Matrix Converter Market
Matrix Converter Market Forecasts to 2030 - Global Analysis By Type (Conventional Matrix Converter (CMC) and Indirect Matrix Converter (IMC)), Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
CAGR (2023 - 2030) |
5.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Matrix Converter Market is growing at a CAGR of 5.8% during the forecast period. Modern power electronic devices called matrix converters are utilized to convert AC directly to AC without the requirement for a transitional DC step. Matrix converters provide a more effective and compact solution by processing alternating current (AC) input straight into the necessary AC output, as opposed to typical converters that use rectifiers and inverters. These converters provide efficient energy transfer in a variety of applications by facilitating bidirectional power flow, which allows them to operate as both rectifiers and inverters.
Market Dynamics:
Driver:
Increasing industrial automation
The market for matrix converters has been significantly influenced by the growing trend of industrial automation, which has various advantageous implications. The need for high-performance power conversion devices, such as matrix converters, has increased as businesses move more and more toward automated processes to improve production and operational productivity, efficiency, and precision. Because of its quick dynamic reaction, flexibility in responding to changing load needs, and accuracy in controlling electric motors, matrix converters exhibit a remarkable synergy with industrial automation. These converters, which provide precise and effective control over power conversion operations, are essential to the automation of production lines, robots, and machinery.
Restraint:
Higher manufacturing costs
One major obstacle preventing Matrix Converters from becoming widely used and growing in the market is their higher production costs. These converters have higher production costs than conventional converters because they make use of sophisticated control systems, specialized components, and cutting-edge semiconductor devices. Moreover, the Price-sensitive markets are a common feature of the competitive environment in the power electronics sector. Given that Matrix Converters have greater upfront costs; this might hinder their market penetration and force them into specialized applications or higher budget sectors hampering the growth of the market.
Opportunity:
Rising demand for compact solutions
The growing need for compact solutions in many industries has a favourable influence on the market for matrix converters. These converters are well-suited to meet the increasing need for lightweight, space-saving power conversion solutions because of their streamlined design, which does away with the need for large DC components. Compact and lightweight equipment is becoming more and more preferred in industries including aircraft, transportation, green power, and portable gadgets because of space, weight, and mobility requirements. Because they convert AC to AC directly without the need for intermediate DC stages, matrix converters provide a more efficient and portable option creating wide range of opportunities for the growth of the market.
Threat:
Complex control and control algorithms
The deployment and commercial acceptance are significantly hampered by the elaborate control requirements and sophisticated algorithms necessary for their functioning. Sophisticated control systems are required by matrix converters in order to effectively handle the direct AC-to-AC conversion process. Due to the need for specialized knowledge and resources, this complexity raises the cost of deployment in addition to lengthening the design and development process. Furthermore, the complex control systems could raise reliability issues since errors or inaccuracies in the control algorithms could impair the Matrix Converters' overall effectiveness and performance.
Covid-19 Impact
The pandemic's effects on the world economy created uncertainty across a range of sectors, which affected infrastructure projects and investment choices that frequently use Matrix Converters. Production and delivery of Matrix Converters were impeded by manufacturing stoppages, supply chain interruptions, and logistical limitations, which led to extended project schedules and decreased demand. Further slowing market growth was the industry's decreased capital expenditures, particularly in manufacturing, automotive, and aerospace, three major markets for Matrix Converters.
The conventional matrix converter (CMC) segment is expected to be the largest during the forecast period
The conventional matrix converter (CMC) segment is estimated to have a lucrative growth, due to the emergence of conventional matrix converters (CMC), which has encouraged a booming impact. These are less complicated and have a simpler architecture than conventional Matrix Converters and their technical breakthrough has reduced production costs and mitigated control complexity, opening doors to wider market acceptability. With the introduction of conventional matrix converter, interest in Matrix Converters has increased and they are now more widely available to a wider range of sectors boosting the growth of the market.
The general industrial machines segment is expected to have the highest CAGR during the forecast period
The general industrial machines segment is anticipated to witness the highest CAGR growth during the forecast period, because for these industrial devices to operate efficiently which include conveyor systems, compressors, pumps, and other machinery electric motors must be precisely controlled. Fast and precise control is provided by matrix converters, which ideally match the needs of various industrial applications. Moreover, industrial equipment has different demands, and Matrix Converters' adaptability to different load circumstances and bidirectional power flow capabilities meet those needs.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing industrial sector in this region, together with the implementation of automation and renewable energy projects, drives the need for Matrix Converters. The expanding aerospace and automotive sectors also support market expansion. The need for Matrix Converters in a variety of applications is further enhanced by growing energy efficiency standards and increased expenditures in infrastructure projects. Driven by technical developments and the region's economic development, the Asia Pacific Matrix Converters market has significant potential.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to countries like the United States and Canada, who place a high priority on energy efficiency and technical breakthroughs, are seeing an increase in the use of Matrix Converters in a variety of industries. These converters are used by the automotive, aerospace, renewable energy, and industries because of their small size, ability to handle both directions of power flow, and accurate control over electric motors. The region's emphasis on power electronics developments and sustainable energy solutions helps to propel Matrix Converters into North America, setting the industry up for long-term growth and technical progress.
