The Latin America, Middle East and Africa Power Converter Market would witness market growth of 9.2% CAGR during the forecast period (2023-2030). In the year 2026, the LAMEA market's volume is expected to surge to 28,936.4 thousand units, showcasing a growth of 11.0% (2023-2030).
The power converter market stands at the forefront of technological innovation, responding to the ever-growing demands for efficient energy conversion, seamless integration into diverse systems, and sustainable practices. As industries evolve, driven by electronics, automation, and renewable energy advancements, power converters play a pivotal role in facilitating energy transformation from one form to another. Power converters find applications across many sectors, each with its unique requirements and challenges. Understanding these diverse applications provides insights into the versatility and adaptability of power converters in addressing the evolving needs of modern industries.
In addition, power converters are indispensable for motor drives in industrial settings, providing precise control over speed and torque. Additionally, converters contribute to power factor correction and harmonic mitigation, enhancing industrial operations' overall efficiency and reliability. Telecommunication networks rely on power converters for efficient power supply solutions. These converters ensure stable power delivery to telecommunication equipment, ranging from base stations to data centers, contributing to network reliability.
The expansion of the electric vehicle sector in Brazil necessitates the development of an adequate EV charging infrastructure. Power converters play a crucial role in the charging infrastructure, converting and regulating the electrical power needed for EV charging stations. As per the data from the Government of Brazil, electric and hybrid vehicles are booming in Brazil, and the number of electric vehicles sold grew by 41 percent in 2022. Thus, the growth of the renewable energy sector and increasing electric vehicle sales in LAMEA will boost the demand for power converters in the region.
The Brazil market dominated the LAMEA Power Converter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $655.1 Million by 2030. The Argentina market is showcasing a CAGR of 10% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 8.9% during (2023 - 2030).
Free Valuable Insights: The Worldwide Power Converter Market is Projected to reach USD 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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