Press release
Frequency Converter Market Growth Opportunity, Industry Size, Demand | Comprehensive Analysis and Global Leaders Report by Forecast 2023
The growing demand for frequency converters in developing countries and economical systems is driving the frequency converter market worldwide. Currently, the device is used in industries such as aerospace & defense and process industry. The demand for economical devices in industries to enhance performance is expected to create further opportunities for the market. Varying worldwide electrical standards of main electricity supply, international trading, and growing demand for energy-efficient frequency converters are the main driving factors of the market.
The majority of power generation plant use non-renewable fuels, and therefore, the importance of energy efficiency has gained significant ground over the last decade. Frequency converters are used for saving energy and optimizing energy consumption. Depending on the application, energy savings of up to 70% are possible with fan, pump, and compressor drives. The increase in usage of these converters for various other applications such as controlling pressure, temperature, and flow without the use of a separate controller is predicted to be a key trend in the frequency converter market, globally.
Industry Major Key Players:-
The key players of Frequency Converter Market are 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).
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Frequency Converter Global Market – Segmentation
The scope of global frequency converter market is segmented into two major segments which are explained below:
By Type
• Static
• Rotary
By End User
• Aerospace & Defence
• Power & Energy
• Process Industry
• Traction
• Oil & Gas
• Marine/Offshore
Industry News
In December, 2017 – ABB confirmed as the #1 in Distributed Control Systems globally. With around 20% market share across industries, ABB is the leader of digitally enabled control and automation, as confirmed by the “Distributed Control Systems Global Market 2016-2021” report.
In September, 2017 – ABB to acquired GE Industrial Solutions. GE Industrial Solutions has deep customer relationships in more than 100 countries and an established installed base with strong roots in North America, ABB’s biggest market.
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Global Analysis:-
Static frequency converters are expected to grow at a high pace in developing economies of regions such as Asia-Pacific and Middle East & Africa. As these regions spend heavily on infrastructural developments such as, manufacturing & production facilities, ports, and airports, electrical equipment used here need specific current frequency to run efficiently. So the need for efficient and clean process is expected to drive the demand for frequency converters.
Currently, Europe dominates the global frequency market due to extensive investments from countries such as Germany, France and United Kingdom into the development of the aerospace & defense, manufacturing, energy infrastructures and marine/offshore. The second largest market is North America.
Intended Audience:
• Distributer & Supplier companies
• End Users
• Consultants and Investment bankers
• Government as well as Independent Regulatory Authorities.
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