Key players in the market
Some of the key players profiled in the Matrix Converter Market include Fuji Electric, Hitachi Electric, Siemens, Samsung, Emerson Electric Co, Toyo Electric Corporation, ABB, Yaskawa Electric Corporation, Bonfiglioli Transmissions Private limited, Hyundai, ARVI Systems & Controls, Riello PCI and Mitsubishi Electric
Key Developments:
In November 2023, HARMAN Acquires roon, a popular multi-device, multi-room audio technology platform. Roon’s Audiophile-Quality Music Aggregation, Connectivity and Streaming Technology to Complement HARMAN’s Comprehensive Audio Offerings
In November 2023, Samsung collaborates with Maison Margiela on Special Edition Galaxy Z Flip5; Samsung combines technological innovation with Maison Margiela to create an even more eye-catching Galaxy Z Flip5
In October 2023, Emerson announced it has closed its acquisition of NI (Nasdaq: NATI), a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion.
Types Covered:
• Conventional Matrix Converter (CMC)
• Indirect Matrix Converter (IMC)
Applications Covered:
• Fans or Pumps
• General Industrial Machines
• Other Applications
End Users Covered:
• Aerospace & Defense
• Automotive
• Industrial
• Utilities
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Matrix Converter Market, By Type
5.1 Introduction
5.2 Conventional Matrix Converter (CMC)
5.3 Indirect Matrix Converter (IMC)
6 Global Matrix Converter Market, By Application
6.1 Introduction
6.2 Fans or Pumps
6.3 General Industrial Machines
6.4 Other Applications
7 Global Matrix Converter Market, By End User
7.1 Introduction
7.2 Aerospace & Defense
7.3 Automotive
7.4 Industrial
7.5 Utilities
7.6 Other End Users
8 Global Matrix Converter Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Fuji Electric
10.2 Hitachi Electric
10.3 Siemens
10.4 Samsung
10.5 Emerson Electric Co
10.6 Toyo Electric Corporation
10.7 ABB
10.8 Yaskawa Electric Corporation
10.9 Bonfiglioli Transmissions Private limited
10.10 Hyundai
10.11 ARVI Systems & Controls
10.12 Riello PCI
10.13 Mitsubishi Electric
List of Tables
1 Global Matrix Converter Market Outlook, By Region (2021-2030) ($MN)
2 Global Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
3 Global Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
4 Global Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
5 Global Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
6 Global Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
7 Global Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
8 Global Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
9 Global Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
10 Global Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
11 Global Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
12 Global Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
13 Global Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
14 Global Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
15 North America Matrix Converter Market Outlook, By Country (2021-2030) ($MN)
16 North America Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
17 North America Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
18 North America Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
19 North America Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
20 North America Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
21 North America Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
22 North America Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
23 North America Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
24 North America Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
25 North America Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
26 North America Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
27 North America Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
28 North America Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
29 Europe Matrix Converter Market Outlook, By Country (2021-2030) ($MN)
30 Europe Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
31 Europe Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
32 Europe Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
33 Europe Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
34 Europe Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
35 Europe Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
36 Europe Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
37 Europe Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
38 Europe Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
39 Europe Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
40 Europe Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
41 Europe Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
42 Europe Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
43 Asia Pacific Matrix Converter Market Outlook, By Country (2021-2030) ($MN)
44 Asia Pacific Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
45 Asia Pacific Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
46 Asia Pacific Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
47 Asia Pacific Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
48 Asia Pacific Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
49 Asia Pacific Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
50 Asia Pacific Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
51 Asia Pacific Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
52 Asia Pacific Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
53 Asia Pacific Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
54 Asia Pacific Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
55 Asia Pacific Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
56 Asia Pacific Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
57 South America Matrix Converter Market Outlook, By Country (2021-2030) ($MN)
58 South America Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
59 South America Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
60 South America Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
61 South America Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
62 South America Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
63 South America Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
64 South America Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
65 South America Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
66 South America Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
67 South America Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
68 South America Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
69 South America Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
70 South America Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
71 Middle East & Africa Matrix Converter Market Outlook, By Country (2021-2030) ($MN)
72 Middle East & Africa Matrix Converter Market Outlook, By Type (2021-2030) ($MN)
73 Middle East & Africa Matrix Converter Market Outlook, By Conventional Matrix Converter (CMC) (2021-2030) ($MN)
74 Middle East & Africa Matrix Converter Market Outlook, By Indirect Matrix Converter (IMC) (2021-2030) ($MN)
75 Middle East & Africa Matrix Converter Market Outlook, By Application (2021-2030) ($MN)
76 Middle East & Africa Matrix Converter Market Outlook, By Fans or Pumps (2021-2030) ($MN)
77 Middle East & Africa Matrix Converter Market Outlook, By General Industrial Machines (2021-2030) ($MN)
78 Middle East & Africa Matrix Converter Market Outlook, By Other Applications (2021-2030) ($MN)
79 Middle East & Africa Matrix Converter Market Outlook, By End User (2021-2030) ($MN)
80 Middle East & Africa Matrix Converter Market Outlook, By Aerospace & Defense (2021-2030) ($MN)
81 Middle East & Africa Matrix Converter Market Outlook, By Automotive (2021-2030) ($MN)
82 Middle East & Africa Matrix Converter Market Outlook, By Industrial (2021-2030) ($MN)
83 Middle East & Africa Matrix Converter Market Outlook, By Utilities (2021-2030) ($MN)
84 Middle East & Africa Matrix Converter Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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