Global Power Converter Market Size, Share, and Analysis, By Type (AC to DC Converter, DC to AC Converter, DC to DC Converter, AC to AC Converter, and Others), By Application (Renewable Energy, Consumer Electronics, Medical Equipment, Electric Vehicle, and Others), By End-Use Industry (Residential, Commercial, Industrial, and Others), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
Global Power Converter Market Size, Share, and Analysis, By Type (AC to DC Converter, DC to AC Converter, DC to DC Converter, AC to AC Converter, and Others), By Application (Renewable Energy, Consumer Electronics, Medical Equipment, Electric Vehicle, and Others), By End-Use Industry (Residential, Commercial, Industrial, and Others), By Region (North America, Europe, Asia-Pacific, and Rest of the World), And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Global Power Converter Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 36.6 billion and is projected to reach USD 85.6 billion by the completion of 2034.
Power converter is an electrical device that changes the form of electrical energy, making it suitable for use with different types of electronic equipment and appliances. It can transform voltage levels, convert between alternating current (AC) and direct current (DC), or alter the frequency of the electrical supply. The primary types of power converters include AC-DC converters, DC-AC inverters, and DC-DC converters, each serving distinct applications. For instance, AC-DC converters, commonly known as rectifiers, are used to power electronic devices like computers and televisions that require DC power. DC-AC converters or inverters, are crucial in applications like solar power systems where DC power from solar panels is converted to AC for home use. Additionally, DC-DC converters are often used in portable electronics to match battery voltage with the device's required operating voltage. Thus, power converters are vital for ensuring the compatibility and efficiency of electrical systems, accommodating different voltage standards, and enhancing the usability and performance of electronic devices across various regions and applications.
MARKET HIGHLIGHTS
Global Power Converter Market is expected to reach USD 85.6 billion during the forecast period, due to rising demand across various industries, including consumer electronics, automotive, and renewable energy. High growth is fueled by technological advancements that enhance efficiency and compactness, making converters integral to modern electronic devices, electric vehicles, and solar power systems. Additionally, the shift towards renewable energy sources boosts the market, as power converters are essential for integrating these sources into existing grids. However, the market faces challenges such as the need for continuous innovation to improve performance and reduce costs. Regulatory standards and the complexity of designing converters for diverse applications also pose hurdles. Supply chain disruptions and fluctuations in raw material prices further affect market stability, requiring industry players to engage in strategic planning and adaptation.
Power Converter Market Segments:
Growth Drivers
Technological Advancements to Promote Market Growth
Rising Demand for Renewable Energy is Anticipated to Stimulate Market Growth
Restraint
Technical Challenges Can Limit the Growth of the Global Power Converter Market
Key Players
PRODUCT OVERVIEW
Global Power Converter Market is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 36.6 billion and is projected to reach USD 85.6 billion by the completion of 2034.
Power converter is an electrical device that changes the form of electrical energy, making it suitable for use with different types of electronic equipment and appliances. It can transform voltage levels, convert between alternating current (AC) and direct current (DC), or alter the frequency of the electrical supply. The primary types of power converters include AC-DC converters, DC-AC inverters, and DC-DC converters, each serving distinct applications. For instance, AC-DC converters, commonly known as rectifiers, are used to power electronic devices like computers and televisions that require DC power. DC-AC converters or inverters, are crucial in applications like solar power systems where DC power from solar panels is converted to AC for home use. Additionally, DC-DC converters are often used in portable electronics to match battery voltage with the device's required operating voltage. Thus, power converters are vital for ensuring the compatibility and efficiency of electrical systems, accommodating different voltage standards, and enhancing the usability and performance of electronic devices across various regions and applications.
MARKET HIGHLIGHTS
Global Power Converter Market is expected to reach USD 85.6 billion during the forecast period, due to rising demand across various industries, including consumer electronics, automotive, and renewable energy. High growth is fueled by technological advancements that enhance efficiency and compactness, making converters integral to modern electronic devices, electric vehicles, and solar power systems. Additionally, the shift towards renewable energy sources boosts the market, as power converters are essential for integrating these sources into existing grids. However, the market faces challenges such as the need for continuous innovation to improve performance and reduce costs. Regulatory standards and the complexity of designing converters for diverse applications also pose hurdles. Supply chain disruptions and fluctuations in raw material prices further affect market stability, requiring industry players to engage in strategic planning and adaptation.
Power Converter Market Segments:
- 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
- Others
Growth Drivers
Technological Advancements to Promote Market Growth
Rising Demand for Renewable Energy is Anticipated to Stimulate Market Growth
Restraint
Technical Challenges Can Limit the Growth of the Global Power Converter Market
Key Players
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- Delta Electronics, Inc.
- General Electric Company
- Mitsubishi Electric Corporation
- Infineon Technologies AG
- Texas Instruments Incorporated
- Eaton Corporation
- Toshiba Corporation
- Fuji Electric Co., Ltd.
- Emerson Electric Co.
- Rockwell Automation, Inc.
