USD 10.2 billion
Global Frequency Converters Market Size, Share, Growth Analysis, By Type(Static Frequency Converter and Rotary Frequency Converter.), By Application(Power generation, Oil and gas) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2135 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Frequency Converters Market Insights
Global Frequency Converters Market size was valued at USD 10.2 billion in 2021 and is poised to grow from USD 10.6 billion in 2022 to USD 14.39 billion by 2030, growing at a CAGR of 3.9% in the forecast period (2023-2030).
One of the key drivers for the growth of the global frequency converter market is the increasing demand for efficient and reliable power supply solutions. With the rise in industrialization and urbanisation worldwide, there has been a growing need for stable and high-quality power supply. Frequency converters play a crucial role in ensuring the compatibility of power systems operating at different frequencies, thereby enabling efficient power transmission and distribution. The adoption of renewable energy sources is another factor fueling the demand for frequency converters. As the world shifts towards cleaner and greener energy alternatives, such as solar and wind power, the integration of these intermittent energy sources into the existing power grid becomes essential. Frequency converters enable the conversion of variable-frequency power generated by renewable sources into a stable frequency that can be seamlessly integrated into the grid.
The aerospace and defence sector is also a significant contributor to the global frequency converter market. With the increasing demand for commercial and military aircraft, there is a growing need for advanced power electronics systems. Frequency converters are crucial components in aircraft power systems, enabling the conversion of the onboard power from one frequency to another to meet the specific requirements of different equipment and systems.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Static Frequency Converter
Fastest Growth
Static Frequency Converter
Growth Rate
3.9% CAGR
Global Frequency Converter By Country ($ Bn)
Country Share for North America Region (%)
Global Frequency Converter By Type ($ Bn)
Global Frequency Converter By Type (%)
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Global Frequency Converters Market Segmental Analysis
The global frequency converters market is segmented by type, application, and region. Based on type, the market can be segmented into static frequency converter and rotary frequency converter. Based on application, the market is segmented into power generation, oil and gas, manufacturing, aerospace and defence, and marine. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
The Static Frequency Converter (SFC) holds a prominent position in the global frequency converter market. SFCs are widely used in various industries, including power generation, aerospace, oil and gas, and manufacturing. These converters offer several advantages, such as high efficiency, compact size, and precise frequency control. The dominant position of SFCs can be attributed to their extensive applications and established market presence.
On the other hand, the Rotary Frequency Converter (RFC) segment is experiencing rapid growth in the global market. RFCs are primarily used in applications where high power requirements and reliable performance are crucial, such as airports, data centres, and large-scale industrial operations. RFCs offer benefits like high power density, enhanced reliability, and seamless power conversion. The growing demand for reliable and high-power frequency conversion solutions in various sectors is driving the rapid growth of the rotary frequency converter market.
Analysis by Application
Among the mentioned applications in the global frequency converter market, the dominant segment is the Power Generation industry. The power generation sector requires frequency converters to maintain a stable power supply by converting electrical energy from one frequency to another. With the increasing demand for electricity and the growing need for reliable power transmission and distribution systems, the power generation segment holds a significant market share in the frequency converter market.
On the other hand, the fastest-growing segment in the global frequency converter market is the Aerospace and Defense industry. This sector relies heavily on advanced electronic systems and equipment, which often operate at different frequencies. Frequency converters play a crucial role in ensuring compatibility and seamless integration of various electrical systems within aircraft and defence applications. The increasing modernization efforts, rising defence budgets, and the need for sophisticated electronic systems in the aerospace and defence industry are driving the demand for frequency converters, making this segment the fastest-growing in the market.
Global Frequency Converter By Type, 2023 (%)
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Global Frequency Converters Market Regional Insights
Currently, North America holds a dominant position in the global frequency converters market. The region's dominance can be attributed to several factors. Firstly, North America has a well-established industrial sector, including manufacturing, power generation, and oil and gas industries, which are key users of frequency converters. The region's strong emphasis on industrial automation and energy efficiency further drives the demand for frequency converters.
Asia Pacific is experiencing rapid growth and is expected to be the fastest-growing region in the global frequency converters market. The Asia Pacific region encompasses emerging economies such as China, India, Japan, and South Korea, which have witnessed significant industrial growth and infrastructural development.
Global Frequency Converter By Geography, 2024-2031
- Largest
- Fastest
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Global Frequency Converters Market Dynamics
Drivers
Expansion of Renewable Energy Sector
- The increasing global focus on renewable energy sources like wind and solar power is propelling the demand for frequency converters. These converters play a crucial role by converting the variable frequency output from renewable sources into a stable frequency suitable for grid connection or local consumption. This enables efficient utilisation of renewable energy and ensures grid stability, driving the need for frequency converters in the market.
