Global Power Converters
Market Report
2024
The Global Power Converters market size is USD 55.8 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.50% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Power Converters market size is USD 55.8 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.50% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Power Converters Market Sales Revenue 2023 | $ 55.8 Billion |
Global Power Converters Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8.5% |
North America Power Converters Market Sales Revenue 2023 | $ 21.2 Billion |
Europe Power Converters Market Sales Revenue 2023 | $ 16.74 Billion |
Asia Pacific Power Converters Market Sales Revenue 2023 | $ 13.95 Billion |
South America Power Converters Market Sales Revenue 2023 | $ 2.79 Billion |
Middle East and Africa Power Converters Market Sales Revenue 2023 | $ 1.12 Billion |
Market Split by Type |
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Market Split by Application |
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Market Split by Output Power |
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Market Split by Technology |
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Market Split by Industry Vertical |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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A power converter is a machine that changes the form of electrical energy. Usually, it refers to machinery that changes alternating current (A.C.) into direct current (D.C.) or vice versa. Two popular varieties of power converters are Converter from A.C. to DC: These devices, also referred to as rectifiers, change alternating current (A.C.) into direct current (D.C.). The global COVID-19 pandemic has been unprecedented and staggering, with DC-DC converters experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.Converters are increasingly used in portable electronic devices such as cell phones, laptops, and computers. The high demand for these portable devices will boost the DC-DC converter market growth.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the Power Converters industry.
For instance, China wants to install over two million basic 5G stations to expand the application of Information & Communication Technology (ICT) that brings convenience to people'slives.
The global power converters market is witnessing a significant surge in demand due to the escalating need for renewable energy sources. As the world shifts towards sustainable practices, there's a growing emphasis on harnessing energy from renewable sources like solar and wind. This transition necessitates efficient power converters to convert and manage the varying energy outputs from these sources.
There are 3.9 million charging piles deployed across China, up 101.2% from the same period of last year, as claimedby the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA).
(Source: english.www.gov.cn/archive/statistics/202304/16/content_WS643b99b7c6d03ffcca6ec55b.html)
Additionally, government initiatives and policies promoting clean energy further fuel this demand. This trend is expected to drive substantial growth in the power converters market, offering a promising market outlook for manufacturers and stakeholders in the renewable energy sector.
The global power converters market is witnessing significant growth, driven by the electric vehicle (E.V.) adoption surge. As the automotive industry shifts towards sustainable solutions, the demand for power converters, crucial in E.V. charging infrastructure, is rising. This trend is fueled by increasing environmental awareness, government incentives, and advancements in battery technology.
The U.S. Army's Power Electronics Division awarded four companies a USD 1.8 billion contract to develop a portablebattery that would allow infantry fighters to fight while powering various laptops, sensors, and communication devices.
(Source: eepower.com/news/us-government-taps-four-manufacturers-for-wearable-battery-contract/)
Moreover, integrating renewable energy sources with E.V. charging stations further boosts the demand for efficient power conversion solutions. With a growing emphasis on green transportation, the power converters market is poised for substantial expansion, offering opportunities for innovation and market players.
The global power converters market faces a significant hurdle in the form of high-frequency noise associated with these devices. This interference, generated during the conversion process, can disrupt electronic circuits and sensitive equipment, leading to operational inefficiencies and potential damage. This issue challenges the market's growth as industries increasingly rely on advanced power conversion technologies. Manufacturers are thus pressured to develop solutions that mitigate this noise, ensuring smoother operations. Addressing this concern will be crucial for sustaining market expansion and meeting the evolving demands of various sectors reliant on power converters for efficient energy management and electronic systems.
The global power converters market experienced a notable impact due to the COVID-19 pandemic. In 2020, disruptions in supply chains and reduced industrial activities led to a temporary slowdown. However, as industries adapted to remote work and digitalization, demand for power converters surged, driven by increased reliance on electronic devices. Moreover, the transition towards renewable energy sources and electric vehicles bolstered market growth. Governments' stimulus packages and investments in infrastructure further supported the recovery. As a result, the power converters market demonstrated resilience amidst the pandemic, showcasing adaptability and sustained growth potential in a rapidly evolving global landscape.
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The global power converters market exhibits a dynamic competitive landscape characterized by a mix of established players and emerging entrants. The company focuses on innovation and R&D investments to introduce advanced, energy-efficient converter technologies. Additionally, strategic collaborations, mergers, and acquisitions are common strategies to strengthen the market foothold. The market's competitive intensity is expected to rise further, driven by the growing demand for renewable energy sources and the increasing adoption of electric vehicles worldwide.
Top Companies Market Share in Power Converters Industry: (In no particular order of Rank)
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Global Power Converters Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Power Converters Industry growth. Power Converters market has been segmented with the help of its Type, Application Output Power, and others. Power Converters market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
Low-voltage power converters are devices designed to convert electrical energy from a source with a lower voltage to a higher voltage level or vice versa. They are commonly used in various applications, such as consumer electronics, renewable energy systems, and automotive electronics. These converters provide a stable power supply to devices with varying voltage requirements, ensuring proper operation.
On the other hand, high-voltage converters are specialized devices engineered to handle and convert electrical energy at higher voltage levels. These converters are critical in power transmission, heavy machinery, and industrial automation industries. They are essential for efficiently managing and distributing electricity across large-scale infrastructures.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Power Converters Industry. Request a Free Sample PDF!
The electronics segment encompasses many consumer and commercial devices that rely on power converters for efficient operation. It includes smartphones, laptops, televisions, gaming consoles, and other household appliances. With the proliferation of smart technology and the Internet of Things (IoT), the demand for power converters in electronics has seen significant growth. Power converters are crucial in converting and regulating electrical currents to ensure these devices function optimally.
The industrial segment covers various applications across various industries, such as manufacturing, energy, transportation, and more. Power converters are essential components in industrial machinery and equipment, facilitating electrical power conversion to meet specific operational requirements. They are used in motor drives, automation systems, renewable energy sources like solar and wind, and numerous other heavy-duty applications. As industries continue to modernize and implement energy-efficient technologies, the demand for advanced power converters in this segment will remain robust.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Power Converters market report 2024 Edition by contacting our team.
The 10KW-100KW segment encompasses a wide array of applications. These converters find extensive use in industries requiring moderate power conversion capabilities, such as manufacturing plants, smaller data centers, and commercial facilities. They ensure efficient energy utilization and supply stability within this power range. Additionally, 10KW-100KW converters are prevalent in renewable energy systems, enabling the integration of solar and wind-generated power into the grid.
On the other hand, the above 100KW segment caters to industries with substantial power demands. It includes large-scale manufacturing units, heavy machinery, and major data centers. Power converters in this category play a pivotal role in regulating and transforming electricity to meet the demands of these high-power applications. They are essential for maintaining operational continuity and preventing disruptions from voltage fluctuation—or electrical irregularities.
Hard Switching Converters: These converters rapidly switch the power semiconductor devices (like transistors) between on and off states. This process can lead to higher energy losses and inefficiencies compared to soft switching converters. However, hard-switching converters are often more cost-effective and simpler to implement.
Soft Switching Converters: Unlike hard switching, soft switching converters aim to reduce switching losses by employing techniques that minimize the stress on power semiconductor devices. The results are improved efficiency, reduced electromagnetic interference (EMI), and enhanced reliability. Soft-switching converters are commonly used in high-power applications where efficiency is critical.
Power converters play a pivotal role in transforming electrical energy to power various vehicle components in the automotive sector. They are essential for powering electric motors, managing battery charging and discharging, and regulating voltage levels. As the automotive industry experiences a significant shift towards electric and hybrid vehicles, the demand for advanced power converters is expected to surge. This trend is driven by the increasing emphasis on sustainability and the need for more efficient energy utilization in transportation.
On the other hand, in the renewable energy sector, power converters are crucial components of solar and wind energy systems. They facilitate the conversion of variable and often unpredictable renewable energy sources into stable and grid-compatible electricity. Power converters in this context enable the seamless integration of renewable energy into the existing power grid, enhancing the overall efficiency and reliability of renewable energy systems.
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 38% of the global revenue due to several variables. The global power converters market exhibits a dynamic landscape with distinct regional trends. In this context, North America emerges as the largest market for power converters, driven by a robust demand for advanced electronics and industrial applications. The region's technological prowess and mature industrial landscape foster a conducive environment for the proliferation of power converters.
Simultaneously, Europe stands out as the fastest-growing region in the power converters market. This surge is attributed to escalating investments in renewable energy projects, such as wind and solar farms, which necessitate efficient power conversion technologies. Moreover, stringent environmental regulations and a growing emphasis on sustainable energy solutions bolster the demand for power converters across various European nations.
The current report Scope analyzes Power Converters Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
North America Power Converters Market Analysis:
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for a share of more than 38% of the global revenue due to several variables. The power converters market in North America has witnessed substantial growth due to the region's robust industrial sector and increasing demand for advanced electronics. The market is characterized by a competitive landscape with key players focusing on technological advancements to gain a competitive edge. The industrial application segment in North America holds a significant share in the power converters market. It can be attributed to the burgeoning manufacturing sector and the need for efficient energy management systems. Industries increasingly adopt power converters to optimize energy consumption, reduce operational costs, and enhance productivity. In conclusion, North America's power converters market showcases a promising outlook driven by the expanding industrial and electronics sectors. The industrial application segment stands out as a major contributor, driven by the imperative need for energy efficiency.
Europe Power Converters Market Analysis:
According to Cognitive Market Research, Europe accounted for a share of more than 30% of the global revenue due to several variables. The power converters market has witnessed robust growth in the European region due to increasing demand in various sectors. Technological advancements, energy efficiency initiatives, and a surge in renewable energy adoption have driven market expansion. Within Europe, the industrial segment holds a significant share in the power converters market. It is primarily attributed to the escalating need for efficient power management in industrial processes. Power converters ensure stable voltage and current supply to sensitive equipment, enhance operational efficiency, and reduce downtime. The European power converters market exhibits a promising trajectory, with the industrial sector being a major contributor. The market is poised for continued regional expansion with ongoing technological innovations and a growing emphasis on sustainable energy solutions.
Asia Pacific Power Converters Market Analysis:
According to Cognitive Market Research, Asia-Pacific accounted for a share of more than 25% of the global revenue due to several variables. The Asia-Pacific power converters market has grown substantially in recent years due to escalating demand for efficient energy conversion solutions. Rapid industrialization and technological advancements have made the region a key player in the global market. The industrial application segment in Asia-Pacific exhibits remarkable potential. It is attributed to the burgeoning manufacturing, particularly in China and India. Power converters are pivotal in enhancing energy efficiency and enabling seamless integration of renewable sources within industrial setups.
Moreover, the increasing emphasis on automation and smart technologies further fuels the demand for advanced power conversion solutions. In conclusion, the Asia-Pacific power converters market is poised for robust expansion, driven by the burgeoning industrial sector. Continued technological advancements and a growing focus on energy efficiency are expected to sustain this upward trajectory, making the region a crucial player in the global power converters market.
South America Power Converters Market Analysis:
According to Cognitive Market Research, Latin America accounted for a share of more than 5% of the global revenue due to several variables. The power converters market in Latin America has witnessed steady growth due to increasing demand for reliable energy sources. Government initiatives promoting renewable energy adoption have further propelled the market. Latin American countries are investing in modernizing their power infrastructure, creating a favorable landscape for power converter manufacturers.Within Latin America, industrial applications form a significant segment for power converters. The region's industries increasingly rely on advanced power conversion technologies to enhance operational efficiency and reduce energy consumption. It includes converting electrical energy to meet specific voltage and frequency requirements in manufacturing processes, ensuring seamless operations.
The Latin American power converters market exhibits promising growth prospects, primarily driven by expanding industrial applications. As industries prioritize energy efficiency, the demand for advanced power conversion solutions is expected to surge, solidifying the region's global power converters market position.
