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A significant area of the power hardware industry, the frequecy converter market is influenced by mechanical turns of events, administrative changes, and customer inclinations. This relates to contraption that changes the recurrence of electrical flow, which is basic for modern hardware and environmentally friendly power frameworks.
Patterns in power hardware and semiconductor innovation are affecting the market elements of frequency converters. The advancement of additional reduced and proficient gadgets by makers is bringing about better execution and diminished costs. This pattern can be credited to the more extensive mechanical climate, where market members try to keep the upper hand by taking on original ways to deal with fulfill developing shopper requests.
The administrative climate and energy scene impact the market elements. The overall work to progress to reasonable energy sources has prompted a flood in the requirement for these converters inside wind and sun-based power frameworks. The advancement of sustainable power reception by states is creating a market climate that is favorable for converter makers. It is guessed that the interest in converters that coordinate sustainable power sources into power foundations will increment pair with the noticeable quality of ecological worries.
The market is affected by the execution of advanced innovations, mechanization, and modernization of assembling processes. They streamline energy protection, engine speed guidelines, and framework usefulness because of the Fourth Industrial Revolution and the IoT.
The market is dependent upon the impacts of overall financial conditions; extension pushes the advancement of foundation and industry, though constrictions may immediately limit capital consumption and speculation.
Firms competing for piece of the pie in the industry focus on essential unions, cost seriousness, and development. It is fundamental to team up with partners to fathom market requests and keep a strategic advantage.
The direction of the market is resolved by and large by a huge number of reliant and fluctuating elements. Various components, including mechanical headways, administrative repercussions, the advancing energy scene, and monetary circumstances, add to the changes on the lookout. With the constant accentuation of enterprises on development, manageability, and effectiveness, the recurrence converter market is ready to expect an urgent job in working with the advancement of different applications across the globe.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type and End-User |
Frequency Converter Market Highlights:
Global Frequency Converter Market Overview:
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.
Competitive Landscape:
The most prominent major key players in the frequency converter market in the global market are mentioned below:
- Piller Group GmbH (Germany)
- ABB LTD (Switzerland)
- Power Systems & Controls Inc. (US)
- Danfoss (Denmark)
- Aplab Ltd. (India)
- General Electric Compa6 (USA)
- Sinepower (Portugal)
- Siemens (Germany)
- Magnus Power Pvt. Ltd. (India)
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.
COVID 19 Analysis:
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.
Market Dynamics
Drivers:
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.
Opportunities:
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.
Restraints:
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.
Market Segmentation Outlook
The global market has been divided based on the type, application, end-user, and region.
Based on the Type:
The global market has been divided based on the type into static type, rotary type, single-phase type, three-phase type, and many others.
Based on the Application:
The global market has been divided based on the application into a naval, industrial enterprise, aerospace, power plant, railway, and others.
Based on the End-User:
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.
Based on the Region:
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.
Regional Analysis:
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.
Recent Developments:
- In 2014, the largest market share in the frequency converter market in the global market is held by the European region owing to increasing investment from the United Kingdom, and Germany in energy infrastructures, manufacturing industries, aerospace & defense drives the growth of the market in the European region.
- Magnus Power Pvt. Ltd. (India) is spending a huge amount of funds towards research and development for the growth of the market in the Asia-Pacific region as most of the people in India are shifting towards urbanization and hence require more frequency converters.
- Piller Group GmbH (Germany) uses various strategies to sustain its market position in the frequency converter market in the global market and also to get a first-mover advantage by studying the environmental factors.
- Owing to increasing urbanization in various countries of the Middle East and African region and for improving efficiency in the working of various end-use industry demand for market is increasing tremendously and expected to grow more during the forecasted period.
Report Overview:
The global frequency converter market research report consist of the following elements mentioned below:
- Market Overview
- COVID 19 Analysis
- Market Dynamics
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Landscape
- Recent Developments
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.
Intended Audience:
Distributor & supplier companies, end-users, consultant and investment bankers, Government as well as independent regulatory authorities, and many others.
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