PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299760
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299760
Frequency converter market size was valued at USD 23,609.2 Million in 2022, expanding at a CAGR of 7.5% from 2023 to 2030.
The frequency converter is termed an electronic device that is used to convert the frequency of electrical power. Additionally, the frequency converter essential function is to transfer electrical power from one frequency to another, thus enabling it to be used in various types of equipment. Moreover, they are utilized in various applications such as medical devices, telecommunications, and power generation.
The development of high-speed rails which needed frequency converters to control the engine speed & fans and the massive use of equipment in the defense and aerospace industry for monitoring the axes' activities are the major factors projected to increase the demand for the frequency converter market. However, rising fluctuation in raw material costs is a major reason that may restrain the frequency converter market growth. Moreover, increasing infrastructural developments required a high--frequency converter is one of the essential aspects that drive market growth positively.
Furthermore, in various industry use of frequency converters in various economical devices will likely offer massive opportunities for the frequency converter market globally. The COVID-19 pandemic had a huge impact on the frequency converter market. There has been a significant decrease in demand for construction activities and a sudden fall in electricity demand, which affected the growth of the frequency converter market.
The global frequency converter market is segmented on the basis of product type, phase, end-use, and region.
The market is divided into two categories based on product type: static frequency converter and rotary frequency converter. The rotary frequency converter sector is expected to dominate the market. Rotary frequency converters are largely used in applications with a power rating of 10 kVA or more.
The market is divided into two categories based on Phase: single-phase and three-phase. The single-phase sector is expected to hold the largest market share during the forecast period. The input and output of the frequency converter can be either three-phase or single-phase.
The market is divided into two categories based on end-use: aerospace and defense, power and energy, oil and gas, traction, marine/offshore, process industry, and others. The aerospace and defense sector is likely to possess the market share. The use of frequency converters in military aircraft in power electronic applications is a factor expected to propel the segment growth.
Increasing expenditure on development & research and a rise in the number of launches in the market's product is also projected to increase the demand for the frequency converter market. In the market, the presence of many multinational key players has resulted in high competition. In addition, to achieve product differentiation these companies look forward to investing in development and research. Moreover, market players are concentrating on increasing their presence to enhance their marketplace by adopting mergers & acquisitions, R&D spending, and collaboration strategies to oppose competition in the market. Moreover, to stay competitive market players have adopted various strategies such as new product launches and business expansion.
This proposed research study on frequency converter market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for frequency converter market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the frequency converter market.
Impact of COVID-19 on frequency converter market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on frequency converter market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the frequency converter market, we have also included competitive landscape and key innovator analysis for the frequency converter market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the frequency converter market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global frequency converter market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: