Global Power Converter Market Size Study, by Type, by Application, by End-Use Industry, and Regional Forecasts 2022-2032

Global Power Converter Market is valued at approximately USD 22.53 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 7.8% over the forecast period 2024-2032. A power converter is an essential device that transforms electrical energy from one form to another, ensuring the efficient and controlled transfer of power between different components or systems. Power converters are designed to convert electrical energy from one voltage or current level to another, often altering the form of the power waveform. Their primary objective is to match the electrical characteristics of the input source to those of the output load, ensuring compatibility and optimal performance. Power converters have wide-ranging applications, particularly in transforming AC (Alternating Current) to DC (Direct Current) and vice versa. These converters are indispensable in electronic devices as many gadgets and appliances operate on DC power while the main power supply is typically in the form of AC. Power converters bridge this gap, enabling seamless integration between the power source and electronic devices.

In the renewable energy sector, power converters are critical components in solar inverters and wind turbine systems. Solar panels generate DC power, which needs to be converted into AC power for distribution and usage in homes and industries. Similarly, wind turbines generate variable-frequency AC power, which needs to be converted to a stable frequency for grid integration. Power converters thus play a pivotal role in optimizing the efficiency of renewable energy systems.

In the realm of electric transportation, power converters are extensively utilized. Electric vehicles (EVs) and hybrid electric vehicles (HEVs) rely on power converters to manage the energy flow between the battery and the electric motor. DC-DC converters adjust the voltage level, while inverters convert DC power stored in batteries to AC power for driving the electric motor. The aerospace industry also benefits from power converters, particularly in avionics and other electronic systems on aircraft. These converters ensure the compatibility of power sources with the diverse array of electronic components on board, enhancing the reliability and safety of air travel. They also play a role in converting power from engine generators to meet the specific requirements of different aircraft systems.

The increasing demand for energy efficiency drives the growth of the power converter market. The global emphasis on sustainable and green technologies has spurred the demand for power converters that operate with high efficiency. Many industries are implementing regulations that encourage or mandate the use of energy-efficient devices, including power converters. Energy-efficient power converters help in reducing the overall carbon footprint by minimizing energy losses in the conversion process, which is especially relevant in renewable energy systems and electric vehicles where the goal is to maximize the use of clean energy.

The demand for energy-efficient power converters is also notable in consumer electronics and Internet of Things (IoT) devices. Consumers and manufacturers are increasingly focused on devices that consume less power during operation, leading to longer battery life and reduced environmental impact. In December 2022, Infinix, a smartphone manufacturer, unveiled the Infinix Zero Ultra in India. The key highlight of this smartphone is its remarkable 180W wired charging capability. The device is equipped with an 8C cell 4,500 mAh battery, and with the included GaN charger, it claims to charge from 0% to 100% in just 12 minutes. This announcement reflects the ongoing trends in the smartphone industry, driving advancements in charging technologies. The push for faster charging speeds also signifies the need for upgraded hardware features and improved efficiency in AC-DC power adapters to support these evolving technologies.

The complexity of designing and manufacturing high-efficiency converters is expected to restrain the growth of the power converter market. The design complexity of high-efficiency converters necessitates thorough testing and validation. Ensuring that the converters meet performance specifications under various operating conditions requires sophisticated testing facilities and methodologies, adding to the overall complexity and cost of the development process. Disruptions in the supply chain adversely affect production schedules and costs. The manufacturing processes for power converters are more intricate than standard designs, requiring investments in advanced manufacturing techniques and rigorous quality control measures. This commitment to precision adds complexity to the production process but is crucial for ensuring consistent and high-quality output.

The key regions considered for the global Power Converter Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia-Pacific is a dominating region in the Power Converter Market in terms of revenue. The market growth in the region is being attributed to factors including the major economic powerhouses in the region, operates on a 220V standard. Power converters are commonly used, especially by international travelers and businesses, to adapt devices designed for different voltage standards. The country's manufacturing sector also relies on power converters to integrate machinery from various sources. Japan uses a 100V standard, and power converters are essential for tourists and expatriates bringing electronic devices from regions with higher voltage standards. The prevalence of advanced electronics in Japan makes the use of reliable power converters crucial for both residents and visitors. Whereas, the market in North America is anticipated to grow at the significant rate over the forecast period fueled by rapid expansion of renewable energy sources, particularly solar and wind power. The need for efficient energy conversion and grid integration is fueling demand for power converters. Additionally, the growing adoption of electric vehicles and the increasing focus on energy storage solutions are significant market drivers.

Major market players included in this report are:

• Emerson Electric
• ABB Group
• Texas Instruments Inc.
• Eaton Corporation
• General Electric
• Siemens AG
• Mitsubishi Electric
• Vicor Corporation
• Schneider Electric
• Delta Electronics

The detailed segments and sub-segment of the market are explained below:

By Type:

• AC to DC Converter
• DC to AC Converter
• DC to DC Converter
• AC to AC Converter

By Application:

• Renewable Energy
• Consumer Electronics
• Medical Equipment
• Electric Vehicle
• Others

By End-Use Industry:

• Residential
• Commercial
• Industrial

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.