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 3,43028.1 thousand units, experiencing a growth of 7.2% (2019-2022).
Rapid urbanization and industrialization in the Asia-Pacific region have increased the demand for power converters for various industrial applications. Consequently, the Asia Pacific segment captured $7018.9 million revenue in the market in 2022. Industries such as manufacturing, automation, and electronics contribute significantly to the increasing demand for these converters. Therefore, the segment will grow rapidly in the coming years.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2023, ABB Power Conversion has unveiled its latest offering in precision manufacturing: the CC7500, a 7500W AC-DC converter. This innovative converter, designed for precision manufacturing applications, boasts liquid cooling and operates on a three-phase, 75-volt (V) rectifier system. Additionally, In March, 2023, Siemens AG has unveiled the Sinamics G220, a cutting-edge high-performance frequency converter featuring clean power technology. This innovative technology slashes harmonics by up to 97% without necessitating line harmonic chokes or DC link chokes. The Sinamics G220 frequency converters boast remarkable efficiency in space utilization and operation, streamlining engineering processes.
Additionally, these converters are integral to developing public and private charging stations, allowing electric vehicle users to charge their vehicles conveniently and efficiently. As per the Ministry of Road Transport and Highways, there were 13 92265 electric vehicles (EVs) in total on Indian roads as of August 2022. By 2030, there will likely be 45–50 million more EVs on the road. Hence, these factors can lead to increased demand for power converters.
Rapid urbanization and industrialization in the Asia-Pacific region have increased the demand for power converters for various industrial applications. Consequently, the Asia Pacific segment captured $7018.9 million revenue in the market in 2022. Industries such as manufacturing, automation, and electronics contribute significantly to the increasing demand for these converters. Therefore, the segment will grow rapidly in the coming years.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In May, 2023, ABB Power Conversion has unveiled its latest offering in precision manufacturing: the CC7500, a 7500W AC-DC converter. This innovative converter, designed for precision manufacturing applications, boasts liquid cooling and operates on a three-phase, 75-volt (V) rectifier system. Additionally, In March, 2023, Siemens AG has unveiled the Sinamics G220, a cutting-edge high-performance frequency converter featuring clean power technology. This innovative technology slashes harmonics by up to 97% without necessitating line harmonic chokes or DC link chokes. The Sinamics G220 frequency converters boast remarkable efficiency in space utilization and operation, streamlining engineering processes.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Texas Instruments, Inc. and Siemens AG are the forerunners in the Market. Companies such as Schneider Electric SE, ABB Group, and Eaton Corporation PLC are some of the key innovators in Market. For Instance, In May, 2022, Eaton Corporation PLC has unveiled DC-DC converters designed specifically for diesel-powered commercial vehicles. These converters from Eaton take input from a 48-volt system and efficiently decrease it to 24 volts. Moreover, this bi-directional unit is capable of further reducing the power to 12 volts, which is suitable for low-voltage systems.
Market Growth Factors
Consumer electronics devices often operate on different voltage levels. The rise of USB Power Delivery (PD) and fast charging technologies in consumer electronics has led to the incorporation of advanced converters. These converters enable faster charging of devices, providing higher power levels while maintaining compatibility with various devices. Therefore, owing to these factors, there will be enhanced growth in the market.Additionally, these converters are integral to developing public and private charging stations, allowing electric vehicle users to charge their vehicles conveniently and efficiently. As per the Ministry of Road Transport and Highways, there were 13 92265 electric vehicles (EVs) in total on Indian roads as of August 2022. By 2030, there will likely be 45–50 million more EVs on the road. Hence, these factors can lead to increased demand for power converters.