- Vicor Corporation
- STMicroelectronics N.V.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY
1.1. Regional Market Share
1.2.Business Trends
1.3. Global Power Converter Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Global Power Converter Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.GLOBAL POWER CONVERTER MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry Ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.GLOBAL POWER CONVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1. By Type
11.3.1.1. AC to DC Converter
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.DC to AC Converter
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.3.DC to DC Converter
11.3.1.3.1. By Value (USD Million) 2024-2034F
11.3.1.3.2.Market Share (%) 2024-2034F
11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.4.AC to AC Converter
11.3.1.4.1. By Value (USD Million) 2024-2034F
11.3.1.4.2.Market Share (%) 2024-2034F
11.3.1.4.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Application
11.3.2.1.Renewable Energy
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2.Consumer Electronics
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3.Medical Equipment
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.4. Electric Vehicle
11.3.2.4.1.By Value (USD Million) 2024-2034F
11.3.2.4.2. Market Share (%) 2024-2034F
11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.5. Others
11.3.2.5.1.By Value (USD Million) 2024-2034F
11.3.2.5.2. Market Share (%) 2024-2034F
11.3.2.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By End-Use Industry
11.3.3.1.Residential
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Commercial
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034
11.3.3.3. Industrial
11.3.3.3.1.By Value (USD Million) 2024-2034F
11.3.3.3.2. Market Share (%) 2024-2034F
11.3.3.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.4. Others
11.3.3.4.1.By Value (USD Million) 2024-2034F
11.3.3.4.2. Market Share (%) 2024-2034F
11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Type
12.3.2.By Application
12.3.3.By End Use-Industry
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Type
13.3.2.By Application
13.3.3.By End Use-Industry
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Type
14.3.2. By Application
14.3.3. By End Use-Industry
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Type
15.3.2.By Application
15.3.3.By End Use-Industry
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Type
16.3.2.By Application
16.3.3.By End Use-Industry
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.ABB Ltd.
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. Siemens AG
18.3. Schneider Electric SE
18.4. Delta Electronics, Inc.
18.5. General Electric Company
18.6. Mitsubishi Electric Corporation
18.7. Infineon Technologies AG
18.8. Texas Instruments Incorporated
18.9. Eaton Corporation
18.10. Toshiba Corporation
18.11.Fuji Electric Co., Ltd.
18.12. Emerson Electric Co.
18.13. Rockwell Automation, Inc.
18.14. Vicor Corporation
18.15. STMicroelectronics N.V.
18.16. Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1. Regional Market Share
1.2.Business Trends
1.3. Global Power Converter Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Global Power Converter Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.GLOBAL POWER CONVERTER MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview of world economy
4.3.Industry Ecosystem Channel Analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porter's Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.GLOBAL POWER CONVERTER MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1. By Type
11.3.1.1. AC to DC Converter
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.DC to AC Converter
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.3.DC to DC Converter
11.3.1.3.1. By Value (USD Million) 2024-2034F
11.3.1.3.2.Market Share (%) 2024-2034F
11.3.1.3.3.Y-o-Y Growth (%) 2024-2034F
11.3.1.4.AC to AC Converter
11.3.1.4.1. By Value (USD Million) 2024-2034F
11.3.1.4.2.Market Share (%) 2024-2034F
11.3.1.4.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Application
11.3.2.1.Renewable Energy
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2.Consumer Electronics
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3.Medical Equipment
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.4. Electric Vehicle
11.3.2.4.1.By Value (USD Million) 2024-2034F
11.3.2.4.2. Market Share (%) 2024-2034F
11.3.2.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.5. Others
11.3.2.5.1.By Value (USD Million) 2024-2034F
11.3.2.5.2. Market Share (%) 2024-2034F
11.3.2.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By End-Use Industry
11.3.3.1.Residential
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Commercial
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034
11.3.3.3. Industrial
11.3.3.3.1.By Value (USD Million) 2024-2034F
11.3.3.3.2. Market Share (%) 2024-2034F
11.3.3.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.4. Others
11.3.3.4.1.By Value (USD Million) 2024-2034F
11.3.3.4.2. Market Share (%) 2024-2034F
11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1. By Type
12.3.2.By Application
12.3.3.By End Use-Industry
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Type
13.3.2.By Application
13.3.3.By End Use-Industry
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Type
14.3.2. By Application
14.3.3. By End Use-Industry
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Type
15.3.2.By Application
15.3.3.By End Use-Industry
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA GLOBAL POWER CONVERTER MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1. By Type
16.3.2.By Application
16.3.3.By End Use-Industry
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1.ABB Ltd.
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. Siemens AG
18.3. Schneider Electric SE
18.4. Delta Electronics, Inc.
18.5. General Electric Company
18.6. Mitsubishi Electric Corporation
18.7. Infineon Technologies AG
18.8. Texas Instruments Incorporated
18.9. Eaton Corporation
18.10. Toshiba Corporation
18.11.Fuji Electric Co., Ltd.
18.12. Emerson Electric Co.
18.13. Rockwell Automation, Inc.
18.14. Vicor Corporation
18.15. STMicroelectronics N.V.
18.16. Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
