The North America Power Converter Market would witness market growth of 6.9% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 75,404.0 thousand units, showcasing a growth of 6.7% (2019-2022).
The aerospace and defense sectors leverage power converters for diverse applications, including avionics, radar systems, and electronic warfare equipment. Power converters in these applications need to adhere to stringent reliability, performance, and electromagnetic compatibility standards. Avionics power converters contribute to the operation of flight control systems, navigation instruments, communication systems, and electronic displays in the cockpit. The reliability and efficiency of these converters are crucial for the safety and performance of aircraft, making adherence to rigorous aerospace standards imperative. Radar systems are essential for aircraft, providing critical capabilities such as weather monitoring, terrain mapping, and, most importantly, detecting other aircraft and potential threats. Power converters within radar systems are pivotal in converting and regulating the electrical power required for radar transmitters, receivers, and signal processing units.
Furthermore, in the medical field, power converters are integral components of medical imaging equipment, diagnostic devices, and life support systems. The precision and reliability of power converters are critical in ensuring the accurate functioning of medical devices vital for patient care. Fuel economy and overall aircraft performance can be enhanced using lightweight materials. Power converters contribute to precisely controlling the magnetic fields and operate radiofrequency (RF) coils, enabling high-quality imaging while maintaining patient safety.
Mexico has been making significant strides in developing its renewable energy sector. The country has abundant renewable resources, including solar and wind, and there has been a push towards diversifying the energy mix and reducing dependence on traditional fossil fuels. Expanding the renewable energy sector in Mexico involves integrating solar and wind power into the electrical grid. Thus, the rising renewable energy sector in North America will assist in the expansion of the regional power converter market.
The US market dominated the North America Power Converter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,203.6 Million by 2030. The Canada market is experiencing a CAGR of 9.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 8.4% during (2023 - 2030).
Free Valuable Insights: The Power Converter Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
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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