Development of high-speed rails that require frequency converter to control the speed of engines and fans and extensive use of equipment in the aerospace and defense industries for monitoring the activities of axes drive the growth of the global frequency converter market.
PORTLAND, Ore., July 11, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Global Frequency Converter Market by End-User (Aerospace and Defense, Power and Energy, Oil and Gas, Traction, Marine/Offshore, Process Industry, Others), By Type (Static frequency converter, Rotary frequency converter): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global frequency converter industry was estimated at $22.3 billion in 2021, and is expected to hit $39.7 billion by 2031, registering a CAGR of 6.0% from 2022 to 2031.
Determinants of growth-
Development of high-speed rails that require frequency converters to control the speed of engines and fans and extensive use of equipment in the aerospace and defense industries for monitoring the activities of axes drive the growth of the global frequency converter market. Moreover, several growth prospects in the developed and developing economies have also been beneficial for the market growth.
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Covid-19 scenario-
- Decrease in the growth rate of industries such as construction & building, transportation, oil & gas, energy, food processing, electronics, pharmaceuticals, textiles, and others impacted the global frequency converter market negatively, especially during the initial period.
- Decline in electricity demand also affected the market to significant extent. However, the market is anticipated to get back on track soon.
The aerospace and defense segment to retain the lion’s share-
By end-user, the aerospace and defense segment held the major share in 2021, garnering nearly one-third of the global frequency converter market. The same segment is also projected to cite the fastest CAGR of 6.7% throughout the forecast period, owing to the fast growth of the industry.
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The rotary frequency converter segment to dominate by 2031-
By type, the rotary frequency converter segment contributed to the lion’s share in 2021, holding more than two-thirds of the global frequency converter market. The same segment is also anticipated to manifest the fastest CAGR of 6.1% from 2022 to 2031. Increasing demand for rotary converters in application that includes weapon systems, rail, etc. fuels the segment growth.
Asia-Pacific held the major share in 2021-
By region, Asia-Pacific dominated in 2021, garnering nearly two-fifths of the global frequency converter market. The same region is also expected to cite the fastest CAGR of 6.7% throughout the forecast period. This is due to rapid industrialization and urbanization in countries such as China and India.
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Key players in the industry-
- Avionic Instruments, LLC.
- Danfoss A/S
- General Electric
- Power Systems & Controls, Inc.
- KGS Electronics
- NR Electric Co., Ltd.
- ABB, Ltd.
- Langley Holdings Plc.
- Georator Corporation
- Siemens
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