FREQUENCY CONVERTER MARKET SIZE TO CROSS USD 25 BILLION BY 2026, GROWING AT A CAGR OF 5% DURING 2020-2026

Frequency Converter Market Size, Share, Trends Analysis Report by Product Type (Static and Rotary); Sales Channel (Direct and Indirect), Power Output (<4 KW, 5-40 KW, 41–200 KW, 201–600 KW, and >600 KW); End-user (Food & Beverage, Aerospace & Defense, HVAC, Pharmaceutical, Marine, Metal & Mining, Chemicals, Oil & Gas, Power Generation, Packaging, Cement, Textile, Water & Wastewater, Paper & Pulp, Rubber & Plastic, Forestry & Woodwork, and Others); and Geography (APAC, North America, Europe, Latin America, and Middle East & Africa); Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021–2026

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Most Exhaustive Report

262 Pages

76 Tables

105 Charts

5 Regions

19 Countries

20 Companies

5 Market Segment

GLOBAL FREQUENCY CONVERTER MARKET REPORT SCOPE

Report Attribute Details
MARKET SIZE (REVENUE) USD 25 Billion (2026)
CAGR 5% (2020–2026)
Base Year 2020
Forecast Year 2021-2026
Market Segments Product Type (Static and Rotary); Sales Channel (Direct and Indirect); Power Output (<4 KW, 5-40 KW, 41–200 KW, 201–600 KW, and >600 KW); End-user (Food & Beverage, Aerospace & Defense, HVAC, Pharmaceutical, Marine, Metal & Mining, Chemicals, Oil & Gas, Power Generation, Packaging, Cement, Textile, Water & Wastewater, Paper & Pulp, Rubber & Plastic, Forestry & Woodwork, and Others)
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
Countries Covered US, Canada, UK, Germany, France, Spain, Italy, China, Japan, Australia, India, South Korea, Brazil, Mexico, Chile, Rest of Latin America, Saudi Arabia, Turkey, and Rest of Middle East & Africa

FREQUENCY CONVERTER INDUSTRY INSIGHTS

The global frequency converter market size to cross USD 25 billion by 2026, growing at a CAGR of 5% during the period 2020-2026. The APAC region accounted for 37% of the market globally, followed by Europe and North America. The market is expected to grow due to the growth in industrial production, technological advancements, urbanization, and industries' expansion.  

Static frequency converters are expected to witness the highest revenue share by product type, driving the market growth. Emerging markets such as APAC and Latin America are expected to witness the highest growth during the forecast period due to or increased investments by developed countries, favorable government policies, and FDIs, and shifting focus toward domestic manufacturing. Automation, robotization, energy conservation, and decarbonization trends are expected to boost frequency converters' demand. The competition is likely to intensify due to mergers and acquisitions. Large vendors will acquire small and medium-sized vendors to enhance their market presence and expand their product portfolios.

SNIPPETS

  • The increased industrial application of frequency converters is a key factor driving the growth of the market.
  • The increasing demand for efficient electrical equipment and advanced equipment in developing countries is likely to accelerate the global frequency converters market's growth.
  • The development of high-speed rails that require frequency converters to control the speed of engines, pumps, and fans is acting as a catalyst for the market's growth.
  • The increasing trend of offshore wind power generation is significantly increasing the demand for frequency converters.
  • The advent of IIoT is expected to fuel the demand for frequency converters from several end-user industries.

DEMAND INSIGHTS

  • The demand for frequency converters is expected to increase due to the industrial expansion and investments by private and public players in the industrial sector across the globe.
  • The advent of IoT will fuel the demand for frequency converters from several end-user industries.
  • The development of high-speed rails that require frequency converters to control the speed of engines, pumps, and fans are further catalyzing the growth of the market.
  • About 1,500 additional businesses in the US have been involved in the manufacturing of extremely demanding frequency converters used in the pharmaceutical sector. The rapid expansion of pharmaceutical facilities worldwide due to COVID-19 is further expected to drive the market growth during the forecast period.