Restraints
Compatibility Issues
- Achieving optimal performance of frequency converters requires compatibility with specific applications and motor types. However, compatibility issues such as incorrect sizing, inadequate parameter settings, or incompatibility with existing equipment can hinder the efficiency and reliability of the overall system. These challenges act as restraints for market growth as they necessitate careful consideration and expertise in selecting and integrating frequency converters into various setups.
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Global Frequency Converters Market Competitive Landscape
The global frequency converters market is characterised by intense competition and a diverse range of market players. These players strive to capture a significant market share by offering technologically advanced products and expanding their geographic presence. The competitive landscape of the market is shaped by various factors, including product innovation, strategic partnerships, and mergers and acquisitions.
Product innovation plays a vital role in maintaining a competitive edge in the market. Companies invest heavily in research and development activities to introduce innovative frequency converter solutions with improved performance, energy efficiency, and compact designs. Additionally, advancements in semiconductor technology and the integration of digital controls have enabled the development of smart and highly efficient frequency converters, further intensifying the competition among market players.
Top Player’s Company Profiles
- Schneider Electric SE (France)
- Rockwell Automation, Inc. (US)
- General Electric Company (US)
- Mitsubishi Electric Corporation (Japan)
- Yaskawa Electric Corporation (Japan)
- Emerson Electric Co. (US)
- Eaton Corporation plc (Ireland)
- Toshiba Corporation (Japan)
- Hitachi, Ltd. (Japan)
- WEG Electric Corp. (Brazil)
- Crompton Greaves Consumer Electricals Ltd. (India)
- Vacon (Finland)
- Parker Hannifin Corporation (US)
- Fuji Electric Co., Ltd. (Japan)
- Hiconics Drive Technology Co., Ltd. (China)
- Aplab Limited (India)
- LSIS Co., Ltd. (South Korea)
Recent Developments
- In June 2023, Danfoss announced the launch of its new frequency converter, the VLT® AutomationDrive FC 500. The VLT® AutomationDrive FC 500 is designed to be more modular and easy to install than previous generations of frequency converters
- In May 2023, Siemens announced the launch of its new frequency converter, the Sinamics G120. The Sinamics G120 is designed to be more scalable and flexible than previous generations of frequency converters.
- In April 2023, Yaskawa Electric announced the launch of its new generation of variable speed drives, the V1000. The V1000 is designed to be more compact and efficient than previous generations of variable speed drives.
- In March 2023, Schneider Electric announced the acquisition of Easy Motion, a leading provider of frequency converters for the wind power industry. The acquisition will help Schneider Electric to expand its product offering and reach in the wind power market.
- In February 2023, ABB announced the launch of its new generation of frequency converters, the ACS880. The ACS880 is designed to be more energy-efficient and easier to use than previous generations of frequency converters.
Global Frequency Converters Key Market Trends
- Advent of Digitalization: The global frequency converters market is undergoing a significant transformation, driven by the rise of digitalization. As more and more industries adopt digital technologies, the demand for frequency converters that can be integrated into these systems is growing. Digital frequency converters offer a number of advantages over traditional frequency converters, including Remote monitoring and control, Data analytics, Connectivity.
Global Frequency Converters Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global frequency converters market analysis, the increasing industrial automation, rising demand for renewable energy sources, and the need for efficient power management systems are the key growth drivers. Frequency converters are electronic devices used to convert the frequency of electrical power to match the specific requirements of different equipment or systems. They play a crucial role in industries such as manufacturing, oil and gas, aerospace and defence, and renewable energy. One of the key drivers propelling the growth of the global frequency converters market is the increasing adoption of industrial automation. With the rapid advancement of technology, industries are increasingly integrating automated systems and machinery into their operations. Frequency converters enable the smooth operation and control of motors and other electrical equipment in automated processes, enhancing productivity, efficiency, and precision. This trend is particularly evident in manufacturing industries, where the demand for high-performance machinery and automation systems is on the rise.
The growing focus on renewable energy sources is also driving the demand for frequency converters. As countries worldwide strive to reduce their reliance on fossil fuels and transition towards cleaner energy alternatives, there is a significant increase in renewable energy generation. Frequency converters are essential components in renewable energy systems, such as wind turbines and solar power plants, as they enable the conversion of variable frequency power generated by these sources into a stable frequency suitable for the electrical grid. This increasing adoption of frequency converters in the renewable energy sector is expected to fuel market growth in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 10.2 billion |
| Market size value in 2031 | USD 14.39 billion |
| Growth Rate | 3.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Frequency Converters Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Frequency Converters Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Frequency Converters Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Frequency Converters Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Frequency Converters Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Frequency Converters Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Frequency Converters Market Report Snapshots
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