Frequency Converter Market

Global Frequency Converter Market Size (2023 to 2028)

The global frequency converter market is projected to register a CAGR of 9.15% from 2023 to 2028 and the global market size is predicted to grow from 22.7 billion in 2023 to USD 35.17 billion by 2028.

A frequency converter, often known as a frequency converter, is an electromechanical device that converts alternating current (AC) to a different frequency. Fixed frequency and voltage sinusoidal or line power is converted to variable frequency and variable voltage outputs using power conversion equipment. To achieve the right frequency shift, they employ a mix of semiconductors and diodes. Controlling speed, torque, and process temperature without the need for a separate controller is a significant feature that reduces electrical and mechanical stress on the equipment and its subcomponents. Reduce the expense of equipment maintenance by removing the requirement for extra throttle valves and dampers. Rotary frequency converters and solid-state frequency converters are the two types of frequency converters. It is used by frequency converters to control the pump's speed. Both mechanical and electrical loads can be reduced with frequency converters. Motors, pumps, and other mechanical and electrical equipment have a longer life expectancy when using this product. The input AC voltage is converted to rotating mechanical force by the rotary frequency converter. The generator receives a rotational force from rotating mechanical strength. The generator transforms mechanical energy into alternating current (AC) electricity for output.

Global Frequency Converter Market Drivers:

In the worldwide market, there is a raising need for frequency converters. Recently, nations in various areas have been moving toward urbanization, which has necessitated the establishment of a high-frequency converter market, resulting in the rise of the frequency converter industry in the worldwide market. Another element driving demand for frequency converters in the global market is the recent increase in personal disposable income.

In the global market, the need for frequency converters is expanding at a steady rate. During the anticipated period, the usage of frequency converters in numerous economic devices in various sectors will provide various development prospects in the worldwide market. Furthermore, the frequency converter industry's product line is expanding, and many key players are boosting their research and development spending, providing growth prospects for the frequency converter market worldwide.

Global Frequency Converter Market Restraints:

The need for frequency converters in the worldwide market is fast expanding. However, several constraints are limiting the industry's growth. The frequency converter industry's expansion in the worldwide market is hampered by the disparity in electrical standards between nations. Frequency converter growth in the worldwide market is being hampered by rising volatility in the price of raw materials required in their manufacture.

Impact Of COVID-19 on the global frequency converter market:

The COVID-19 pandemic outbreak has reduced growth in China from 6% in 2019 to 1.00% -1.50% by the end of 2020. Production at chemical manufacturing units in China decreased by more than 15% to 20% in 2020, which affected the demand for frequency converters in the chemical and petrochemical industry. In the post-COVID outlook, the global economy and output in end-user industries are likely to rebound significantly, driving demand for drives. Under the in-depth outbreak of COVID-19, this report explains the Static Drive market growth, market attributes, and market development of the Static Drive business and segregates, as displayed by classification, application and the area of ​​use of static frequency converter.

REPORT COVERAGE:

This research report on the global frequency converter market has been segmented and sub-segmented into the following categories.

Frequency Converter Market - By Type:

• Rotary Frequency Converter
• Static Frequency Converter

The frequency converter market is segmented on the basis of two types; the first type is a static frequency converter. It consists of components such as a rectifier, DC bus or internal energy storage battery, inverter, and control panel. Rectifiers and inverters are a combination of capacitor banks and semiconductor switches (such as GTO, power transistor, and IGBT), as well as diodes and control electronics. The other type is the rotary frequency converter. It has a rugged design and is primarily used in gas turbine power plants, offshore operations, and traction power. Although other industries use rotary drives, they prefer static drives because of their compact size.

Frequency Converter Market - By End-User:

• Aerospace & Defense
• Power & Energy
• Oil & Gas
• Marine/Offshore
• Others

Its principal work is to supply the associated gear with the ideal current recurrence and voltage level. The development of aviation framework, guard components, and other simulation applications is driving the development of recurrence converters. Recurrence converters decrease dependence on helper power units while the airplane is under upkeep, as the ground power unit is associated through a recurrence converter to give power at the ideal recurrence for the airplane. The aviation and guard, cycle, and foothold businesses will be the quickest-developing end clients in the drive market by 2020.

Frequency Converter Market – By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

Europe has a large share of the frequency converter market, followed by North America and Asia-Pacific. The growing demand from certain sectors, such as aerospace, defense, oil, gas, etc., has contributed to the growth of the frequency converter market. Furthermore, infrastructure growth, industrialization and modernization in some regions, such as Western Europe and Eastern Europe, are expected to improve the drive market during the forecast period. Furthermore, some countries such as the UK and Germany are expected to show comparatively high growth in this market.

APAC represents the highest share of the world drive market and is expected to grow significantly over the forecast period. China is expected to dominate the APAC drive market share and is expected to account for approx. $ 3 billion by 2026. The increasing number of investments in fully automated industrial machinery and the year-on-year growth in government spending on aircraft and defense equipment in major economies are the main factors responsible for the growth of the industry market. In addition, rapid urbanization and increased industrialization in the APAC region are other important factors driving the demand for frequency converters in the region.

KEY MARKET PLAYERS:

Nova Electric, ABB Ltd, Danfoss Engineering Tomorrow, Siemens Ltd, Sinepower, Aelco, Aplab Limited, Avionic Instruments LLC Corporation, General Electric, Georator Corporation, KGS Electronics, Magnus Power Private Limited, NR Electric Co Ltd, Langley Holdings Plc and Power Systems & Controls Inc. are some of the major players in the frequency converter market.

RECENT HAPPENINGS IN THE MARKET:

• The new FC 100-F2 series of compact AC-AC drives from ABSOPULSE Electronics are designed for rugged industrial applications requiring universal AC input voltage and pure sine wave output voltage.
• Low voltage converters are used to control drives in factories, plants, and machines.
• Known as the “Green Mountain State,” Vermont generates significant amounts of its electricity from renewable energy sources and has the smallest carbon footprint in the country. To ensure it stays green, the Vermont Public Utilities Commission created Efficiency Vermont in 2000.
• ABB, the leading group in power and automation technology, delivered the world's most powerful traction drive system to EON, the leading company in Germany. The converter station in the Datteln railway hub can deliver up to 25% of the energy required by German railways.
• Nova drives can help solve a chronic shortage of critical medical equipment needed for the COVID-19 coronavirus.