According to data from China Industrial Control Network, the market size of low-voltage frequency converters has shown a steady growth trend from 2020 to 2022. In 2020, the market size reached 23.6 billion yuan, and by 2021, the market size had grown to 28.3 billion yuan, with a year-on-year growth rate of 19.92%. In 2022, the market size continued to expand to 29 billion yuan, with a slightly slower year-on-year growth rate, but still reaching 2.47%. This indicates that in recent years, with the overall economic recovery, the low-voltage frequency converter market has performed well, and stable investment growth and export order backflow have provided strong support for market growth.
From the perspective of downstream application fields, the application fields of low-voltage frequency converters are very extensive. Among them, cranes, elevators, textiles, metallurgy, and electricity are the top five application areas, accounting for 43% in 2021. This indicates that low-voltage frequency converters play an important role in industrial automation, intelligent manufacturing, and other fields. With the continuous development of these fields, the market demand for low-voltage frequency converters will further expand.
It is expected that the market size of low-voltage frequency converters will reach 33.48 billion yuan by 2025, which further proves the potential and prospects of the low-voltage frequency converter market. With the continuous progress of technology and the expansion of application scenarios, low-voltage frequency converters will be applied in more fields, promoting the digital and intelligent upgrading of industrial production.
The low-voltage frequency converter market has shown a good development trend in recent years, with the market size continuously expanding and downstream application fields being widespread. It is expected that the low-voltage frequency converter market will continue to maintain stable growth in the coming years, providing strong support for the development of industrial automation and intelligent manufacturing.