sales revenue of various industries adversely. With the growing outbreak of COVID 19, one has to fight the battle between financial crises and health concerns. The lockdown situation has pushed the economies towards forced recession. Due to the lockdown situation, most of the manufacturing units of frequency converter were shut down which resulted in a steep downfall of sales revenues of the frequency converter market.
However, it is expected that the frequency converter market will recover from this global pandemic by the end of the second quarter of the coming year.
The increasing demand for market in the global market. Recently, countries of different regions are growing towards urbanization coupled with increasing infrastructural developments that require a high-frequency converter market and hence leads to growth of market in the global market. The increasing personal disposable income recently is another factor that drives the demand for the market in the global market.
The demand for frequency converter is increasing at a constant rate in the global market. The use of frequency converter in various economical devices in various industries provides various growth opportunities in the global market during the forecasted period. Moreover, the increasing launches in the product line of the market and growing expenditure on research and development by various major key players provide growth opportunities for the frequency converter market in the global market.
The demand for the market in the global market is increasing rapidly but some factors restrict the growth of the frequency converter market in the global market. The difference in electrical standards prevailing in different countries hinders the growth of the market in the global market. The increasing fluctuations in the price of raw material used in the manufacturing of frequency converter hamper the growth of frequency converter in the global market.
Value Chain Analysis:
The demand for frequency converter in the global market is increasing tremendously during the forecasted period owing to various benefits associated with the use of the frequency converter market. The use of frequency converter in electrical industries and aerospace and defense industry helps in improving the efficiency in the working as it helps in reducing the mechanical and electrical stress for increasing durability of pumps, motors, and other equipment.
The global market has been divided based on the type, application, end-user, and region.
The global market has been divided based on the type into static type, rotary type, single-phase type, three-phase type, and many others.
The global market has been divided based on the application into a naval, industrial enterprise, aerospace, power plant, railway, and others.
The global market has been divided based on the end-user into marine/offshore, traction, process industry, power & energy industry, aerospace & defense industry, oil & gas industry, and many others.
The global market has been divided based on the region into the Middle East and African region, Asia-Pacific region, European region, North American region, and the rest of the world.
The frequency converter market in the global market has been divided based on the region into the Middle East and African region, Asia-Pacific region, European region, North American region, and the rest of the world. The largest market share in the market in the global market is held by the Asia-Pacific region owing to increasing infrastructural developments like electrical equipment industry, airports, seaports, manufacturing & production facilities require a high-frequency converter for efficiency in the working and clean process is expected to grow demand for market in the Asia-Pacific region.
The second-largest market share in the frequency converter market in the global market is held by the North American region owing to increasing expenditure of the government in the growth of infrastructure which requires a high-frequency converter for their efficient work. The third-largest market share in the market in the global market is held by the European region.
The increasing investment for the development of manufacturing, energy infrastructures, aerospace & defense industry, and marine/offshore industry by countries like United Kingdom, France, and Germany. The market share of Germany is the highest and hence it dominates in the European market.
The Middle East and African region show a speedy and positive growth rate in the frequency converter market during the forecasted period owing to their increasing expenditure in the infrastructural developments like electrical equipment industry, and many other end-use industries that require higher frequency converter and hence drive the market in the Middle East and African region.
The global frequency converter market research report consist of the following elements mentioned below:
This global market research report contains factors that drive the growth of the market in the global market along with the factors that restrict the growth of the frequency converter market in the global market. The opportunities available for the growth of the market during the forecasted period are mentioned.
The impact of COVID 19 on the sales revenue of the market all across the globe is mentioned. The future growth rate of the market during the forecasted period is estimated and mentioned. We hope that this report will be helpful to get real-time insights.
Distributor & supplier companies, end-users, consultant and investment bankers, Government as well as independent regulatory authorities, and many others.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 23.98 Bn |
| Market Size 2024 | USD 24.90 Bn |
| Market Size 2032 | USD 36.19 Bn |
| CAGR | 4.2% CAGR (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Piller Group GmbH (Germany), ABB Ltd (Switzerland), Power Systems & Controls Inc (USA), Danfoss (Denmark), Aplab Ltd. (India), General Electric Company (USA), Sinepower (Portugal), Siemens (Germany) and Magnus Power Pvt. Ltd. (India) |
| Key Market Opportunities | Economical devices in industries New product launches and R&D amongst major key players |
| Key Market Drivers | The growing demand for frequency converters in developing countries and economical systems |
Frequency Converter Market Highlights:
Frequently Asked Questions (FAQ) :
The market can attain a growth rate of approximately 4.2% during the review period.
The market size is anticipated to expand tremendously by 2023, given the increasing use of frequency converters in applications like temperature, flow and controlling pressure.
ABB Ltd (Switzerland), Power Systems & Controls Inc (USA), Siemens (Germany) Piller Group GmbH (Germany), Aplab Ltd. (India), General Electric Company (USA), Magnus Power Pvt. Ltd. (India), Sinepower (Portugal), Danfoss (Denmark), are the major players profiled in the report.
North America is the second leading market for frequency converter.
Substantial investments from France, United Kingdom and Germany into the development of sectors like manufacturing, aerospace & defense, marine/offshore and energy infrastructures are the factors that back Europe’s dominance in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
