Frequency Converter Market Forecasts US$ 65 billion Valuation by 2034: Increasing Investments by Key Players in Research and Development to Enhance the Frequency Converter Offerings | Future Market Insights, Inc.
The frequency converter market in the United States is forecasted to achieve a valuation of US$ 11.7 billion by the year 2034. With a robust growth trajectory, the market is anticipated to expand at a promising Compound Annual Growth Rate (CAGR) of 10% through the forecast period till 2034.
NEWARK, Del, March 11, 2024 (GLOBE NEWSWIRE) -- The global frequency converter market value is expected to rise from *US$ 25.90 billion in 2024 to US$ 65 billion by 2034*. This estimated growth is expected to be driven by a promising *CAGR of 9.60%* in the frequency converter industry over the next decade.Offshore wind technology is projected to observe significant opportunities owing to a reduction in offshore wind power prices and expansion in global capacities. Increasing use of frequency converters in the generation of offshore wind is expected to propel market growth.
In emerging countries, the market is driven by the expansion of the energy and manufacturing sector and robust industrialization. Significant potential for the establishment of renewable energy plants and industries in distribution networks and power transmission, in addition to rising investments in research and developments in frequency converter products, are predicted to offer lucrative business prospects for frequency converter manufacturers.
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*Key Takeaways from the Frequency Converter Market Report*
· The frequency converter market achieved a valuation of US$ 23.4 billion in 2023. In the historical period, the market recorded a growth rate of 11.8% CAGR.
· By type, the rotary frequency converter is projected to register a CAGR of 9.3% through 2034.
· Based on application, the aerospace and defense segment is anticipated to expand at a CAGR of 9.1% through 2034.
· The United States frequency converter industry is forecast to lead the global market by US$ 11.7 billion by 2034.
· In Europe, the United Kingdom is an important market for frequency converters. The market is estimated to attain a value of US$ 2.7 billion by 2034.
· In the Asia Pacific, China is anticipated to attain a market valuation of US$ 10.2 billion by 2034. The market is assessed to propel at a CAGR of 10.4% from 2024 to 2034.
“Industry participants are predicted to collaborate with regional distributors in high-growth economies to fetch more customers for frequency converters,” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
*Competitive Landscape*
Key players are continuously innovating and developing the latest and improved versions of converters, equipped with features like smaller size, higher efficiency, and advanced functionalities to attract new customers. Market players are providing different converters that serve different applications and power requirements, allowing them to address a wider market segment.
Industry participants are further partnering with component manufacturers, technology providers, or distributors to increase their market reach. Additionally, players are focusing on offering competitive pricing to capture and retain customers.
*Latest Advancements in the Frequency Converter Market*
· In October 2023, Mitsubishi Electric Corporation received a contract from J-Power Transmission Network Co., Ltd. to distribute a 300 MW Voltage Source Converter (VSC) in Hamamatsu, Shizuoka prefecture for the Shin-Sakuma Frequency Converter Station.
· In April 2023, Siemens announced that it will introduce latest high-performance frequency converters to enter the Sinamics family. The distinctive frequency converters feature clean power technology.
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*Manufacturers in the Frequency Converter Market*
· Jema
· Georator
· Mitsubishi Electric
· Sinepower
· AELCO International Pte Ltd.
· Avish Aviation Equipment Pvt. Ltd.
· Johnson Electric
· KGS Electric
· Danfoss
· Eaton
· Aplab Limited
· ABB
· Siemens
· Bosch
· NR Electric Co., Ltd.
· Magnus Power
· Nova Electric
· Others
*Frequency Converter Industry by Category*
By Type:
· Rotary Frequency Converter
· Static Frequency Converter
By Application:
· Aerospace and Defense
· Power and Energy
· Oil and Gas
· Marine/Offshore
· OthersBy Region:
· North America
· Latin America
· Western Europe
· Eastern Europe
· South Asia and Pacific
· East Asia
· Middle East and Africa
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*Author By:*
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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