Frequency converter: Key market research findings
- Emphasis on infrastructure development to stimulate growth in the market
- Europe to dominate the market geographically
- Key vendors – ABB, Danfoss, GE, Magnus Power, and Siemens
Technavio’s market research analysts predict the global frequency converter market to grow at a CAGR of more than 9% between 2016 and 2020. The increasing emphasis on infrastructure development is expected to boost the demand for frequency converters during the forecast period. Countries across the globe are spending largely on the development of infrastructure due to rapid industrialization and urbanization. Developed economies are shifting from advanced to quality of life (QOL) urban infrastructure that primarily focuses on energy conservation and efficiency. Currently, Europe accounts for around 43% of the overall market share and will dominate the global frequency converter market until the end of the predicted period. In this region, increasing investments for the modernization of existing industrial infrastructure to increase production is expected to boost growth in the frequency converter market in Europe during the forecast period.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Recently, there has been an increase in the offshore wind electricity generation capacity of countries due to the implementation of stringent renewable targets and policies to meet the demand for renewable energy. This, in turn, is being made possible through the adoption of smart grids. The number of countries moving toward renewable energies like wind and solar to meet their carbon emission goals and reduce dependency on fossil fuels is witness an upsurge owing to increasing awareness about the depletion of fossil fuels,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
The rise in electricity prices plays a key role in spurring the growth of the global frequency converter market. Factors such as growing energy consumption, increasing population, widespread industrialization, and growing number of middle-class families are resulting in the escalation of electricity prices across the globe. Consequently, the demand for frequency converters is witnessing a rapid upsurge as they enable energy savings.
The key vendors in the market include ABB, Danfoss, GE, Magnus Power, and Siemens. As per the market forecast, the North American region is expected to lead the frequency converter market in the next ten years. Growing power demand and the advent of new policies to achieve efficient energy supply in the US offer an attractive opportunity for the leading vendors to bolster their hold over the market.
A more detailed analysis is available in the Technavio report, Global Frequency Converter Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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