The report “Frequency Converter Market by Type (Static and Rotary), by End-User (Aerospace & Defense, Power & Energy, Process Industry, Traction, Oil & Gas, and Marine/Offshore), and by Region – Global Forecast and Trends to 2020” defines and segments the global frequency converter market with analysis and forecast of the market size. The frequency converter market is expected to grow from an estimated market size of USD 15.0 Billion in 2015 to USD 23.2 Billion by 2020, growing at a CAGR of 9.1%.
Frequency converter market includes major players such as ABB Ltd. (Switzerland), Danfoss A/S (Denmark), General Electric Company (U.S.), Siemens AG (Germany), Magnus Power (U.K.), Sinepower (Portugal), Aplab Ltd. (India), Power System & Control (Virginia), and Piller GmbH (Germany).
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Growth of frequency converter market is contributed by demand from developing economies and need for efficient process systems. A major portion of the demand for frequency converters comes from aerospace & defense, traction, and process industry end-users in Europe, North America, and Asia-Pacific regions. Increasing demand across diverse sectors for process and equipment efficiency for enhanced output create the need for frequency converters.
Increasing requirements of frequency converter in oil & gas, power & energy, marine/offshore, and research & testing activities among others, is giving more scope for contracts of end-users with the manufacturers. The figure below shows the global frequency converter market share by region in 2014.
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The report forecasts revenue of the global frequency converter market, which includes the key type of frequency converters with respect to main regions such as North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. Frequency converter market is also analyzed on the basis of the end use industries which include aerospace & defense, process industry, power & energy, traction, oil & gas, and marine/offshore market.
Frequency Converter Market report has been segmented on the basis of type, end-user, and region as follows:
On the basis of Type: The report considers basic types of frequency converters, Static Frequency Converter, and Rotary Frequency Converter
On the basis of End-Users: Under this segmentation, the report considers various types of end users such as, Aerospace & Defense, Power & Energy, Process Industry, Traction, Oil & Gas, and Marine/Offshore
On the basis of Region: The regions analysed in the report include Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Developing economies from the regions, Asia-Pacific and the Middle East & Africa offer lucrative market opportunities to frequency converter manufacturers.
Global frequency converters market was dominated by Europe with a share of about 42% in 2014. It is estimated to grow at a CAGR of 8.0% from 2015 to 2020. Asia-Pacific is expected to be the fastest growing market, at a CAGR of 11.3% during the forecast period. Increasing expenditure in several industrial infrastructure and stringent government regulations is expected to increase demand of frequency converters and drive the market in the Asia-Pacific region.
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