Power Converter Market
Power Converter Market Forecasts to 2030 - Global Analysis By Type (AC to DC Converters, DC to AC Converters, DC to DC Converters and AC to AC Converters), Output Power (Low Power (Up to 1 kW), Medium Power (1 kW to 10 kW) and High Power (Above 10 kW)), Voltage Range, Component, Application, End User and By Geography
Years Covered |
2022-2030 |
Estimated Year Value (2024) |
US $24.8 BN |
Projected Year Value (2030) |
US $41.6 BN |
CAGR (2024-2030) |
9% |
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 |
Asia Pacific |
According to Stratistics MRC, the Global Power Converter Market is accounted for $24.8 billion in 2024 and is expected to reach $41.6 billion by 2030, growing at a CAGR of 9% during the forecast period. A power converter is an electronic device that transforms electrical energy from one form to another, adjusting parameters such as voltage, current, or frequency to suit specific applications. Common types include AC-DC converters, DC-AC inverters, DC-DC converters, and AC-AC converters. Power converters are essential in various industries, including renewable energy, automotive, industrial automation, and consumer electronics, enabling efficient power management and compatibility across different systems and devices.
According to the International Energy Agency (IEA), global electricity demand will grow by around 4% in both 2024 and 2025, which is higher than the 2.5% growth seen in 2023. The renewable sources of electricity will also expand rapidly, with their share of global electricity supply forecast to rise from 30% in 2023 to 35% in 2025.
Market Dynamics:
Driver:
Growing demand for renewable energy
The increasing global focus on sustainability and clean energy is driving rapid growth in renewable energy installations like solar and wind farms. Power converters are critical in these systems because they convert variable DC power into grid-compatible AC power. As countries set ambitious renewable energy targets and invest heavily in expanding capacity, the demand for power converters is rising sharply. This trend is expected to continue accelerating, providing a major growth driver for the power converter market in the coming years.
Restraint:
High initial costs
The high upfront costs associated with purchasing and installing power converters, especially for large-scale applications, can be a significant barrier to adoption. Advanced power converters with high efficiency and power density tend to be expensive due to the use of premium components and sophisticated designs. For many potential customers, especially in price-sensitive markets, these high initial costs can outweigh the long-term benefits of improved energy efficiency. This cost factor limits market growth, particularly in emerging economies and for smaller-scale applications.
Opportunity:
Advancement in energy storage solutions
As energy storage becomes more prevalent in grid applications, electric vehicles, and renewable energy systems, there is an increasing need for bidirectional power converters that can efficiently manage power flow between storage systems and the grid or loads. This trend is driving innovation in converter designs optimized for energy storage integration, opening up new market segments and applications for power converter manufacturers.
Threat:
Cybersecurity risks
Power converters are more sophisticated and interconnected, particularly in smart grid applications, and face increasing cybersecurity threats. Malicious actors could potentially exploit vulnerabilities in converter control systems to disrupt power supply or cause damage to electrical infrastructure. This growing cybersecurity risk necessitates ongoing investment in security measures and could potentially slow adoption in critical infrastructure applications if not adequately addressed.
Covid-19 Impact:
The COVID-19 pandemic disrupted global supply chains, causing shortages of key components and manufacturing delays for power converters. It also temporarily reduced demand in some sectors, like industrial automation. However, the pandemic accelerated digitalization trends and renewable energy adoption, which partially offset these negative impacts and may drive long-term growth in power converter demand.
The medium power (1 kW to 10 kW) segment is expected to be the largest during the forecast period
The medium power converters segment ranging from 1 kW to 10 kW is expected to be the largest during the forecast period due to its wide range of applications. This segment is prevalent in residential solar systems, electric vehicle (EV) charging, and small to medium-sized industrial equipment, which is all experiencing increased demand. The versatility, combined with the balance of performance and cost, makes this segment appealing for both consumer and light commercial uses.
The transportation segment is expected to have the highest CAGR during the forecast period
The transportation segment is expected to have the highest CAGR during the forecast period. Power converters are essential components in EV powertrains, charging infrastructure, and auxiliary power systems. As EV adoption accelerates due to government incentives, improving technology, and growing environmental awareness, the demand for specialized automotive power converters is surging. This rapid electrification of transportation is driving innovation in high-efficiency, compact converter designs, propelling this segment to the highest growth rate in the power converter market.
Region with largest share:
The Asia Pacific region is estimated to register the largest market share, during the forecast period. This region dominates the power converter market due to several factors. It has the world's largest and fastest-growing renewable energy sector, particularly in China and India. The region is also a major hub for consumer electronics manufacturing and is seeing rapid growth in electric vehicle adoption. Additionally, government initiatives supporting clean energy and industrial automation are driving demand across various applications. The presence of major power converter manufacturers and a robust supply chain further solidifies Asia Pacific's leading position in the market.
