The power converter market was valued at $20.9 billion in 2022 and is estimated to reach $44.6 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.
The increase in focus on renewable energy sources, such as solar and wind, has led to a growing demand for power converters to efficiently integrate these intermittent energy sources into the grid.
PORTLAND, Ore., Feb. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Converter Market by Type (AC To DC Converter, DC To AC Converter, DC To DC Converter, and AC To AC Convertor), Application (Renewable Energy, Consumer Electronics, Medical Equipments, Electric Vehicles, and Others), and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global power converter market valued for $20.9 billion in 2022 and is estimated to reach $44.6 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.
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Prime determinants of growth
The global power converter market is experiencing growth due to rise in adoption of electric vehicles where electric vehicles rely on power electronics for functions such as converting DC power from the battery to AC power for the electric motor and vice versa during regenerative braking. Power electronic components like inverters, converters, and DC-DC converters are essential for efficient energy conversion. However, the complexity of designing and manufacturing high-efficiency converters is expected to hinder the market growth. Moreover, the rise in adoption of 5G technology in developed countries offers remunerative opportunities for the expansion of the power converter market.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $20.9 billion |
Market Size in 2032 | $44.6 billion |
CAGR | 7.8 % |
No. of Pages in Report | 300 |
Segments Covered | Type, Application, End-Use Industry and Region. |
Drivers | • Rise in adoption of electric vehicles • Increase in demand for energy efficiency |
Opportunity | • Rise in adoption of 5G technology in developed countries |
Restraint | • The complexity of designing and manufacturing high-efficiency converters |
The DC to AC converter segment is expected to grow faster throughout the forecast period.
Based on type, the DC to DC converter segment held the highest market share in 2022, accounting for less than half of the global power converter market revenue. DC to DC converters are commonly used in battery-powered devices to regulate the voltage and ensure a stable power supply to the connected components. However, the DC to AC segment is projected to attain the highest CAGR of 8.5% from 2023 to 2032. Many vehicles, including electric cars and hybrid vehicles, use DC to AC inverters to convert the DC power stored in the batteries into AC power to run various electrical systems and charge devices.
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The consumer electronics segment is expected to lead the trail by 2032
Based on application, the consumer electronics segment held the highest market share in 2022, accounting for less than half of the global power converter market revenue. This can be attributed to the fact that consumer electronics play a significant role among the users, serving various functions that range from entertainment to communication. One common example of consumer electronics acting as power converters is the ubiquitous USB charger. However, the renewable energy segment is projected to attain the highest CAGR of 9.0% from 2023 to 2032.
The residential segment is expected to grow faster throughout the forecast period.
Based on the end-use industry, the industrial segment held the highest market share in 2022, accounting for more than half of the global power converter market revenue. This can be attributed to the fact that in industrial, power converters are indispensable for managing diverse electrical loads and adapting power characteristics to meet specific requirements. These devices contribute significantly to enhancing energy efficiency, optimizing performance, and promoting sustainability in industrial operations. However, the residential industry segment is projected to attain the highest CAGR of 5.1% from 2023 to 2032. Power converters in residential industry is used in renewable energy systems. With the increasing focus on sustainable living, many homeowners are integrating solar panels or wind turbines into their properties to harness renewable energy.
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Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022 representing for 8.3% of the CAGR, accounting for less than one-third of the global power converter market revenue. The industrial sector in the Asia-Pacific region heavily relies on power converters for various applications. Manufacturing processes, automation systems, and machinery depend on these converters to regulate voltage, frequency, and other electrical parameters.
Leading Market Players: -
- ABB GROUP
- SIEMENS
- SCHNEIDER ELECTRIC
- DELTA ELECTRONICS, INC
- EMERSON ELECTRIC
- EATON
- GENERAL ELECTRIC (GE)
- MITSUBISHI ELECTRIC CORPORATION
- TEXAS INSTRUMENTS
- VICOR CORPORATION.
The report provides a detailed analysis of these key players in the global power converter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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