Press release
Frequency Converter Market Top Key Players Focusing on Industry Growth Strategies | Global Industry Revenue, Statistics and Forecast to 2023
Market Higlights:-
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.
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Top Frequency Converter Market 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).
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.
Frequency Converter Global Market – Segmentation
The scope of global frequency converter market is segmented into two major segments which are explained below:
Frequency Converter Global Market By Type
• Static
• Rotary
Frequency Converter Global Market By End User
• Aerospace & Defence
• Power & Energy
• Process Industry
• Traction
• Oil & Gas
• Marine/Offshore
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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.
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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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