Region with highest CAGR:
The Asia Pacific region is expected to witness the highest CAGR during the forecast period. This is driven by continued massive investments in renewable energy infrastructure, particularly in emerging economies. The region's booming electric vehicle market, especially in China, is another major growth factor. Rapid urbanization and industrialization across many Asian countries are increasing demand for power conversion solutions in various sectors. Additionally, government policies promoting energy efficiency and clean technology adoption are creating a favorable environment for sustained market growth in the region.
Key players in the market
Some of the key players in Power Converter Market include ABB Group, Siemens AG, Schneider Electric, Delta Electronics, Emerson Electric, Eaton Corporation, General Electric, Mitsubishi Electric Corporation, Texas Instruments, Vicor Corporation, TDK Lambda Corporation, Murata Manufacturing Co., Infineon Technologies AG, STMicroelectronics, Analog Devices Inc., Rockwell Automation, Crane Co., and INVT.
Key Developments:
In March 2023, Siemens has announced the launch of Sinamics G220, a new high-performance frequency converter with clean power technology that reduces harmonics by up to 97 percent without the need for additional chokes. It is the first Sinamics drive to be part of the Siemens Xcelerator portfolio, enabling digital twin capability, and an integral part of the TIA portal. The Sinamics G220 is equipped with an IIoT module for easy integration into cloud and edge applications and comes with a range of hardware options and software functions for flexible adaptation to different application cases. The new frequency converter is suitable for various industries, especially food and beverage, pharmaceutical, chemical, oil and gas, and marine industries, and provides secure communication and user management for added cybersecurity.
In April 2021, Schneider Electric, the leader in digital transformation of energy management and automation, has announced the launch of its Galaxy™ VL 200-500 kW (400V/480V) 3-phase uninterruptible power supply (UPS) for industrial applications. Available worldwide, the newest addition to the Galaxy family offers a highly efficient and ruggedized, compact UPS, with up to 99-percent efficiency in patented ECOnversion™ mode, offering a full return on investment within two years (model dependent) for critical applications within industrial facilities.
Types Covered:
• AC to DC Converters
• DC to AC Converters
• DC to DC Converters
• AC to AC Converters
Output Power Covered:
• Low Power (Up to 1 kW)
• Medium Power (1 kW to 10 kW)
• High Power (Above 10 kW)
Voltage Ranges Covered:
• Low Voltage (Up to 1 kV)
• Medium Voltage (1 kV to 35 kV)
• High Voltage (Above 35 kV)
Components Covered:
• Power Semiconductor Devices
• Control Units
• Magnetics and Inductors
• Capacitors
• Other Components
Applications Covered:
• Renewable Energy
• Transportation
• Consumer Electronics
• Industrial Automation
• Medical Equipment
• Data Centers
• Smart Grids
End Users Covered:
• Automotive
• Aerospace & Defense
• Telecommunications
• Healthcare
• Manufacturing
• Utilities
• IT & Data Centers
• Government & Public Infrastructure
• Commercial and Retail
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 2022, 2023, 2024, 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
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 Power Converter Market, By Type