Middle East and Africa Power Converters Market Analysis:
According to Cognitive Market Research, the Middle East and Africa accounted for a share of more than 2% of the global revenue due to several variables. The Middle East and Africa (MEA) region has witnessed substantial growth in the power converters market. This surge is attributed to rapid industrialization and a burgeoning demand for electronics in the region. The increasing need for reliable and efficient power supply has been a key driver in adopting power converters.One prominent segment in MEA's power converters market is industrial applications. The region's thriving industrial sector, manufacturing, mining, and petrochemicals, has amplified the demand for robust power conversion solutions. Industrial-grade converters ensure a stable power supply to heavy machinery and sensitive equipment, enhance operational efficiency and minimize downtime.With the continuous expansion of industries and escalating reliance on electronics, the MEA region is poised for sustained growth in the power converters market. The industrial sector, in particular, will remain a pivotal driver, necessitating reliable power conversion solutions to fuel its progress.
Senior Research Analyst at Cognitive Market Research
ResearchGate Profile: https://www.researchgate.net/profile/Kalyani-Raje
An optimistic Senior Research Analyst with years of experience in competitive assessment and business consulting. A seasoned professional and subject-matter expert (SME) in the Automobile and transportation vertical.
With a work experience of over 10+ years in the market research and strategy development. I have worked with diverse industries, including FMCG, IT, Telecom, Automotive, Electronics and many others. I also work closely with other departments such as sales, product development, and marketing to understand customer needs and preferences, and develop strategies to meet those needs.
I am committed to staying ahead in the rapidly evolving field of research and analysis. This involves regularly attending conferences, participating in webinars, and pursuing additional certifications to enhance my skill set. I played a crucial role in conducting market research and competitive analysis. I have a proven track record of distilling complex datasets into clear, concise reports that have guided key business initiatives. Collaborating closely with multidisciplinary teams, I contributed to the development of innovative solutions grounded in thorough research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Power Converters Market is witnessing significant growth in the near future.
In 2023, the Low Voltage Power Converter segment accounted for noticeable share of global Power Converters Market and is projected to experience significant growth in the near future.
The Electronics segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Stanley , Energizer and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Table of Content differs accordign to the user License selction. Current Displayed TOC is for the Corporate User License Report Edition. TOC Customization options: Add or Remove section's Or chapter's from the report. Specific section's of report can be ordered at a discounted price. If applicable; On Request Volume Data will also be provided (at an Additional Cost).
Type | Low Voltage Power Converter, High Voltage Power Converter |
Application | Electronics, Industrial, Infrastructure & Transportation, Power Utilities, Others |
Output Power | Less than 500W, 500W-10kW, 10kW-100kW, Above 100kw |
Technology | Hard Switching Converters, Soft Switching Converters |
Industry Vertical | Aerospace &Defence, Automotive, Healthcare, Renewable Energy |
List of Competitors | Stanley, Cobra, Energizer, Duracell, Kisae Technology, Samlex, Power Bright, Go Power, Exeltech, Rally, Wagan Tech, Bestek, Magnum Energy, Mind, WEHO, Cotek, NFA, Erayak |
This chapter will help you gain GLOBAL Market Analysis of Power Converters. Further deep in this chapter, you will be able to review Global Power Converters Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Chapter 2 North America Market Analysis
Executive Summary North America Market (2019 vs 2024 vs 2031)
Purchase Add-Ons to Customize the Report Edition and get further granular data level data about the North America market. Add-On Cost: Request before placing the order, Respective Pricing will be informed after sending the inquiry
Qualitative Analysis for the North America Market: North America Power Converters Market Trends North America Power Converters Technological Road Map North America Power Converters Market Drivers North America Power Converters Market Restraints North America Power Converters Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia-Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
Only Available with Corporate User License
Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Output Power Analysis 2019 -2031
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Chapter 13 Market Split by Technology Analysis 2019 -2031
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Chapter 14 Market Split by Industry Vertical Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Power Converters market
Chapter 15 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Low Voltage Power Converter have a significant impact on Power Converters market? |
What are the key factors affecting the Low Voltage Power Converter and High Voltage Power Converter of Power Converters Market? |
What is the CAGR/Growth Rate of Electronics during the forecast period? |
By type, which segment accounted for largest share of the global Power Converters Market? |
Which region is expected to dominate the global Power Converters Market within the forecast period? |
Segmentation Level Customization |
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Additional Qualitative Data |
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Additional Quantitative Data |
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