Frequency Converter Market Size and Forecast to 2028
The Frequency Converter Market was valued at $20.8 billion in 2022 and is estimated to reach $35 billion by 2028, with a CAGR of 9.15% from 2023 to 2028.
A frequency converter, also referred to as a frequency converter, is an electromechanical device that changes the frequency of alternating current (AC). Power conversion equipment converts sinusoidal or line electricity with fixed frequency and voltage to outputs with variable frequency and voltage. They use a combination of semiconductors and diodes to get the proper frequency shift. An important characteristic that lessens the electrical and mechanical stress on the machinery and its parts is the ability to manage speed, torque, and process temperature without the need for a separate controller. Remove the need for extra throttle valves and dampers to save the cost of equipment maintenance. The two types of frequency converters are solid-state and rotary frequency converters.
Market Drivers and Restraints:
The demand for frequency converters is rising in the global market. Recently, numerous countries have been urbanizing, necessitating the creation of a high-frequency converter market, which has led to the expansion of the frequency converter sector on the global market. The recent rise in consumer disposable income is another factor boosting demand for frequency converters on the international market.
The need for frequency converters is rising steadily on the international market. The use of frequency converters in several affordable devices across a range of industries is expected to provide a variety of growth opportunities in the global market during the anticipated period. Also, the product line of the frequency converter industry is growing, and many major key players are increasing their R&D expenditures, offering potential prospects for the frequency converter market on the global market.
The global market is rapidly growing in demand for frequency converters. The industry’s expansion is, however, being restricted by a number of factors. The discrepancy in electrical standards among nations hinders the growth of the frequency converter sector on the global market. The price of the raw materials used to make frequency converters is becoming more volatile, which is limiting their ability to expand in popularity on the global market.
To know more, read:
The report is segmented as follows:
The Frequency Converter Market is segmented by Type; the Market is segmented by End-User:
By Type (static frequency converter, rotary frequency converter)
By End User (marine/ offshore, aerospace and defence, traction, power and energy and process industry, oil and gas, others)
The frequency converter market is dominated by Europe, with North America and Asia-Pacific following. The frequency converter market has expanded as a result of the rising demand from specific industries, including aerospace, defense, oil & gas, etc. Throughout the projection period, the drive market is also anticipated to benefit from the expansion of infrastructure, industrialization, and modernization in various countries, including Western and Eastern Europe. Additionally, it is anticipated that several nations, including the UK and Germany, will experience rather rapid growth in this sector.
Impact of COVID-19 pandemic on the market:
The global drive market, which was supposed to be worth $ 20.2 billion in 2021 but is now projected to be worth $ 33.9 billion, is predicted to grow at a CAGR of 7.7% from 2020 to 2027 despite the COVID-19 dilemma.
Over the end of the analysis period, Static, one of the segments examined in the report, is anticipated to grow at a CAGR of 7.5% and reach US $ 18.8 billion. After a preliminary examination of the financial effects of the pandemic and the economic crisis it caused, Rotary’s segment growth is readjusted to a revised CAGR of 7.9% for the following seven years.
The region with the largest market share for drives worldwide is APAC, which is anticipated to experience rapid growth throughout the forecast period. By 2026, China is anticipated to account for over $ 3 billion and command the majority of the APAC drive market share. The main drivers behind the expansion of the industry market are the rising number of investments in completely automated industrial machines and the year-over-year rise in government spending on aircraft and defense gear in major economies. Some significant factors influencing the market for frequency converters in the APAC area include the region’s fast urbanization and growing industrialization.
China’s growth was decreased by the COVID-19 pandemic outbreak from 6% in 2019 to 1.00% – 1.50% by the end of 2020. Frequency converter demand in the chemical and petrochemical industries was impacted by a 15% to 20% decline in production at chemical manufacturing facilities in China in 2020. The demand for drives is expected to increase in the post-COVID view because to the likelihood of a considerable recovery in the global economy and output in end-user industries. This research breaks out the Static Drive market growth, market characteristics, and market development of the Static Drive industry under the in-depth COVID-19 outbreak and classifies, as shown by classification, application, and the area of use of static frequency converter.