According to a new report, published by KBV research, 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).
The Renewable Energy segment is experiencing a CAGR of 7.4% during (2023 - 2030). Photovoltaic (PV) systems, which transform sunlight into electricity, depend on power converters to optimize energy production. Solar inverters, including central and string inverters, are vital in converting DC electricity from solar panels into AC power for residential, commercial, and utility-scale applications. Thus, these factors will boost the demand in the segment.
The DC to DC Converter segment is leading the Global Power Converter Market, by Type in 2022; thereby, achieving a market value of $16.3 Billion by 2030. DC to DC converters are commonly used in smartphones, laptops, and other electronic devices to manage power supply voltages efficiently. In electric vehicles (EVs) and hybrid vehicles, DC to DC converters are essential for converting high-voltage battery power to the lower voltage needed for vehicle systems and accessories. DC to DC converters play a role in renewable energy systems by converting and managing power between different components, such as solar panels and batteries. Thus, these factors can assist in the growth of the segment.
The residential segment is experiencing a CAGR of 6.5% during (2023 - 2030). Power converters are integral to home consumer electronics, including smartphones, laptops, TVs, gaming consoles, and audio systems. These converters ensure the devices receive the appropriate voltage and current for safe and efficient operation. Thus, the segment will witness increased demand in the upcoming years.
Full Report: https://www.kbvresearch.com/power-converter-market/
The Asia Pacific region dominated the Global Power Converter Market, by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $12.9 Billion by 2030. The North America region is poised to grow a CAGR of 6.9% during (2023 - 2030). Additionally, The Europe region would witness a CAGR of 7.4% during (2023 - 2030).
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)
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