For most power converters carrier frequency selection, acoustic noise is one of the least important concerns (of course there may be applications where it is amongst the primary, but they are few).  

It's mostly the switching losses that decide the switching frequency for high power converters. 

People have proposed spectrum spreading techniques to lower the pitch of the noise produced due to the switching with some drawbacks however.

Thanks for your response Mr. Syed Qaseem Ali. Is there any optimum limit for switching frequency of IGBT for Multi-level Inverters applications, so that the switching loss could be within a considerable level?

For Inverters the upper limit on switching frequency is constrained by switching loss mostly

Multan,

Just to add to what the rest of us have already stated, depending on the losses and heat dissipation, the spec sheet of every PE device has a maximum switching frequency.

If you use a factor of safety on the spec sheet figure, you will immediately get and answer to your question.

-Sanjay

As it was said before, cost is usually one of the main requirements in the design of a power converter.  High frequency implies more losses (more cost in cooling+cost of energy lost), but lower cost in filtering the harmonics generated while in lower frequency the cost is just the opposite.  For each application you may find the optimum range of frequency, finding a minimum (unfortunately it usually lies in the audible range).  Of course the use of especial topologies, for instance multilevel converters (less harmonic content, lower power rating per switch...) may shift the optimum frequency.  In the same way, in the last 15 years many new modulation techniques have been developed and still the development of new modulation techniques is a hot research topic.

For a survey of the most used modulation techniques, you may be interested in reading this very recent paper.

Article The Essential Role and the Continuous Evolution of Modulatio...

Thanks you Guys for your explanations!