Frequency converter market expected to reach $39.7 billion by 2031
Extensive use of equipment in the aerospace and defense industries to monitor axis activities is driving the growth of the global frequency converter market.
PORTLAND, OREGON, USA, Aug. 21, 2022 /EINPresswire.com/ — The global frequency converter market size was valued at $22.3 billion in 2021 and is expected to reach $39.7 billion by 2031, with a CAGR of 6% from 2022 to 2031. Frequency converters are electronic devices used in various applications including generation, transmission, distribution and utilization of electrical energy. They can control frequency, power and voltage and improve the efficiency of equipment or machines such as motors, pumps, fans and others. They offer advantages such as reduced maintenance costs, increased machine life, improved processes, the use of equipment imported from other countries, etc. They are used in various end-use industries including aerospace and defense, power and energy, oil and gas, marine and others.
The significant development of end-use industries such as textile, automotive, paint and coatings, solar energy, pharmaceutical, chemical and healthcare, has fueled the demand for frequency converters to run machinery and equipment in industries at varying frequencies of the industries mentioned above, and thus is expected to drive the growth of the frequency converter market over the forecast period. Additionally, increasing demand for frequency converters from developing economies such as India, China, and Japan owing to the presence of manufacturing facilities in the region is fueling the growth of the market in the future. global scale. However, the fluctuation in the cost of raw materials and components and different electricity standards in different countries are the key factors expected to hinder the growth of the global frequency converter market in the coming years.
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Based on type, rotary frequency converter segment held the highest market share of around 68.4% in 2021 and is expected to maintain its dominance during the frequency converter market forecast period. This is attributed to the increase in demand for rotary frequency converters from applications such as aerospace and defense, weapon systems, manufacturing facilities, railway and hydroelectric facilities. Also, increasing adoption of rotary frequency converters in large applications with power rating of 10 kVA or more is expected to further increase the demand for rotary frequency converters in the coming years.
On the basis of end-user, aerospace and defense segment held the largest share in 2021, in terms of revenue, and is expected to maintain its dominance over the forecast period. This is attributed to the rapid growth of the aerospace and defense industry across the world for national security. Additionally, frequency converters are increasingly being used in applications such as aviation and weapon systems, signaling systems, and others, which is expected to fuel the market growth over the forecast period. .
On the basis of region, the market is analyzed in four major regions such as North America, Europe, Asia-Pacific and LAMEA. Asia-Pacific got the dominant share in 2021 and is expected to maintain this dominance in the frequency converter market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. Furthermore, the rapid expansion of the renewable energy sector, increasing investment in building and constructing modern grid infrastructure, and increasing R&D efforts in the region are further expected to fuel the market growth in the years to come.
The Global Frequency Converters Market analysis covers in-depth information about the major players in the Frequency Converters industry. Major Players operating and profiled in the report are ABB, Ltd., Avionic Instruments, LLC, Danfoss A/S, Georator Corporation, General Electric, KGS Electronics, NR Electric Co., Ltd, Power Systems & Controls, Inc., Siemens . and Langley Holdings Plc.
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By 2021, the rotary frequency converter type segment accounted for approximately 68.4% of the global frequency converter market share and is expected to maintain its dominance till the end of the forecast period.
The rotary frequency converter end-user segment is expected to grow at the fastest rate, registering a CAGR of 6.1%, throughout the forecast period.
In 2021, the aerospace and defense end-user segment accounted for 30.7% of the frequency converter market share in 2021 and is expected to grow at a rate of 6.7% in terms of revenue, while increasing its share in the global market for frequency converters.
In 2020, the Asia-Pacific region led the global frequency converter market with more than 39.6% share in terms of revenue.
IMPACT OF COVID-19 ON THE GLOBAL FREQUENCY CONVERTER MARKET
The global spread of the coronavirus is having a huge impact on various industries and countries around the world. Due to the lockdown of economies around the world, the growth rate of industries such as construction and building, transport, oil and gas, energy, food processing, electronics, pharmaceuticals , textiles and others declined. In addition, there is decreasing demand for electricity from regions affected by COVID-19, which is expected to hamper the growth of the frequency converter market in 2020. In Europe, economies such as Germany, France, Spain, Italy and others are following strict measures to curb the spread of the coronavirus in their respective regions. As a result, the impact on the supply chain and demand for frequency converters is huge, which in turn has restrained the growth of the frequency converters market till start-up of businesses, productions and manufacturing in the world.
In addition, manufacturing companies in the United States have faced a supply chain and demand crisis due to labor shortages, a manufacturing shutdown and construction work, which has hampered the growth of the frequency converter market. In addition, other industries such as pharmaceutical, chemical, healthcare, textile, automotive and others have suspended R&D activities and production due to lack of funding, which has to its turn hampered the growth of the market during the pandemic period. In addition, halted construction of new electric utility infrastructure, renewable power plants, distribution grid and other power plants, due to lack of workers and increasing gaps between supply and demand, has hampered the growth of the market during the pandemic period. Thus, all these factors have collectively resulted in the slow growth of the global frequency converter market in 2020.
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