Global Frequency Converter Market: Overview
The frequency converter is an electronic device, which is also known as AC power source that converts fixed frequency and voltage into variable frequency and voltage. It is used to control the speed of the pump with a frequency inverter. Frequency converter helps to reduce mechanical as well as electrical stress. It extends the life of the pumps, motors, and other mechanical and electrical equipment.
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Global Frequency Converter Market: Growth Factors
The frequency converter market will witness growth in the near future due to rising demand from industrial automation, oil & gas, manufacturing plants, power, and aerospace & defense infrastructure. Growing worldwide import and export trade activities of the manufactured goods are expected to strengthen the demand for frequency converters in the process industry. In the manufacturing companies, the electrical machinery is operated on the varied power frequencies and to run them various frequency converters are used. The demand for such efficient systems from developing countries is anticipated to fuel the market growth. Increasing preferences for efficient devices from a number of industries to enhance the performances may open up new growth opportunities in future. The increase in the trend for offshore wind electricity generation capacity is getting famous across the world. However, rising concerns regarding the quality of frequency converter and emergence of new innovative alternatives may hinder the global market to some extent.
Global Frequency Converter Market: Segmentation
The global frequency converter market is categorized based on the end-user, type, and geography. The end-user segment is segmented into aerospace and defense, oil & gas, marine, power & energy, process industry, traction, and others. Based on the type, the market is segregated into rotary frequency converter and static frequency converter. The static frequency converter accounted for the largest market share owing to growing awareness regarding the reduction of noise and air pollution by the marine, aerospace, and defense end-users. The geographical segmentation of the market is diversified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Global Frequency Converter Market: Regional Analysis
Europe contributed for the largest market share owing to the huge investments from Germany and the UK for the expansion of the manufacturing, aerospace & defense, energy infrastructures, and marine sectors. North America is the second largest market for frequency converter. Asia Pacific is expected to be the fastest-growing market. Emerging economies include Saudi Arabia, India, China, Argentina, Brazil, and others are witnessing promising growth opportunities in the coming years for the frequency converters. The importance of the static frequency converter is rising in the developing economies such as Asia Pacific and the Middle East & Africa which anticipates boosting the market growth.
Global Frequency Converter Market: Competitive Players
Key players dominating the global frequency converter market are Sinepower, Power System & Control, General Electric Company, Piller GmbH., Aplab Ltd., Siemens AG, ABB Ltd., Magnus Power, and Danfoss A/S.
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