Frequency Converters Market Size, Share, Growth Analysis, By Type(Static Frequency Converter and Rotary Frequency Converter.), By Application(Power generation, Oil and gas, Manufacturing, Aerospace and Defense), By Region - Industry Forecast 2024-2031

Global Frequency Converters Market size was valued at USD 10.2 billion in 2021 and is poised to grow from USD 10.6 billion in 2022 to USD 14.39 billion by 2030, growing at a CAGR of 3.9% in the forecast period (2023-2030).

One of the key drivers for the growth of the global frequency converter market is the increasing demand for efficient and reliable power supply solutions. With the rise in industrialization and urbanisation worldwide, there has been a growing need for stable and high-quality power supply. Frequency converters play a crucial role in ensuring the compatibility of power systems operating at different frequencies, thereby enabling efficient power transmission and distribution. The adoption of renewable energy sources is another factor fueling the demand for frequency converters. As the world shifts towards cleaner and greener energy alternatives, such as solar and wind power, the integration of these intermittent energy sources into the existing power grid becomes essential. Frequency converters enable the conversion of variable-frequency power generated by renewable sources into a stable frequency that can be seamlessly integrated into the grid.

The aerospace and defence sector is also a significant contributor to the global frequency converter market. With the increasing demand for commercial and military aircraft, there is a growing need for advanced power electronics systems. Frequency converters are crucial components in aircraft power systems, enabling the conversion of the onboard power from one frequency to another to meet the specific requirements of different equipment and systems.