Frequency Converter Market: Development, Current Analysis & Forecast to 2023
The need for stability in electricity generation is estimated to motivate the frequency converter market 2020. The energy & power industry reports are created by Market Research Future, which centers on the market option for development. A 9 % CAGR is predicted to alter the market in the coming period.
The surge in demand for electricity in industries is estimated to spur the frequency converter market share. Moreover, the demand for marine frequency converters is expected to influence the frequency convertor market in the impending period positively. The upswing in international trading is likely to reinforce the growth of the frequency convertor market in the imminent period.
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The segmental insight of the frequency convertor market is carried out on the basis of type, end-user, and region. The type-based segmentation of the frequency convertor market is divided into static and rotary. Based on the end-user, the frequency converter market is segmented into power & energy, process industry, traction, oil & gas, marine, aerospace & defense, and offshore. Based on the region, the frequency converter market is segmented into Europe, Asia-Pacific, North America, and the rest of the global regions.
Detailed Regional Analysis
The regional examination of the frequency convertor market includes regions such as Europe, Asia-Pacific, North America, and the rest of global regions. The use of static frequency converters is likely to grow at an elevated pace in increasing economies of regions such as the Asia-Pacific and the Middle East & African region. The development of these regions is driven by their heavy on infrastructural developments such as ports, manufacturing & production facilities, airports, electrical equipment used here require precise current frequency to function efficiently. The need for clean and efficient processes is anticipated to compel the demand for frequency converters considerably. At present, the European region is dominating the international frequency market owing to widespread investments from nations such as France, Germany, and the United Kingdom into the expansion of the manufacturing, energy infrastructures, aerospace & defense, and marine/offshore sectors. The second-largest regional market for the frequency converter market is expected to be North America.
The availability of advantageous policies and regulations by trade bodies and governments is expected to hasten the progress of the market in the forecast period. The development of the market is contingent on the delicate balance of the forces of demand and supply. The consumers in the market are well aware of their requirements and how the market can meet them. The enrichment of the sources of supply is allowing the market players to create products that can be successful in the market effectively. The upgradation in production capacity is estimated further to accelerate the market expansion in the upcoming period. The collaboration of competitors in this market is expected to give way to new developments and novel product launches. The improved economic state of the companies is likely to lead to better research and development trials and activities in the impending period.
The strategic contenders in the frequency converter market are ABB Ltd (Switzerland), Danfoss (Denmark), Power Systems & Controls Inc (USA), Piller Group GmbH (Germany), Aplab Ltd. (India), Sinepower (Portugal), Siemens (Germany), General Electric Company (USA), and Magnus Power Pvt. Ltd. (India).
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