The global frequency converter market exhibited moderate growth during 2015-2020.
Frequency converters or frequency changers are electromechanical equipments that are used to convert alternating current (AC) of one frequency to another frequency. It is a power conversion device that transforms a fixed frequency and voltage sine-wave power or line power into a variable frequency and variable voltage output. They use a combination of semiconductors and diodes to facilitate proper frequency change. The key function is to manipulate the speed, torque and process temperature without using a separate controller and reduce the electric and mechanical stress on the equipment and its sub-components. It minimizes the maintenance costs of equipment and eliminates the need for additional throttle valves and dampers.
Rising industrial usage of frequency converters is one of the key factors driving their market growth. There is an increasing demand for efficient electric machinery and technologically advanced equipment in the developing countries. The development of high-speed rails that require frequency converters to control the speed of engines, pumps and fans are further catalyzing the growth of the market. Furthermore, the equipment is also being extensively used in the aerospace and defense industry where it is used for monitoring the activities of refinement axes. In the manufacturing sector, these converters are used to operate electrical machinery at varying speeds to enhance performance and overall productivity. Additionally, with the increasing trend of offshore wind power generation, the demand for the product has significantly grown. Moreover, product innovations such as the integration of advanced output filters that dampen the common mode currents and simultaneously change the phase-to-phase voltage into a sinusoidal signal are also contributing to the growth of the market. Looking forward, the analyst expects the global frequency converter market to grow at a CAGR of around 7% during 2021-2026.
Report Coverage: Historical, Current and Future Market Trends
Market Breakup by Type: Static Frequency Converter Rotary Frequency Converter
Market Breakup by End Use Industry: Aerospace and Defense Power and Energy Oil and Gas Traction Marine/Offshore Process Industry Others
Market Breakup by Region: Europe North America Asia Pacific Middle East and Africa Latin America
Competitive Landscape: The report has also analysed the competitive landscape of the market with some of the key players being ABB Ltd, General Electric Company, Aplab, Siemens, Danfoss, Magnus Power, Georator Corporation, Aelco, Piller, NR Electric, KGS Electronics, Avionic Instruments, Power System & Control, Sinepower, etc.
Key Questions Answered in This Report: How has the global frequency converter market performed so far and how will it perform in the coming years? What are the key regional markets in the global frequency converter industry? What has been the impact of COVID-19 on the global frequency converter market? What is the breakup of the market based on the type? What is the breakup of the market based on the end use industry? What are the various stages in the value chain of the global frequency converter industry? What are the key driving factors and challenges in the global frequency converter industry? What is the structure of the global frequency converter industry and who are the key players? What is the degree of competition in the global frequency converter industry?
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