“Global Power Converter Market to reach a market value of USD 35 Billion by 2030 growing at a CAGR of 7.6%%”
The Global Power Converter Market size is expected to reach $35 billion by 2030, rising at a market growth of 7.6% CAGR during the forecast period. In the year 2022, the market attained a volume of 3,43,028.1 thousand units, experiencing a growth of 7.2% (2019-2022).
Rapid urbanization and industrialization in the Asia-Pacific region have increased the demand for power converters for various industrial applications. Consequently, the Asia Pacific segment captured $7,018.9 million revenue in the market in 2022. Industries such as manufacturing, automation, and electronics contribute significantly to the increasing demand for these converters. Therefore, the segment will grow rapidly in the coming years.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2023, ABB Power Conversion has unveiled its latest offering in precision manufacturing: the CC7500, a 7500W AC-DC converter. This innovative converter, designed for precision manufacturing applications, boasts liquid cooling and operates on a three-phase, 75-volt (V) rectifier system. Additionally, In March, 2023, Siemens AG has unveiled the Sinamics G220, a cutting-edge high-performance frequency converter featuring clean power technology. This innovative technology slashes harmonics by up to 97% without necessitating line harmonic chokes or DC link chokes. The Sinamics G220 frequency converters boast remarkable efficiency in space utilization and operation, streamlining engineering processes.
Based on the Analysis presented in the KBV Cardinal matrix; Texas Instruments, Inc. and Siemens AG are the forerunners in the Market. Companies such as Schneider Electric SE, ABB Group, and Eaton Corporation PLC are some of the key innovators in Market. For Instance, In May, 2022, Eaton Corporation PLC has unveiled DC-DC converters designed specifically for diesel-powered commercial vehicles. These converters from Eaton take input from a 48-volt system and efficiently decrease it to 24 volts. Moreover, this bi-directional unit is capable of further reducing the power to 12 volts, which is suitable for low-voltage systems.
Consumer electronics devices often operate on different voltage levels. The rise of USB Power Delivery (PD) and fast charging technologies in consumer electronics has led to the incorporation of advanced converters. These converters enable faster charging of devices, providing higher power levels while maintaining compatibility with various devices. Therefore, owing to these factors, there will be enhanced growth in the market.
Additionally, these converters are integral to developing public and private charging stations, allowing electric vehicle users to charge their vehicles conveniently and efficiently. As per the Ministry of Road Transport and Highways, there were 13 92,265 electric vehicles (EVs) in total on Indian roads as of August 2022. By 2030, there will likely be 45–50 million more EVs on the road. Hence, these factors can lead to increased demand for power converters.
Power converters often incorporate various components sourced from different parts of the world. These components include semiconductors, capacitors, transformers, and other electronic elements. Supply chain disruptions can increase costs for sourcing components or alternative materials. This can impact the overall cost structure of these converters, potentially leading to price increases for end-users. Therefore, owing to these factors, there can be reduced growth in the market.
On the basis of application, the market is divided into renewable energy, consumer electronics, medical equipment, electric vehicle, and others. The consumer electronics segment recorded the maximum revenue share in the market in 2022. Laptops and computers often come with AC/DC adapters, including power converters. These converters transform AC power from the electrical outlet into the DC power needed to operate and charge the device.
Based on type, the market is segmented into AC to DC converter, DC to AC converter, DC to DC converter, and AC to AC convertor. In 2022, the AC to DC converter segment garnered a significant revenue share in the market. AC to DC converters are extensively used in consumer electronics, providing the necessary power for smartphones, laptops, TVs, and home appliances. These converters are often integrated into chargers and power adapters. Data centers, servers, and networking equipment rely on AC to DC converters for power supply.
Based on end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment recorded the maximum revenue share in the market in 2022. Industrial motor drives, powered by converters, are integral to the motion control systems in manufacturing facilities. These systems ensure precise and efficient movement of machinery and production lines.
Free Valuable Insights: Global Power Converter Market size to reach USD 35 billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Rapid urbanization and industrialization in the Asia-Pacific region have increased the demand for power converters for various industrial applications.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 19.7 Billion |
| Market size forecast in 2030 | USD 35 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.6% from 2023 to 2030 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 387 |
| Number of Tables | 753 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Application, End-Use Industry, Region |
| Country scope |
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| Companies Included | ABB Group, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., Delta Electronics, Inc., Texas Instruments Incorporated, Eaton Corporation, Schneider Electric, Vicor Corporation, Siemens AG |
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 Geography (Volume, Thousand Units, USD Billion, 2019-2030)
This Market size is expected to reach $35 billion by 2030.
Rising demand for renewable energy sources are driving the Market in coming years, however, Increasing concerns about supply chain disruptions restraints the growth of the Market.
ABB Group, General Electric Company, Mitsubishi Electric Corporation, Emerson Electric Co., Delta Electronics, Inc., Texas Instruments Incorporated, Eaton Corporation, Schneider Electric, Vicor Corporation, Siemens AG
In the year 2022, the market attained a volume of 3,43,028.1 thousand units, experiencing a growth of 7.2% (2019-2022).
The DC to DC Converter segment is leading the Market, by Type in 2022; there by, achieving a market value of $16.3 Billion by 2030.
The Asia Pacific region dominated the Market, by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $12.9 Billion by 2030.
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