The Asia Pacific Power Converter Market would witness market growth of 8.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 1,26,970.1 thousand units, showcasing a growth of 7.5% (2019-2022).
CT scanners utilize X-rays to generate cross-sectional images of the body. Power converters are crucial for powering the X-ray tube and the intricate control systems that regulate exposure parameters, ensuring diagnostic accuracy and minimizing radiation dose to patients. Ultrasound devices employ high-frequency sound waves to produce real-time images of internal organs. Power converters facilitate the generation of ultrasound signals and the processing of received signals, contributing to the clarity and accuracy of diagnostic imaging. X-ray machines are fundamental in capturing images of bones and internal structures. Power converters are integral to the X-ray tube, providing the necessary high voltage for generating X-rays in diagnostic imaging.
Moreover, the power converter market is undergoing a dynamic transformation driven by emerging trends and groundbreaking innovations. Integrating digital technologies into power converters has given rise to smart power converters capable of real-time monitoring, diagnostics, and adaptive control. These digital solutions enhance the efficiency and reliability of power converters while enabling predictive maintenance and remote management.
The expansion of the middle-class population in China has led to increased purchasing power and demand for consumer electronics. As more individuals enter the middle class, there is a growing appetite for electronic gadgets and devices. In China, the proliferation of e-commerce platforms has enabled convenient access to an extensive selection of consumer electronics. Therefore, the rising medical equipment and consumer electronics sectors in Asia Pacific will lead to enhanced demand for power converters in the region.
The China market dominated the Asia Pacific Power Converter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,567.2 Million by 2030. The Japan market is registering a CAGR of 7.4% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 8.7% during (2023 - 2030).
Free Valuable Insights: The Global Power Converter Market is Predict to reach $ 35 billion by 2030, at a CAGR of 7.6%
Based on Application, the market is segmented into Consumer Electronics, Medical Equipment, Electric Vehicle, Renewable Energy, and Others. Based on Type, the market is segmented into DC to DC Converter, AC to DC Converter, AC to AC Convertor, and DC to AC Converter. Based on End-Use Industry, the market is segmented into Industrial, Commercial and Residential. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End-Use Industry (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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