According to the latest report by IMARC Group, titled “Frequency Converter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global frequency converter market size reached US$ 18.2 Billion in 2018. A frequency converter, also known as frequency changer, is an electromechanical device that assists in the conversion of an electrical variable current of one frequency into another. It is widely used for manipulating the speed of a pump, minimizing the electrical and mechanical stress on the equipment and controlling critical processes in cooling and ventilating systems. It also reduces the overall maintenance cost of the equipment and eradicates the need for additional throttle valves and dampers. Some of the other benefits offered by frequency converters include controlling acceleration, eliminating power line disturbances and increasing energy savings.
Global Frequency Converter Market Trends:
The rising demand for efficient electric machinery and technologically advanced equipment around the world represents one of the significant factors propelling the market growth. As a result, frequency converters are widely being used in the aerospace and defense sectors for monitoring activities of refinement axes. These converters are also employed in the manufacturing sector to operate electrical machinery at varying speeds, thereby enhancing their overall performance and productivity. Apart from this, manufacturers are introducing product innovations, such as advanced output filters to dampen the common mode currents and alter the phase-to-phase voltage into a sinusoidal signal. The growing popularity of offshore wind power generation is further driving the demand for frequency converters across the globe. Looking forward, the market value is projected to reach US$ 29.7 Billion by 2024, expanding at a CAGR of 8.5% during 2019-2024.
- Based on the type, the market has been bifurcated into static and rotary frequency converters.
- On the basis of the end use industry, the market has been classified into aerospace and defense, power and energy, oil and gas, traction, marine/offshore, process industry, and others.
- Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being ABB Asea Brown Boveri Ltd., General Electric (GE) Company, Aplab Limited, Siemens AG, Danfoss A/S, Magnus Power Private Limited, Georator Corporation, Advance Electronic Labs., Corp., Piller Group (Langley Holdings PLC), NR Electric Co. Ltd., KGS Electronics, Inc., Avionic Instruments LLC, Power System & Controls, Inc., and Shenzhen Sinepower Technology Co., Ltd.
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