Frequency Converter Market Size and Share Forecast Outlook From 2024 to 2034
The frequency converter market is estimated to exhibit promising growth throughout the forecast period, expanding at a CAGR of 9.60%. The market size is expected to grow from USD 25.90 billion in 2024 to USD 65 billion by 2034.
| Attributes |
Key Insights |
| Estimated Global Frequency Converter Market Size (2024E) |
USD 25.90 billion |
| Projected Frequency Converter Industry Value (2034F) |
USD 65 billion |
| Value-based CAGR (2024 to 2034) |
9.60% |
Comparison of Historical vs Future Outlook on Changing Consumer Trends for Frequency Converter Industry
- Demand for frequency converters is rising in renewable energy sources like wind and solar power to integrate these variable sources into the grid efficiently. Moreover, expansion in microgrids that are localized energy systems is creating demand for compact, decentralized frequency converters.
- Manufacturers are raising their efforts to develop higher efficiency converters and reduce power losses to adhere to strict regulations and accelerate demand for energy efficiency. Additionally, grid modernization is creating opportunities for sophisticated frequency converters with control and communication capabilities.
- Upsurge in smart factories and industrial automation is catapulting the demand for dependable and versatile frequency converters to handle machine and motors precisely. This trend is projected to create opportunities for niche products, such as high-performance multi-axis converters.
- Key players are increasingly incorporating features like data analytics and communication interfaces to integrate with Industry 4.0 technologies and Industrial Internet of Things (IIoT) initiatives. This allows for data-driven optimization, remote monitoring, and predictive maintenance of frequency converters.
- Leading companies are increasingly concentrating on circular economy principles and sustainable practices in the production and design of frequency converters. This involves the use of end-of-life recycling programs, energy-efficient processes, etc.
Analysis of Top Countries Manufacturing, Certifying, and Operating Frequency Converters
The Asia Pacific frequency converter industry is driven by robust industrialization of countries like China, India, Bangladesh, etc. Further, the growth of manufacturing sector in the region is also facilitating the sales of frequency converters. Rapid growth of industrial sectors like oil and gas, food and beverage, and power generation, etc. are facilitating the market growth.
Additionally, automation has been receiving traction in manufacturing and industrial sectors in Asia Pacific, which is spurring the demand for frequency converters for synchronization and timing.
Market growth in North America and Europe is supported by a rapid shift to industrial activities and automated manufacturing. Automation initiatives by different industries in Europe and North America are catapulting growth in frequency converter market.
| Countries |
Forecast CAGR (2024 to 2034) |
| The United States |
10.0% |
| The United Kingdom |
11.20% |
| China |
10.40% |
| Japan |
11.30% |
| South Korea |
7.60% |
Market Outlook for Frequency Converter in the United States
The United States frequency converter market is expected to attain a value of USD 11.7 billion by 2034. The market is estimated to expand at a promising 10% CAGR through 2034. Given below are the top growth factors for this region:
- Within the manufacturing sector, frequency converters are utilized across various applications, such as conveyors, pumps, mixers, fans, grinders, compressors, and other material-handling equipment.
- Production of unconventional fuels like shale and tight oil is changing the face of the oil and gas industry in the country. This is offering significant business opportunities to frequency converter providers.
- Frequency converters are extensively used in different manufacturing processes to optimize speed control and motor efficiency. As a result, industries like food and beverage, automotive, and pharmaceuticals significantly depend on them.
Business Scope for Frequency Converter in the United Kingdom
The frequency converter market in the United Kingdom is estimated to account for USD 2.7 billion by 2034. Over the forecast period, the market is projected to record a CAGR of 11.2%. The top growth motivators for frequency converter industry are:
- Stringent government regulations and initiatives to conserve energy are compelling end users to utilize frequency converters.
- Increasing demand for frequency converters in the United Kingdom to ensure seamless integration with the national grid.
- Several industries in the country are undergoing modernization, which involves machinery requiring certain frequency input. Frequency converters bridge the distance between the present grid and these specialized requirements.
- Increasing appeal of frequency converters among sustainability-focused businesses to ensure precise control of power consumption and motor speed. The adopters of this technology enjoy substantial energy savings and lowered carbon footprint.
Growth Prospects for Frequency Converter Players in China
The frequency converter market in China is projected to be valued USD 10.2 billion by 2034. The market is estimated to expand at a CAGR of 10.4% through 2034. Factors responsible for this growth are:
- Increasing concentration of leading manufacturing firms and robust growth in the industrial sector.