GLOBAL FREQUENCY CONVERTER MARKET SEGMENTATION

This research report includes a detailed segmentation by

  • Product Type
  • Sales Channel
  • End-user
  • Geography

INSIGHTS BY PRODUCT TYPE

  • Static frequency converters are likely to grow at a CAGR of over 5% due to high-frequency stability and output voltage. These devices deliver the required power under fixed conditions in manufacturing units and commercial applications, which are increasing their demand. Static frequency converter system operates with up to 94.5% efficiency.
  • Rotary frequency converters (RFC), on the other hand, are observing high application in several end-user segments, including aerospace & defense, rail & hydro facilities, sensitive electronics lab and research centers, process automation, and manufacturing lines. They are highly reliable and can produce high starting surge current for short periods, making them ideal for motor loads. However, they require regular maintenance and have a conversion efficiency of less than 85%.

INSIGHTS BY SALES CHANNEL

  • Direct sales of frequency converters are expected to reach over USD 22 billion by 2026. Strategic partnerships between vendors and OEMs and vendors and system integrators reduce operational costs. The new entrants in the market are expected to rely on indirect sales channels. This is expected to decrease the usage of direct sales channels.
  • Indirect sale channels include third-party purchases through distributors and dealers. A lack of awareness of brands, variety, and price factors drive customers to opt for indirect sales channels.

INSIGHTS BY END-USER

The metal & mining industry generated the highest demand for frequency converters owing to the expansion of mining activities in China, Australia, Brazil, India, the US, and the Middle East. Pumps, conveyors, compressors, fans, and positioning & synchronizations are the major applications of frequency converters in the food and beverage industry. The F&B segment holds the second largest frequency converter market share and is expected to reach USD 3.15 billion by 2026. The usage of frequency converters is high in the aerospace and defense industry due to the constant use of power electronics. Owing to less downtime, reduced costs, and the long lifespan of assets, the application of frequency converters is increasing. 

INSIGHTS BY GEOGRAPHY

APAC accounts for the highest share in the global frequency converter market and is expected to grow significantly during the forecast period. China is expected to lead the Asia Pacific frequency converter market share and is likely to account for approx. USD 3 billion by 2026. The increasing number of investments in fully automated industrial machinery, government spending toward defense aircraft and equipment, rapid urbanization, and increased industrialization in APAC are the major factors driving the region's demand for frequency converters. However, the outbreak of the COVID-19 pandemic has decreased the growth in China from 6% in 2019 to 1.00%-1.50% by the end of 2020. The production in China's chemical manufacturing units declined by over 15%–20% in 2020, which negatively affected the demand for frequency converter from the chemical & petrochemical industry.

INSIGHTS BY VENDORS

ABB, Aplab, Bosch, Danfoss, and Siemens are the key players in the market. Innovations in technology, product lines, marketing strategies, and sales networks are the crucial attributes through which vendors are to be identified and selected. The entry of large companies into the market poses a significant threat to domestic vendors. Moreover, acquiring technology and commercial distribution is becoming increasingly important for vendors. Changes in local governments' economic policies, laws, and regulations, could have an adverse effect on vendors financial stability.

The global frequency converter market research report includes in-depth coverage of the industry analysis with revenue, competitive landscape, and forecast insights for the following segments:

Product Type

  • Static
  • Rotary

Sales Channel

  • Direct
  • Indirect

Power Output

  • 5-40 KW
  • 41–200 KW
  • 201–600 KW
  • >600 KW

End-user

  • Food & Beverage
  • Aerospace & Defense
  • HVAC
  • Pharmaceutical
  • Marine
  • Metal & Mining
  • Chemicals
  • Oil & Gas
  • Power Generation
  • Packaging
  • Cement
  • Textile
  • Water & Wastewater
  • Paper & Pulp
  • Rubber & Plastic
  • Forestry & Woodwork
  • Others

Geography

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Chile
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • Rest of Middle East

Frequently Asked Questions

The global frequency converter market is expected to reach over USD 25 billion by 2026, growing at a CAGR of 5%.
The outbreak of the COVID-19 pandemic disrupted the supply chain, thereby decreasing the demand for industrial machinery. Lockdowns and restrictions have affected the demand for frequency converters in industrial production.
Increased automation in the automotive segment and the growing infrastructural development in the Middle East region are major opportunities and trends aiding the frequency converter market's growth.
Metal & mining, and food and beverage industries are expected to generate the largest revenues during the forecast period.
The APAC frequency converter market is expected to contribute a revenue of approx. $10 billion by 2026, growing at a CAGR of approx. 6%.
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