Frequency Converter Market to Witness Comprehensive Growth by 2031 - Georator Corp, Siemens, Danfoss, ABB Ltd, etc.

Advancement in Technology Foreseen to Drive the Global Frequency Converter Market from 2021 to 2031

WILMINGTON, DELAWARE, UNITED STATES, April 16, 2024 /EINPresswire.com/ -- A notable development of end-use industries in textile, paints coatings, etc surged the demand for frequency converters to operate the industries at variable frequencies which is expected to derive the growth of the frequency converter market during the forecast period. The global Frequency Converter Market size was valued at $22.3 billion in 2021 and is estimated to reach $39.7 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/998

Frequency converters are electronic devices used in various applications including generation, transmission, distribution, and use of electrical energy. They can control frequency, power, and voltage and improve the efficiency of the equipment or machines such as motors, pumps, fans, and others. They offer advantages such as reduction in maintenance cost, increased lifetime of machines, improved processes, enabled utilization of equipment imported from other countries, and others. They are used in various end-use industries including aerospace & defense, power & energy, oil & gas, marine, and others.

Significant development of the end-use industries such as textile, automotive, paint & coatings, solar, pharmaceutical, chemicals, and healthcare, has fueled the demand for frequency converters to operate the machinery & equipment in industries at variable frequencies from the above-mentioned industries and is thereby expected to drive the growth of the frequency converter market during the forecast period. In addition, an increase in demand for frequency converters from developing economies such as India, China, and Japan, owing to the presence of manufacturing facilities in the region fuels the growth of the market, globally. However, fluctuations in the cost of raw materials & components and different electricity standards in different countries are the key factors that are expected to hamper the growth of the global frequency converter market in the upcoming years.

Depending on the type, the rotary frequency converter segment held the highest market share of about 68.4% in 2021 and is expected to maintain its dominance during the frequency converter market forecast period. This is attributed to the rise in demand for rotary frequency converters from applications including aerospace & defense, weapon systems, manufacturing facilities, rail & hydro facilities, and.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/998

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Frequency Converter industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐅𝐫𝐞𝐪𝐮𝐞𝐧𝐜𝐲 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Danfoss
Aelco
Georator Corporation
NR Electric
General Electric Company
Magnus Power
APLAB Ltd
KGS Electronics
ABB Ltd
Siemens

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: https://www.alliedmarketresearch.com/press-release/frequency-converter-market.html

In addition, a rise in the adoption of rotary frequency converters in large applications with a power rating of 10 kVA or more is further anticipated to boost the demand for rotary frequency converters in the coming years.

Based on end users, the aerospace & defense segment held the largest share in 2021, in terms of revenue, and is expected to maintain its dominance during the forecast period. This is attributed to the rapid growth of the aerospace & defense industry across the globe for national security. In addition, frequency converters are increasingly used in applications including aviation and weapon systems, signal systems, and others, which is expected to fuel the growth of the market during the forecast period.

Based on region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2021 and is anticipated to maintain this dominance in the frequency converter market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region. In addition, the rapid expansion of the renewable energy sector, rise in investment toward building & construction of modern grid infrastructure and increase in R&D efforts in the region are further anticipated to fuel the growth of the market in the upcoming years.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/998

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬:

- In 2021, the rotary frequency converter type segment accounted for about 68.4% of the share in the global frequency converter market and is expected to maintain its dominance till the end of the forecast period.
- The rotary frequency converter end-user segment is expected to grow at the fastest rate, registering a CAGR of 6.1%, throughout the forecast period.
- In 2021, the aerospace & defense end-user segment accounted for 30.7% frequency converter market share in the year 2021 and is anticipated to grow at a rate of 6.7% in terms of revenue, while increasing its share in the global frequency converter market.
- In 2020, the Asia-Pacific region dominated the global frequency converter market with more than 39.6% share, in terms of revenue.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐂𝐨𝐧𝐯𝐞𝐫𝐭𝐞𝐫 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/converter-transformer-market-to-reach-7-2-bn-globally-by-2030-at-14-1-cagr-allied-market-research-301575583.html

𝟐. 𝐋𝐢𝐠𝐡𝐭𝐢𝐧𝐠 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/20/2630472/0/en/Lighting-Transformer-Market-Is-Expected-to-Reach-2-1-Billion-by-2031-Allied-Market-Research.html

𝟑. 𝐃𝐫𝐲 𝐓𝐲𝐩𝐞 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐞𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/dry-type-transformer-market-to-garner-7-3-billion-globally-by-2027-at-6-1-cagr-says-allied-market-research-301248072.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.

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