Market Restraining Factors
Power converters often incorporate various components sourced from different parts of the world. These components include semiconductors, capacitors, transformers, and other electronic elements. Supply chain disruptions can increase costs for sourcing components or alternative materials. This can impact the overall cost structure of these converters, potentially leading to price increases for end-users. Therefore, owing to these factors, there can be reduced growth in the market.By Application Analysis
On the basis of application, the market is divided into renewable energy, consumer electronics, medical equipment, electric vehicle, and others. The consumer electronics segment recorded the maximum revenue share in the market in 2022. Laptops and computers often come with AC/DC adapters, including power converters. These converters transform AC power from the electrical outlet into the DC power needed to operate and charge the device.By Type Analysis
Based on type, the market is segmented into AC to DC converter, DC to AC converter, DC to DC converter, and AC to AC convertor. In 2022, the AC to DC converter segment garnered a significant revenue share in the market. AC to DC converters are extensively used in consumer electronics, providing the necessary power for smartphones, laptops, TVs, and home appliances. These converters are often integrated into chargers and power adapters. Data centers, servers, and networking equipment rely on AC to DC converters for power supply.By End-Use Industry Analysis
Based on end-use industry, the market is divided into residential, commercial, and industrial. The industrial segment recorded the maximum revenue share in the market in 2022. Industrial motor drives, powered by converters, are integral to the motion control systems in manufacturing facilities. These systems ensure precise and efficient movement of machinery and production lines.By Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment procured the highest revenue share in the market in 2022. Rapid urbanization and industrialization in the Asia-Pacific region have increased the demand for power converters for various industrial applications.Recent Strategies Deployed in the Market
- Jun-2023: Power Conversion has entered into an agreement with Tenova S.p.A, a prominent ally in advancing sustainability within the metals industry. Under this agreement, both companies will collaborate on designated projects to provide and deploy cutting-edge power supply solutions utilizing medium voltage power converters for Electric Arc Furnace (EAF) or Submerged Arc Furnace (SAF) technologies.
- May-2023: ABB Power Conversion. This innovative converter, designed for precision manufacturing applications, boasts liquid cooling and operates on a three-phase, 75-volt (V) rectifier system. With a low-line input of 200/208/240 Vac, the CC7500 is suitable for regions with low-line utility power. Notable features of this industrial rectifier include a wide operating temperature range of 2 to 50ºC, redundant parallel operation with active load sharing, and a field-upgradable design supporting remote firmware downloads.
- Apr-2023: Emerson Electric Company has signed an agreement with National Instruments Corporation, a multinational enterprise specializing in automated test equipment and virtual instrumentation software. With this agreement Emerson acquire National Instruments and gain ownership of National Instruments, enhancing its presence in the global automation sector.
- Mar-2023: Siemens AG has unveiled the Sinamics G220, a cutting-edge high-performance frequency converter featuring clean power technology. This innovative technology slashes harmonics by up to 97% without necessitating line harmonic chokes or DC link chokes. The Sinamics G220 frequency converters boast remarkable efficiency in space utilization and operation, streamlining engineering processes.
- Sep-2022: ABB Group has signed an agreement with PowerTech Converter, an expert in electrical supply systems for rail transportation, industrial applications, and research. Through this agreement, ABB intends to purchase PowerTech Converter, enhancing its already robust presence in the rail sector and enabling it to capitalize on the rising demand for eco-friendly transport solutions in the industry.
List of Key Companies Profiled
- ABB Group
- General Electric Company
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Delta Electronics, Inc.
- Texas Instruments Incorporated
- Eaton Corporation
- Schneider Electric
- Vicor Corporation
- Siemens AG
Market Report Segmentation
By Application (Volume, Thousand Units, USD Billion, 2019-2030)- Consumer Electronics
- Medical Equipment
- Electric Vehicle
- Renewable Energy
- Others
- DC to DC Converter
- AC to DC Converter
- AC to AC Convertor
- DC to AC Converter
- Industrial
- Commercial
- Residential
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Power Converter Market, by Application
Chapter 6. Global Power Converter Market, by Type
Chapter 7. Global Power Converter Market, by End-Use Industry
Chapter 8. Global Power Converter Market, by Region
Chapter 9. Company Profiles
Companies Mentioned
- ABB Group
- General Electric Company
- Mitsubishi Electric Corporation
- Emerson Electric Co.
- Delta Electronics, Inc.
- Texas Instruments Incorporated
- Eaton Corporation
- Schneider Electric
- Vicor Corporation
- Siemens AG
Methodology
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