What is the global market size of the Frequency Converters Market?

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).

Frequency Converters Market Size

Frequency Converters Market Insights

Global Frequency Converters Market size was valued at USD 24.2 billion in 2023 and is poised to grow from USD 25.72 billion in 2024 to USD 41.94 billion by 2032, growing at a CAGR of 6.3% during the forecast period (2025-2032).

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.

FAQs

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. 'ABB Ltd (Switzerland) ', 'Siemens AG (Germany) ', 'Danfoss Group (Denmark) ', '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) '

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.

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.

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.