Frequency Converter Market Size Soaring at USD 65 billion by 2034

The global frequency converter market value is expected to rise from USD 25.90 billion in 2024 to USD 65 billion by 2034. This estimated growth is expected to be driven by a promising CAGR of 9.60% in the frequency converter industry over the next decade.

Offshore wind technology is projected to observe significant opportunities owing to a reduction in offshore wind power prices and expansion in global capacities. Increasing use of frequency converters in the generation of offshore wind is expected to propel market growth.

In emerging countries, the market is driven by the expansion of the energy and manufacturing sector and robust industrialization. Significant potential for the establishment of renewable energy plants and industries in distribution networks and power transmission, in addition to rising investments in research and developments in frequency converter products, are predicted to offer lucrative business prospects for frequency converter manufacturers.

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Key Takeaways from the Frequency Converter Market Report

The frequency converter market achieved a valuation of US$ 23.4 billion in 2023. In the historical period, the market recorded a growth rate of 11.8% CAGR.
By type, the rotary frequency converter is projected to register a CAGR of 9.3% through 2034.
Based on application, the aerospace and defense segment is anticipated to expand at a CAGR of 9.1% through 2034.
The United States frequency converter industry is forecast to lead the global market by US$ 11.7 billion by 2034.
In Europe, the United Kingdom is an important market for frequency converters. The market is estimated to attain a value of US$ 2.7 billion by 2034.
In the Asia Pacific, China is anticipated to attain a market valuation of US$ 10.2 billion by 2034. The market is assessed to propel at a CAGR of 10.4% from 2024 to 2034.

Competitive Landscape

Key players are continuously innovating and developing the latest and improved versions of converters, equipped with features like smaller size, higher efficiency, and advanced functionalities to attract new customers. Market players are providing different converters that serve different applications and power requirements, allowing them to address a wider market segment.

Industry participants are further partnering with component manufacturers, technology providers, or distributors to increase their market reach. Additionally, players are focusing on offering competitive pricing to capture and retain customers.

Latest Advancements in the Frequency Converter Market

In October 2023, Mitsubishi Electric Corporation received a contract from J-Power Transmission Network Co., Ltd. to distribute a 300 MW Voltage Source Converter (VSC) in Hamamatsu, Shizuoka prefecture for the Shin-Sakuma Frequency Converter Station.
In April 2023, Siemens announced that it will introduce latest high-performance frequency converters to enter the Sinamics family. The distinctive frequency converters feature clean power technology.

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Manufacturers in the Frequency Converter Market