- Growing demand for frequency converters in various industries like textiles oil and gas, chemical metal and mining, and food and beverage.
- Surging activities like construction, manufacturing, mining, and power generation are expected to propel demand for frequency converters in China.
- Rapid industrialization and urbanization is expected to raise the demand for vehicles. Thus, boosting the adoption of frequency converters in the automotive sector.
Emerging Opportunities for Frequency Converters in Japan
The Japan frequency converter market is expected to attain a value of USD 6.4 billion by 2034. From 2024 to 2034, the market is forecast to expand at a CAGR of 11.3%. Leading factors that are propelling market growth are:
- Key vendors in Japan are increasing their expansions and investments as leading growth strategies. This is increasing the sales of frequency converters in the country.
- The manufacturing sector in Japan significantly relies on automation. As frequency converters play a critical role in optimizing energy consumption and controlling motor speed, their adoption is predicted to increase in industries like electronics, robotics, and automotive to automate their processes.
- Active promotion of energy efficiency and industrial automation by the Japanese government via subsidies and policies is creating a favorable environment for the adoption of frequency converters.
Growing Demand for Economical General-purpose Frequency Converters in South Korea
The frequency converter industry in South Korea is spearheaded at a CAGR of 7.6% through 2034. The market is projected to achieve a valuation of USD 3.1 billion by 2034.
- An increasing count of businesses are deploying frequency converters to enhance the energy efficiency in their operations. Their capacity to precisely control motor speed lowers the energy waste, thus making them a tempting investment option.
- Key players in the country are constantly developing new, compact, and more efficient frequency converter models to increase their adoption for different applications.
- Increasing demand for frequency converters in various sectors, such as HVAC, construction, transportation, and water treatment, to address different requirements.
Frequency Converter Industry Analysis by Top Investment Segments
Rotary Frequency Converters to Assume Rapid Growth in Next Decade
| Leading Type |
Rotary Frequency Converter |
| CAGR % from 2024 to 2034 |
9.3% |
Two types of frequency converters are available in the industries to convert frequency, such as rotary and static frequency converters. The rotary one dominated the global market in 2023 and is expected to be a swiftly growing segment in the years to follow. The segment is driven by:
- Increasing adoption of rotary frequency converters in large applications that have a power rating of 10 kVA or beyond.
- Extensive use of rotary frequency converters in gas turbine plants, traction power supply, and offshore activities owing to its robust application and design.
Aerospace and Defense Segment to Exhibit Significant Growth from 2024 to 2034
| Leading Application |
Aerospace and Defense |
| CAGR % from 2024 to 2034 |
9.1% |
Based on application, the aerospace and defense segment is projected to expand at a 9.1% CAGR through 2034. Top factors that are supporting the segment’s growth are:
- Increasing use of frequency converters across different applications like radar systems, aircraft auxiliary power units (APUs), and missile launchers to reduce fuel consumption and extend the equipment lifespan.
- Surging demand for advanced converters to offer precision in frequency control, especially in mission-critical tasks.
Leading Suppliers of Frequency Converter
Market players are making investments in research and development to expand their product portfolio. Additionally, they are expected to come into strategic partnerships and make acquisitions to increase their footprint. Industry participants are also focusing on customer service and support to yield business opportunities in the years to follow.
Latest Developments in the Frequency Converter Market
- Siemens introduced Sinamics G220 high-performance frequency converter to its Sinamics family prior to Hannover Messe 2023. These distinctive frequency converters feature pure power technology. This can lower harmonics by up to 97% without the DC link chokes and line harmonic.
- Xiami commenced pre-booking the 1hp Roufeng Air Conditioner in China in May 2023. The latest Xiaomi air conditioner is energy-efficient and uses a complete DC frequency converter. The 1hp Xiaomi Roufeng Air Conditioner is marketed with an APF classification of up to 5:30 to exhibit its legitimacy.
Key Frequency Converter Market Players and Concentration
- 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
Scope and Coverage of the Frequency Converter Market Report
- Adjacent Study of Voltage to Frequency Converter Market, Rotary Frequency Converter Market, Frequency Modulator/ Regulator Market, and Frequency Control Unit Market
- Comparative Study of Rotary and Static Frequency Converters in the Market Report
- Market Demand Scope for AC and DC Frequency Converters
