Frequency Converter Market Traits
Frequency Converter Market Anticipated to Attain $39.7 Billion by 2031 — Allied Market Analysis
PORTLAND, OREGON, UNITED STATES, June 30, 2023/EINPresswire.com/ — Frequency converters are digital gadgets utilized in varied functions together with era, transmission, distribution, and use {of electrical} vitality. They’ll management frequency, energy, and voltage and enhance the effectivity of the gear or machines equivalent to motors, pumps, followers, and others. They provide benefits equivalent to discount in upkeep price, improve the lifetime of machines, enhance processes, allow utilization of apparatus imported from different nations, and others. They’re utilized in varied end-use industries together with aerospace & protection, energy & vitality, oil & fuel, marine, and others. The worldwide Frequency Converter Market dimension was valued at $22.3 billion in 2021 and is estimated to attain $39.7 billion by 2031, rising at a CAGR of 6% from 2022 to 2031.
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Vital growth of the end-use industries equivalent to textile, automotive, paint & coatings, photo voltaic, pharmaceutical, chemical substances, and healthcare, has fueled the demand for frequency converters to function the machineries & gear in industries at variable frequencies from above talked about industries, and is thereby anticipated to drive the expansion of the frequency converter market in the course of the forecast interval. As well as, improve in demand for frequency converters from creating economies equivalent to India, China, and Japan, owing to presence of producing amenities within the area fuels the expansion of the market, globally. Nonetheless, fluctuation in price of uncooked supplies & parts and totally different electrical energy requirements in several nations are the important thing elements which can be anticipated to hamper the expansion of the worldwide frequency converter market within the upcoming years.
Relying on sort, the rotary frequency converter phase held the very best market share of about 68.4% in 2021, and is predicted to preserve its dominance in the course of the frequency converter market forecast interval. That is attributed to rise in demand for rotary frequency converters from functions together with aerospace & protection, weapon programs, manufacturing amenities, rail & hydro amenities and.
As well as, rise in adoption of rotary frequency converters in giant functions with energy ranking 10 kVA or extra is additional anticipated to increase the demand for rotary frequency converters within the coming years.
On the premise of finish consumer, the aerospace & protection phase held the most important share in 2021, by way of income, and is predicted to preserve its dominance in the course of the forecast interval. That is attributed to fast development of the aerospace & protection business throughout the globe for nationwide safety. As well as, frequency converters are more and more utilized in functions together with aviation and weapon programs, sign programs, and others, which is predicted to gasoline the expansion of the market in the course of the forecast interval.
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On the premise of area, the market is analyzed throughout 4 main areas equivalent to North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific garnered the dominant share in 2021, and is anticipated to preserve this dominance within the frequency converter market development in the course of the forecast interval. That is attributed to presence of key gamers and an enormous shopper base within the area. As well as, fast growth of the renewable vitality sector, rise in funding towards constructing & building of recent grid infrastructure, and improve in R&D efforts within the area are additional anticipated to gasoline the expansion of the market within the upcoming years.
The worldwide frequency converter market evaluation covers in-depth details about the most important frequency converter business contributors. The important thing gamers working and profiled within the report embrace ABB, Ltd., Avionic Devices, LLC, Danfoss A/S, Georator Company, Common Electrical, KGS Electronics, NR Electrical Co., Ltd, Energy Methods & Controls, Inc., Siemens, and Langley Holdings Plc.
Different gamers working within the worth chain of the worldwide frequency converter market are Bosch Rexroth, Wacker Neuson, Piller Group GmbH, ENAG, and others.
Key findings:
– In 2021, the rotary frequency converter sort phase accounted for about 68.4% of the share within the international frequency converter market, and is predicted to preserve its dominance until the top of the forecast interval.
– The rotary frequency converter finish consumer phase is predicted to develop on the quickest price, registering a CAGR of 6.1%, all through the forecast interval.
– In 2021, the aerospace & protection finish consumer phase accounted for 30.7% frequency converter market share within the 12 months 2021, and is anticipated to develop at a price of 6.7% by way of income, whereas rising its share within the international frequency converter market.
– In 2020, Asia-Pacific area dominated the worldwide frequency converter market with greater than 39.6% share, by way of income.
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Key Advantages For Stakeholders
– This report supplies a quantitative evaluation of the market segments, present developments, estimations, and dynamics of the worldwide frequency converter market evaluation from 2021 to 2031 to determine the prevailing international frequency converter market alternatives.
– A complete evaluation of the elements that drive and prohibit the worldwide frequency converter market development is offered.
– Market analysis is obtainable together with info associated to key drivers, restraints, and alternatives.
– Porter’s 5 forces evaluation highlights the efficiency of consumers and suppliers to allow stakeholders to make profit-oriented enterprise choices and strengthen their supplier-buyer community.
– In-depth evaluation of the worldwide frequency converter market segmentation assists to decide the prevailing market alternatives.
– Main nations in every area are mapped in accordance to their income contribution to the worldwide market.
– Market participant positioning facilitates benchmarking and supplies a transparent understanding of the current place of the market gamers.
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Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
