The global frequency converter market size was US$ 22.3 billion in 2021. The global frequency converter market size is forecast to reach US$ 37.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 6% during the forecast period from 2022 to 2030.

A frequency converter is a machine with electromechanical control that transforms one frequency's alternating current into another frequency's alternating current. Apart from utility frequency, which varies by country and is either 50 Hz or 60 Hz, frequency converters allow the equipment and gadgets to work at their standard frequency. In many sectors, frequency converters are used to adjust the speed and torque of AC motors based on the demands of the load. Static and rotating frequency converters are the two types of frequency converters used in businesses for frequency conversion.

Factors Influencing Market Growth
The expansion of high-speed rails, which need frequency converters to regulate the speed of engines and fans, and extensive application of equipment in the aerospace and defense industry for monitoring the activities of axes drive the global market.

The discrepancy in the standards in various countries may slow down the overall market growth.

The growing adoption of rotary frequency converters in large applications with a power rating of 10 kVA boosts the global market growth.

The rising demand from the end user side, increasing research and testing activities uses in the defense mechanism, etc., fuel the global market growth.

Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. The growth rates of industries like construction and building, transportation, oil and gas, energy, food processing, electronics, pharmaceuticals, textiles, and others have decreased as a result of the global economic shutdown. In addition, the COVID-19-affected regions' demand for electricity declined. Additionally, the shortage of labor and widening supply-demand gaps prevented the building of new electric utility infrastructure, renewable power plants, grid networks, and other power plants, which hindered the market's expansion throughout the pandemic.

Regional Analysis
The Asia Pacific region accounted for a substantial market share in 2021 and is forecast to remain dominant during the forecast period. The increasing demand for renewable power generation, particularly in China, Japan, and India, is due to the growing need for a constant and durable power supply, owing to the rising population. Thus, this factor drives the market growth in the region. In addition, the existence of key participants and an increased consumer base further boost the market growth in the region.

Leading Competitors
The leading prominent companies profiled in the global frequency converter market are:
ABB Ltd
General Electric Company
APLAB Ltd
Siemens
Danfoss
Magnus Power
Georator Corporation
Aelco
NR Electric
KGS Electronics
Other Prominent Players

Scope of the Report
The global frequency converter market segmentation focuses on Type, End-User, and Region.
Segmentation based on Type
Aerospace And Defense
Power And Energy
Oil And Gas
Traction
Marine/Offshore
Process Industry
Others
Segmentation based on End-User
Static frequency converter
Rotary frequency converter
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America