Frequency inverter market
The factors driving growth in the frequency inverter market are rising energy prices, stringent efficiency regulations, and increased awareness about advantages of the inverters. frequency inverter is a highly developing market despite having a large base due to its enormous potential offered by these inverters. Though the market experienced slight reduction in the growth rate in 2012; this effect will be short lived and the market will bounce back with steady growth in the future.
Frequency inverter 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 inverter manufacturers if they intend to increase their overall sales and revenue. In 2012, ABB Ltd (Switzerland) dominated the frequency inverter market with 19% market share. Siemens Industry Inc. (U.S.) stood second with 13.8% and Schneider Electric SA (France) occupied around 8.5% market share of the total frequency inverter market.
Frequency inverters occupy maximum market share due to their comprehensive use in all types of industries and induction motors to achieve multiple speeds of operation. By application, the inverters that are used for pumps capture maximum market share. The high power inverters are applied in heavy industries such as oil & gas, metals & mining, power generation, cement, paper, wind energy, water & wastewater, and marine. These involve huge capital and infrastructure investment expending but offer enormous savings and reduction in power consumption.
The global frequency inverter market in major regions namely Asia-Pacific, Europe, North America, Latin America, and Middle East & Africa under major applications such as pumps, fans, compressors, conveyors, elevators, extruders, and other applications (mixers, agitators, etc.). Various types of frequency inverter included are Frequency inverters, DC drives, and servo drives. Also, power ranges of frequency inverter (micro power inverters, low power inverters, medium power inverters, and high power inverters); and voltage ranges of frequency inverter (low voltage inverters and medium voltage inverters) are identified and included.