Market Research Future published a research report on “Global Frequency Converter Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Market Dynamics
Market Research Future (MRFR) expects the frequency converter market 2020 to gain considerable ground at an approximate rate of 9% between 2017 and 2023 (review period).
Top Drivers and Main Challenges
Frequency converters enjoys an immense demand across a range of industries owing to various benefits they offer, some of which include controlled ramp-up speed, low maintenance costs, easy start, limited torque, etc. These benefits have facilitated a surge in their adoption in application areas like pressure and flow control, temperature control of processes, ability to be high quality sensors, to mention a few.
The Frequency Converters Market receives significant boost from factors such as the mounting demand from the increasing number of end users, surge in research and testing activities and the rapidly increase use in the defense mechanism, etc. Other than these factors, the high demand for electric machinery, along with the rising need for efficient and effective equipment also lead to significant market growth. The rising use of technologically superior equipment coupled with the increasing use of high-speed rails is set to emerge as the top trend in the market for frequency converters in the following years.
A number of industries today prefer efficient devices that can improve the overall performance. This can be touted as a highly profitable opportunity for frequency converter manufacturers in the market. On the downside, the increasing development of new alternatives in the market can slow down the demand for frequency converters to some extent. With that said, the demand for frequency converters can be buoyed by the increasing application areas such as modern preparing lines that note high control precision necessities. This is mostly valid in sectors like atomic power and weapons, where the gadgets manage the operation of refinement axes, leading to higher demand for frequency converters.
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Significant Competitors
A few of the top competitors responsible for the growth in the frequency converter market share include Magnus Power Pvt. Ltd. (India), Sinepower (Portugal), Piller Group GmbH (Germany), Siemens (Germany), ABB Ltd (Switzerland), Danfoss (Denmark), Power Systems & Controls Inc (USA), General Electric Company (USA), Aplab Ltd. (India), and more.
Market Segmentation
Type and end-user are the main segments as per which the research on the frequency converter market has been conducted by MRFR analysts.
The types of frequency converter discussed are rotary and static. Rotary frequency converters note high demand as they are robust in design and therefore, find extensive use in offshore activities, traction power supply as well as gas turbine power plants.
The end-users considered in the report are power & energy, process industry, aerospace & defense, oil & gas, marine/offshore, traction, and others. The maritime/offshore sector; consisting of shipping companies, government agencies, car ferry ports, cruise lines, harbors & marine operators, and naval dockyards, is actively on the lookout for alternative sustainable methods to provide power for the vessels at port. This is where a marine frequency converter emerges as the best solution it does not produce any fumes, vibration smoke or carbon emissions that can have a negative impact on the environment.
Regional Insight
The frequency converter market has been geographically categorized as Europe, North America, Asia Pacific (APAC) along with the Rest of the World (RoW).
Static frequency converters are on their way to become the top trends in the developing regions of Asia Pacific as well as the Middle East & Africa. These regions are actively spending massive amounts on the development of infrastructure that include ports and airports, manufacturing & production facilities. These infrastructure aspects require electrical equipment that in turn needs certain current frequency to function efficiently. Therefore, the rising need for clean and efficient process in infrastructural improvement can boost the demand for frequency converters in these regions. Thus, it is safe to assume that both APAC and MEA can offer highly productive opportunities to the frequency converter manufacturers in the next few years.
However, at present, it is Europe that has taken the lead in the global market, thanks to the colossal spending on the development of manufacturing, aerospace & defense, marine/offshore and energy infrastructure industries. France, the United Kingdom and Germany stand at the vanguard of the regional market growth, owing to the rapid growth of the industrial sectors and the soaring demand for clean and sustainable methods for catering to energy needs.
The second biggest market belongs to North America, on account of the surging expenditure in the development of industries and the rising number of strict regulations sanctioned by the government. The demand for frequency converters is also escalating on the back of the increasing use of non-renewable fuels across a majority of power generation plants, in the backdrop of increasing importance of energy efficiency in the region.
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