According to a new report by Expert Market Research titled, “Global Frequency Converter Market Share, Size, Report and Forecast 2024-2032″, the global frequency converter market reached a value of almost USD 24 billion in 2023. Aided by rising demand for efficient electrical equipment and development of high-speed rails, the market is projected to further grow at a CAGR of 9.10% between 2024 and 2032 to reach a value of almost USD 40.4 billion by 2032.
Frequency converters, intrinsically devices that convert the frequency of an alternating current (AC) to match a device’s required frequency, are fundamental for industries seeking efficient utilisation of electric machinery. They are commonly used in aerospace, marine, and industrial applications to ensure proper function of equipment and to save energy.
One of the primary engines for frequency converter market growth is the accelerating industrialisation across the emerging markets. As these economies seek to modernise their industries and make them more competitive globally, there is a tangible shift towards the adoption of sophisticated machinery and automation, both of which often require frequency converters to ensure optimal operation.
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Another critical driver propelling the frequency converter market demand is the booming renewable energy sector, especially wind and solar energy. These energy sources necessitate frequency converters to adapt the energy produced into a form that’s usable for the grid or the end devices, thereby playing a pivotal role in the green energy revolution.
The frequency converter market analysis indicates that apart from the demand factors, technological innovations in the field play a considerable role in shaping the market trajectory. With the advancements in power electronics and semiconductor devices, the modern frequency converters have become more efficient, smaller in size, and less prone to causing distortions in power quality.
Manufacturers are focussing on continuous innovation and are striving to produce frequency converters that not only meet the industry’s demands but are also compliant with the environmental guidelines, thereby contributing to the frequency converter market development.
While the future of the market looks optimistic, it is contingent on constant innovation, not only in the realm of technology but also in meeting the evolving regulatory standards. As industries across the globe continue their march towards automation and greater energy efficiency, and as the adoption of renewable energy sources gains further traction, frequency converters are set to play an even more crucial role in the global industrial landscape.
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Market Segmentation
The market can be divided based on type, end use, and region.
Market Breakup by Type
• Static Frequency Converter
• Rotary Frequency Converter
Market Breakup by End Use
• Aerospace and Defence
• Power and Energy
• Oil and Gas
• Traction
• Marine/Offshore
• Process Industry
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global frequency converter market. Some of the major players explored in the report by Expert Market Research are as follows:
• General Electric
• ABB Ltd
• Georator Corporation
• NR Electric Co., Ltd.
• Avionic Instruments, LLC
• Siemens Aktiengesellschaft
• Kgs Electronics
• Power Systems & Controls, Inc.
• Sinepower
• Others
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