Growing demand for electrical efficiency and increasing investment in modernization of infrastructure will drive the global frequency converters market to $18,854 million by 2017, with a CAGR of 8.7% from 2012 to 2017. Asia-Pacific, with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest revenue growth during the next five years. Frequency converters are a highly developing market. Though the market experienced slight reduction in the growth rate in 2014, this effect will be short lived and the market will bounce back with steady growth in the future.
Frequency converters manufacturers mainly focus on R&D in order to develop new and improved products, which offer more distinguished and revolutionary features such as more precision, control, and efficiency. Expansion into new and emerging markets such as Asia-Pacific, Russia, and South America has been and will be the key for success for frequency converters manufacturers, if they intend to increase their overall sales and revenue. Frequency converters occupy maximum market share due to their comprehensive use in all types of industries to achieve multiple frequencies of operation. The high power converters are applied in heavy industries such as oil & gas, metals & mining, power generation, cement, paper, wind energy, water & wastewater, and marine.
Power ranges of frequency converters (micro power converters, low power converters, medium power converters, and high power converters) and voltage ranges of frequency converters (low voltage converters and medium voltage converters) are identified and included.