The frequency converter market 2020 can surge ahead at an approx. rate of 9% between 2017 and 2023 (review period), reveals Market Research Future (MRFR). We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
The novel coronavirus or the COVID-19 outbreak has left a deep impact on the Frequency Converter Market. The pandemic has affected the worldwide economy in many ways, with the increasing gap between demand and production, disruption in the supply chain and the financial crisis faced by market players across the energy and power industry, among others.
SARS-CoV-2 has led to travel bans, lockdown; flight cancellations; restrictions on indoor events, restaurants closed; stock market fluctuations; businesses falling apart and uncertainty regarding the future. However, the COVID-19 impact on the frequency converter market can be relatively milder, given the increasing product uptake in the defense and aerospace industries.
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Primary Drivers and Main Challenges
There are several benefits of using frequency converters, as they facilitate lower maintenance costs, limited torque, easy start, controlled ramp-up speed, among others. The rising knowledge about these benefits are boosting their uptake among several applications, such as flow and pressure control, temperature control of processes and sensor abilities, to mention a few.
The increase in research, development and testing activities, increasing deployment in defense mechanism also boost the industry outlook. Apart from these, the rising need for electric machinery along with the high demand for efficient and effective equipment also result in market expansion. The rising frequency of technological innovations and the consequent launch of advanced tools and equipment coupled with the increasing use of high-speed rails can be some of the biggest trends in the frequency converters industry.
Furthermore, frequency converters can note further use in application areas like modern preparing lines, where high control precision is necessary. This characteristic is in high demand across sectors such as weapons and atomic power, which boosts the application scope of frequency converters.
Type and end-users are the primary segments considered in the market study for frequency converters.
The types of frequency converters included in the market research are rotary and static. Rotary frequency converters are observing better growth in the market, given their robust design and the increasing deployment in traction power supply, gas turbine power plants and offshore activities.
The significant end-users listed in the report include process industry, power & energy, oil & gas, aerospace & defense, traction, marine/offshore, and more. The maritime/offshore sector; encompassing government agencies, shipping companies, harbors & marine operators, car ferry ports, naval dockyards and cruise lines, actively seeks sustainable ways to generate power for vessels at the port. Marine frequency converters have emerged as the most sought-after equipment as they do not produce vibration smoke, carbon emissions or fumes.
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The main markets for frequency converters are Europe, MEA/the Middle East & Africa, APAC/Asia Pacific and North America.
The APAC and MEA markets are presumed to procure the fastest CAGR, thanks to the emerging trend of static frequency converters and the increasing spending on infrastructural development like airports, seaports, production and manufacturing facilities. Also, the surging awareness levels with regard to noise and air noise pollution can also be instrumental in business growth across these regions.
Europe is in the lead at present, as a result of the high expenditure on industries such as aerospace & defense, manufacturing, energy infrastructure and marine/offshore. France along with Germany and the United Kingdom spearhead the market here, on account of the fast expansion rate of the industrial sectors paired with the surging exploration of sustainable and clean methods to meet with the energy demand.
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