5.1 Introduction
5.2 AC to DC Converters
5.3 DC to AC Converters
5.4 DC to DC Converters
5.5 AC to AC Converters
6 Global Power Converter Market, By Output Power
6.1 Introduction
6.2 Low Power (Up to 1 kW)
6.3 Medium Power (1 kW to 10 kW)
6.4 High Power (Above 10 kW)
7 Global Power Converter Market, By Voltage Range
7.1 Introduction
7.2 Low Voltage (Up to 1 kV)
7.3 Medium Voltage (1 kV to 35 kV)
7.4 High Voltage (Above 35 kV)
8 Global Power Converter Market, By Component
8.1 Introduction
8.2 Power Semiconductor Devices
8.3 Control Units
8.4 Magnetics and Inductors
8.5 Capacitors
8.6 Other Components
9 Global Power Converter Market, By Application
9.1 Introduction
9.2 Renewable Energy
9.3 Transportation
9.3.1 Electric Vehicles
9.3.2 Railways
9.3.3 Marine
9.4 Consumer Electronics
9.4.1 Smartphones
9.4.2 Laptops
9.4.3 TVs
9.5 Industrial Automation
9.6 Medical Equipment
9.7 Data Centers
9.8 Smart Grids
10 Global Power Converter Market, By End User
10.1 Introduction
10.2 Automotive
10.3 Aerospace & Defense
10.4 Telecommunications
10.5 Healthcare
10.6 Manufacturing
10.7 Utilities
10.8 IT & Data Centers
10.9 Government & Public Infrastructure
10.10 Commercial and Retail
11 Global Power Converter Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Group
13.2 Siemens AG
13.3 Schneider Electric
13.4 Delta Electronics
13.5 Emerson Electric
13.6 Eaton Corporation
13.7 General Electric
13.8 Mitsubishi Electric Corporation
13.9 Texas Instruments
13.10 Vicor Corporation
13.11 TDK Lambda Corporation
13.12 Murata Manufacturing Co.
13.13 Infineon Technologies AG
13.14 STMicroelectronics
13.15 Analog Devices Inc.
13.16 Rockwell Automation
13.17 Crane Co.
13.18 INVT
List of Tables
1 Global Power Converter Market Outlook, By Region (2022-2030) ($MN)
2 Global Power Converter Market Outlook, By Type (2022-2030) ($MN)
3 Global Power Converter Market Outlook, By AC to DC Converters (2022-2030) ($MN)
4 Global Power Converter Market Outlook, By DC to AC Converters (2022-2030) ($MN)
5 Global Power Converter Market Outlook, By DC to DC Converters (2022-2030) ($MN)
6 Global Power Converter Market Outlook, By AC to AC Converters (2022-2030) ($MN)
7 Global Power Converter Market Outlook, By Output Power (2022-2030) ($MN)
8 Global Power Converter Market Outlook, By Low Power (Up to 1 kW) (2022-2030) ($MN)
9 Global Power Converter Market Outlook, By Medium Power (1 kW to 10 kW) (2022-2030) ($MN)
10 Global Power Converter Market Outlook, By High Power (Above 10 kW) (2022-2030) ($MN)
11 Global Power Converter Market Outlook, By Voltage Range (2022-2030) ($MN)
12 Global Power Converter Market Outlook, By Low Voltage (Up to 1 kV) (2022-2030) ($MN)
13 Global Power Converter Market Outlook, By Medium Voltage (1 kV to 35 kV) (2022-2030) ($MN)
14 Global Power Converter Market Outlook, By High Voltage (Above 35 kV) (2022-2030) ($MN)
15 Global Power Converter Market Outlook, By Component (2022-2030) ($MN)
16 Global Power Converter Market Outlook, By Power Semiconductor Devices (2022-2030) ($MN)
17 Global Power Converter Market Outlook, By Control Units (2022-2030) ($MN)
18 Global Power Converter Market Outlook, By Magnetics and Inductors (2022-2030) ($MN)
19 Global Power Converter Market Outlook, By Capacitors (2022-2030) ($MN)
20 Global Power Converter Market Outlook, By Other Components (2022-2030) ($MN)
21 Global Power Converter Market Outlook, By Application (2022-2030) ($MN)
22 Global Power Converter Market Outlook, By Renewable Energy (2022-2030) ($MN)
23 Global Power Converter Market Outlook, By Transportation (2022-2030) ($MN)
24 Global Power Converter Market Outlook, By Electric Vehicles (2022-2030) ($MN)
25 Global Power Converter Market Outlook, By Railways (2022-2030) ($MN)
26 Global Power Converter Market Outlook, By Marine (2022-2030) ($MN)
27 Global Power Converter Market Outlook, By Consumer Electronics (2022-2030) ($MN)
28 Global Power Converter Market Outlook, By Smartphones (2022-2030) ($MN)
29 Global Power Converter Market Outlook, By Laptops (2022-2030) ($MN)
30 Global Power Converter Market Outlook, By TVs (2022-2030) ($MN)
31 Global Power Converter Market Outlook, By Industrial Automation (2022-2030) ($MN)
32 Global Power Converter Market Outlook, By Medical Equipment (2022-2030) ($MN)
33 Global Power Converter Market Outlook, By Data Centers (2022-2030) ($MN)
34 Global Power Converter Market Outlook, By Smart Grids (2022-2030) ($MN)
35 Global Power Converter Market Outlook, By End User (2022-2030) ($MN)
36 Global Power Converter Market Outlook, By Automotive (2022-2030) ($MN)
37 Global Power Converter Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
38 Global Power Converter Market Outlook, By Telecommunications (2022-2030) ($MN)
39 Global Power Converter Market Outlook, By Healthcare (2022-2030) ($MN)
40 Global Power Converter Market Outlook, By Manufacturing (2022-2030) ($MN)
41 Global Power Converter Market Outlook, By Utilities (2022-2030) ($MN)
42 Global Power Converter Market Outlook, By IT & Data Centers (2022-2030) ($MN)
43 Global Power Converter Market Outlook, By Government & Public Infrastructure (2022-2030) ($MN)
44 Global Power Converter Market Outlook, By Commercial and Retail (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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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