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 3,43,028.1 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 $7,018.9 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.
Based on the Analysis presented in the KBV 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 92,265 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
Global Power Converter Market Report Segmentation
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
- Consumer Electronics
- Medical Equipment
- Electric Vehicle
- Renewable Energy
- Others
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
- DC to DC Converter
- AC to DC Converter
- AC to AC Convertor
- DC to AC Converter
By End-Use Industry (Volume, Thousand Units, USD Billion, 2019-2030)
- Industrial
- Commercial
- Residential
By Geography (Volume, Thousand Units, USD Billion, 2019-2030)
- 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
- 1.1Market Definition
- 1.2Objectives
- 1.3Market Scope
- 1.4Segmentation
- 1.4.1Global Power Converter Market, by Application
- 1.4.2Global Power Converter Market, by Type
- 1.4.3Global Power Converter Market, by End-Use Industry
- 1.4.4Global Power Converter Market, by Geography
- 1.5Methodology for the research
Chapter 2.Market at a Glance
Chapter 3.Market Overview
- 3.1Introduction
- 3.1.1Overview
- 3.1.1.1Market Composition and Scenario
- 3.2Key Factors Impacting the Market
- 3.2.1Market Drivers
- 3.2.2Market Restraints
- 3.2.3Market Opportunities
- 3.2.4Market Challenges
Chapter 4.Competition Analysis - Global
- 4.1KBV Cardinal Matrix
- 4.2Recent Industry Wide Strategic Developments
- 4.2.1Partnerships, Collaborations and Agreements
- 4.2.2Product Launches and Product Expansions
- 4.2.3Acquisition and Mergers
- 4.3Top Winning Strategies
- 4.3.1Key Leading Strategies: Percentage Distribution (2019-2023)
- 4.3.2Key Strategic Move: (Product Launches and Product Expansions : 2019, Feb - 2023, May) Leading Players
- 4.4Porter's Five Forces Analysis
Chapter 5.Global Power Converter Market, by Application
- 5.1Global Consumer Electronics Market, by Region
- 5.2Global Medical Equipment Market, by Region
- 5.3Global Electric Vehicle Market, by Region
- 5.4Global Renewable Energy Market, by Region
- 5.5Global Others Market, by Region
Chapter 6.Global Power Converter Market, by Type
- 6.1Global DC to DC Converter Market, by Region
- 6.2Global AC to DC Converter Market, by Region
- 6.3Global AC to AC Convertor Market, by Region
- 6.4Global DC to AC Converter Market, by Region
Chapter 7.Global Power Converter Market, by End-Use Industry
- 7.1Global Industrial Market, by Region
- 7.2Global Commercial Market, by Region
- 7.3Global Residential Market, by Region
Chapter 8.Global Power Converter Market, by Region
- 8.1North America Power Converter Market
- 8.1.1North America Power Converter Market, by Application
- 8.1.1.1North America Consumer Electronics Market, by Country
- 8.1.1.2North America Medical Equipment Market, by Country
- 8.1.1.3North America Electric Vehicle Market, by Country
- 8.1.1.4North America Renewable Energy Market, by Country
- 8.1.1.5North America Others Market, by Country
- 8.1.2North America Power Converter Market, by Type
- 8.1.2.1North America DC to DC Converter Market, by Country
- 8.1.2.2North America AC to DC Converter Market, by Country
- 8.1.2.3North America AC to AC Convertor Market, by Country
- 8.1.2.4North America DC to AC Converter Market, by Country
- 8.1.3North America Power Converter Market, by End-Use Industry
- 8.1.3.1North America Industrial Market, by Country
- 8.1.3.2North America Commercial Market, by Country
- 8.1.3.3North America Residential Market, by Country
- 8.1.4North America Power Converter Market, by Country
- 8.1.4.1US Power Converter Market
- 8.1.4.1.1US Power Converter Market, by Application
- 8.1.4.1.2US Power Converter Market, by Type
- 8.1.4.1.3US Power Converter Market, by End-Use Industry
- 8.1.4.2Canada Power Converter Market
- 8.1.4.2.1Canada Power Converter Market, by Application
- 8.1.4.2.2Canada Power Converter Market, by Type
- 8.1.4.2.3Canada Power Converter Market, by End-Use Industry
- 8.1.4.3Mexico Power Converter Market
- 8.1.4.3.1Mexico Power Converter Market, by Application
- 8.1.4.3.2Mexico Power Converter Market, by Type
- 8.1.4.3.3Mexico Power Converter Market, by End-Use Industry
- 8.1.4.4Rest of North America Power Converter Market
- 8.1.4.4.1Rest of North America Power Converter Market, by Application
- 8.1.4.4.2Rest of North America Power Converter Market, by Type
- 8.1.4.4.3Rest of North America Power Converter Market, by End-Use Industry
- 8.2Europe Power Converter Market
- 8.2.1Europe Power Converter Market, by Application
- 8.2.1.1Europe Consumer Electronics Market, by Country
