The development of EVs is expected to lower the levels of carbon dioxide emission and will increase the demand for global frequency converter market.
According to the latest Arizton's market research report, the global frequency converter market to cross USD 25 billion by 2026, growing at a CAGR of around 5% during the forecast period.
Global Frequency Converter Market Growth Analysis
Several automakers have concentrated their efforts on the development of hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and electric vehicles (EVs). The development of EVs is expected to lower the levels of carbon dioxide emission and will increase the demand for global frequency converter market. The introduction of electric railways has enhanced the advanced power electronic technologies. Hence, it has increased the demand for frequency converters, particularly in traction subsystems. The use of frequency converter has contributed to high performance, reduced maintenance, energy saving, and downsizing in electric locomotives and electric motive units. These factors will accelerate the growth of the global frequency converter market.
Read: Specialty Chemicals Market - Global Outlook and Forecast 2021-2026
What’s Trending in the Market?
- ABB has broad coverage in end-user industries, offering frequency converter to the F&B, mining and metals, oil and gas, buildings, power generation, and several other industries.
- China and India are expected to grow at one of the highest CAGRs during the forecast period owing to their huge population pool, industrial establishments, growing economies, and increasing industrial expenditure.
- Siemens is improving its supply chain network by collaborating with suppliers and minimizing supply risks with artificial intelligence.
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- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, sales channel, end-user, and geography
- Competitive Landscape – 5 Key Company Profiles and 15 Other Prominent Vendors
Which Region is Leading the Global Frequency Converter Market?
APAC accounts for the higher share in the global frequency converter market. Urbanization and industrialization in emerging countries such as India have increased the demand for vehicles, boosting the demand for frequency converters in the automotive industry. APAC is witnessing highest growth in terms of industrial development, digital and technology transformation, and economy. Several growth factors is creating lucrative opportunities for vendors operating in the APAC frequency converter market. Investments and expansion activities by players in the emerging nations in APAC are the key strategies for market growth.
Competitive Landscape of the Global Frequency Converter Market
The competition in the global frequency converter market is intensifying. In the present scenario, players are focusing on changing and refining their unique value propositions to achieve strong market presence. Major players in the global frequency converter market continues to compete among themselves for the leading position. Companies are strategizing by combining their businesses with other businesses and also increasing partnership with local manufacturers, OEMs, and system integrators. This in turn, is driving the sales and productivity in the global frequency converter market. The growth of the players in the market mostly depends on its condition, GDP growth, and industry development. Due to intense competition in the global frequency converter market will also witness various product differentiation strategies across the globe.
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