namhaft
renowned
Well-known and respected; having a good reputation.
Für das Projekt konnten wir einen namhaften Architekten gewinnen.
We were able to secure a renowned architect for the project.

renowned / considerable
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renowned
Well-known and respected; having a good reputation.
Für das Projekt konnten wir einen namhaften Architekten gewinnen.
We were able to secure a renowned architect for the project.

'Namhaft' is derived from 'der Name' (the name). The ending '-haft' means 'having' or '-like'. Literally, then, it means having a (good) name.
Das Festival zog viele namhafte Musiker an.
The festival attracted many renowned musicians.
You can recognize the meaning of 'namhaft' from the noun: if it refers to a person or company, it means 'bekannt' (well-known). If it refers to a sum of money or an amount, it means 'beträchtlich' (considerable).
Ein namhafter Hersteller garantiert oft für gute Qualität.
A renowned manufacturer often guarantees good quality.
In the meaning 'bekannt' (well-known), the adjective is often combined with people or institutions, e.g. 'ein namhafter Wissenschaftler' (a renowned scientist), 'eine namhafte Universität' (a renowned university), or 'ein namhafter Hersteller' (a renowned manufacturer).
Die Studie wurde von einer namhaften Wissenschaftlerin geleitet.
The study was led by a renowned scientist.
The meaning 'beträchtlich' (considerable) is used mainly in formal or written contexts, especially in business or news language.
Durch die Fusion entstand ein Konzern mit namhaftem Marktanteil.
The merger created a corporation with a considerable market share.
known
'bekannt' and 'namhaft' can both say that someone or something has a name that many people know. 'bekannt' is the normal word and fits many everyday situations. 'namhaft' sounds more formal and usually means not only well-known, but also respected or important. For example, people talk about 'namhafte Ärztinnen' (renowned female doctors), companies, or researchers. For simple fame or familiarity, 'bekannt' is more natural; 'namhaft' is more suitable when you want to emphasize a good reputation.

An der Konferenz nehmen mehrere namhafte Expertinnen teil.
Several renowned experts are taking part in the conference.
Der Autor ist vor allem durch seine Kinderbücher bekannt.
The author is known mainly for his children's books.