Press release
Frequency Converter Market Size to Grow at a CAGR of 9.10% in the Forecast Period of 2024-2032
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 9.10%
The increasing applications of both rotary frequency converters and static frequency converters in the aerospace and defence sector is driving the global market for frequency converters. Frequency converters can operate in extreme environments while reducing the level of pollution and noise. They also provide savings on the consumption of aircraft fuel which is a major advantage of the product. Hence, the growing expansion of the aerospace and defence industry by sovereign military powers is fuelling the frequency converter market.
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The growing deployment of frequency converters in the offshore oil and gas industry is further supplementing market growth. Frequency converters offer stable and reliable power to oil and gas operations in the most hostile zones such as deserts and tundra. Hence, the flourishing oil and gas industry and anticipated increase in demand for crude oil are likely to generate a significant demand for frequency converters in the forecast period.
Geographically, Europe holds a significant share in the market due to the rising requirement of oil and gas, and aerospace and defence from strong economies such as Germany and France. In addition, factors such as rising military expenditure, rapid industrialisation in developing countries, and growing urbanisation are positively influencing the frequency converter market.
Frequency Converter Industry Definition and Major Segments
A frequency converter is a type of electronic device which converts a current of a particular frequency to a different current with another frequency. The value of voltage remains the same throughout the conversion process. For example, a fan running at a certain speed at 50 Hz current, can run faster using a frequency converter which can alter the current at a consistent voltage.
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Based on type, the market can be segmented into:
• Static Frequency Converter
• Rotary Frequency Converter
By end use, the market can be divided into:
• Aerospace and Defence
• Power and Energy
• Oil and Gas
• Traction
• Marine/Offshore
• Process Industry
• Others
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Frequency Converter Market Trends
The key trends in the frequency converter market include technological advancements in various end use industries of the product including power and energy, marine, and defence, among others. Meanwhile, the stringent regulations of the government to curb the emission of greenhouse gases and industrial pollution are further encouraging the demand for frequency converters.
Rising investments supporting innovations for advanced frequency converters with superior design, high reliability, and greater performance, are crucial trends propelling the demand for the frequency converter market. Systems with inbuilt failsafe features are also a relevant trend in the market, due to the enhanced safety of such systems.
Furthermore, the increasing penetration of frequency converters in households due to the increasing adoption of high-end electronic devices is likely to bolster the market growth in the coming years.
Key Market Players
The major players in the frequency converter market report are
General Electric
ABB Ltd
Georator Corporation
NR Electric Co., Ltd.
Avionic Instruments, LLC
Siemens Aktiengesellschaft
Kgs Electronics
Power Systems & Controls, Inc.
Sinepower
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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