Frequency Converter Market Overview:
Market Research Future (MRFR) published a report on the Frequency Converter Market with a prediction for the forecast period of 2022 to 2030.
Frequency converter market is expected to grow at a CAGR of 8.06% during the forecasted period 2022-2030, due to growing demand for frequency converters in developing countries.
The need for energy-efficient solutions is driving the demand for frequency converters. They help reduce energy consumption, increase efficiency, and improve productivity in various applications. In addition, the increasing adoption of renewable energy is also driving the growth of the market. Frequency converters are used in renewable energy systems such as solar and wind power plants, where they help convert DC power into AC power.
after getting backed by industries like oil gas, power, marine, aerospace, and others. The device is getting strong demand from developing countries where energy efficiency plays a major role in transforming the market outcome.
Segmentation:
The global market report containing details of the frequency converter market has a study of segments by MRFR analysts that helps in understanding changes of nuances that can affect the market results. These segments are type and end user. Data collected from these segments would help players in forming strategies to maximize their profit during the forecast period.
By type, the study of the global frequency converter market comprises static and rotary.
By end user, the report on the frequency converter market has been segmented into oil gas, aerospace defense, power energy, traction, process industry, and marine/ offshore. The growing demand for sustainable power sources is expected to bolster the hike in power energy sector. Various offshore activities to explore oil gas can change the dynamics for oil gas and marine/ offshore sectors.
Browse Report Details @ https://www.marketresearchfuture.com/reports/frequency-converter-market-3218
Industry News:
In August 2020, Ingeteam announced the commissioning of 50 GW of wind energy conversion equipment with wind turbines as its sales of wind energy converters and wind control cabinets are finding strong tailwinds. The company started paving ways in 1995 and it was the first manufacturer to launch DFIG converters, which is still the gold standard in the industry. This new commissioning would help the company retain its position at the top and it would also help the company to expand its frequency converter segment, which would bolster the global market for the frequency converters.
In July 2020, Busch Vacuum Pumps and Systems declared that it had engaged Mink claw compressor technology to help the separation efficiency of sand reach the optimum level, along with the grease and oils for a sand trap at Poppenweiler’s wastewater treatment facility, a district of Ludwigsburg, Germany. The new compressor was installed without the need to make modifications to the geometry of the sand trap. The volume flow of this new machine can be adjusted with a frequency converter to make sure the adjustment is precise to boost the requirements in the existing sand trap.
These changes may inspire expansion for the market. However, the COVID-19 crisis has impacted the market dynamics, which might affect the outcome.
Regional Analysis:
Asia Pacific and the Middle East Africa are expected to make changes for the global frequency converter market. This is due to the presence of emerging countries that are influencing the market. Europe has the maximum global frequency converter market share, where France, Germany, and the UK are contributing significantly. North America stands second in terms of valuation.
Competitive Landscape:
The global market report on the frequency converter market relies on a proper discussion of players like Power Systems Controls Inc (USA), Danfoss (Denmark), Piller Group GmbH (Germany), ABB Ltd (Switzerland), Sinepower (Portugal), Siemens (Germany), General Electric Company (USA), Aplab Ltd. (India), and Magnus Power Pvt. Ltd. (India). MRFR includes these players and their latest proceedings to get a proper picture of how the market would fare in the coming years. This will help in a predictive assessment of the market.
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