Global Frequency Converters Market

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

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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).

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.

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