- 8.2.1.2Europe Medical Equipment Market, by Country
- 8.2.1.3Europe Electric Vehicle Market, by Country
- 8.2.1.4Europe Renewable Energy Market, by Country
- 8.2.1.5Europe Others Market, by Country
- 8.2.2Europe Power Converter Market, by Type
- 8.2.2.1Europe DC to DC Converter Market, by Country
- 8.2.2.2Europe AC to DC Converter Market, by Country
- 8.2.2.3Europe AC to AC Convertor Market, by Country
- 8.2.2.4Europe DC to AC Converter Market, by Country
- 8.2.3Europe Power Converter Market, by End-Use Industry
- 8.2.3.1Europe Industrial Market, by Country
- 8.2.3.2Europe Commercial Market, by Country
- 8.2.3.3Europe Residential Market, by Country
- 8.2.4Europe Power Converter Market, by Country
- 8.2.4.1Germany Power Converter Market
- 8.2.4.1.1Germany Power Converter Market, by Application
- 8.2.4.1.2Germany Power Converter Market, by Type
- 8.2.4.1.3Germany Power Converter Market, by End-Use Industry
- 8.2.4.2UK Power Converter Market
- 8.2.4.2.1UK Power Converter Market, by Application
- 8.2.4.2.2UK Power Converter Market, by Type
- 8.2.4.2.3UK Power Converter Market, by End-Use Industry
- 8.2.4.3France Power Converter Market
- 8.2.4.3.1France Power Converter Market, by Application
- 8.2.4.3.2France Power Converter Market, by Type
- 8.2.4.3.3France Power Converter Market, by End-Use Industry
- 8.2.4.4Russia Power Converter Market
- 8.2.4.4.1Russia Power Converter Market, by Application
- 8.2.4.4.2Russia Power Converter Market, by Type
- 8.2.4.4.3Russia Power Converter Market, by End-Use Industry
- 8.2.4.5Spain Power Converter Market
- 8.2.4.5.1Spain Power Converter Market, by Application
- 8.2.4.5.2Spain Power Converter Market, by Type
- 8.2.4.5.3Spain Power Converter Market, by End-Use Industry
- 8.2.4.6Italy Power Converter Market
- 8.2.4.6.1Italy Power Converter Market, by Application
- 8.2.4.6.2Italy Power Converter Market, by Type
- 8.2.4.6.3Italy Power Converter Market, by End-Use Industry
- 8.2.4.7Rest of Europe Power Converter Market
- 8.2.4.7.1Rest of Europe Power Converter Market, by Application
- 8.2.4.7.2Rest of Europe Power Converter Market, by Type
- 8.2.4.7.3Rest of Europe Power Converter Market, by End-Use Industry
- 8.3Asia Pacific Power Converter Market
- 8.3.1Asia Pacific Power Converter Market, by Application
- 8.3.1.1Asia Pacific Consumer Electronics Market, by Country
- 8.3.1.2Asia Pacific Medical Equipment Market, by Country
- 8.3.1.3Asia Pacific Electric Vehicle Market, by Country
- 8.3.1.4Asia Pacific Renewable Energy Market, by Country
- 8.3.1.5Asia Pacific Others Market, by Country
- 8.3.2Asia Pacific Power Converter Market, by Type
- 8.3.2.1Asia Pacific DC to DC Converter Market, by Country
- 8.3.2.2Asia Pacific AC to DC Converter Market, by Country
- 8.3.2.3Asia Pacific AC to AC Convertor Market, by Country
- 8.3.2.4Asia Pacific DC to AC Converter Market, by Country
- 8.3.3Asia Pacific Power Converter Market, by End-Use Industry
- 8.3.3.1Asia Pacific Industrial Market, by Country
- 8.3.3.2Asia Pacific Commercial Market, by Country
- 8.3.3.3Asia Pacific Residential Market, by Country
- 8.3.4Asia Pacific Power Converter Market, by Country
- 8.3.4.1China Power Converter Market
- 8.3.4.1.1China Power Converter Market, by Application
- 8.3.4.1.2China Power Converter Market, by Type
- 8.3.4.1.3China Power Converter Market, by End-Use Industry
- 8.3.4.2Japan Power Converter Market
- 8.3.4.2.1Japan Power Converter Market, by Application
- 8.3.4.2.2Japan Power Converter Market, by Type
- 8.3.4.2.3Japan Power Converter Market, by End-Use Industry
- 8.3.4.3India Power Converter Market
- 8.3.4.3.1India Power Converter Market, by Application
- 8.3.4.3.2India Power Converter Market, by Type
- 8.3.4.3.3India Power Converter Market, by End-Use Industry
- 8.3.4.4South Korea Power Converter Market
- 8.3.4.4.1South Korea Power Converter Market, by Application
- 8.3.4.4.2South Korea Power Converter Market, by Type
- 8.3.4.4.3South Korea Power Converter Market, by End-Use Industry
- 8.3.4.5Singapore Power Converter Market
- 8.3.4.5.1Singapore Power Converter Market, by Application
- 8.3.4.5.2Singapore Power Converter Market, by Type
- 8.3.4.5.3Singapore Power Converter Market, by End-Use Industry
- 8.3.4.6Malaysia Power Converter Market
- 8.3.4.6.1Malaysia Power Converter Market, by Application
- 8.3.4.6.2Malaysia Power Converter Market, by Type
- 8.3.4.6.3Malaysia Power Converter Market, by End-Use Industry
- 8.3.4.7Rest of Asia Pacific Power Converter Market
- 8.3.4.7.1Rest of Asia Pacific Power Converter Market, by Application
- 8.3.4.7.2Rest of Asia Pacific Power Converter Market, by Type
- 8.3.4.7.3Rest of Asia Pacific Power Converter Market, by End-Use Industry
- 8.4LAMEA Power Converter Market
- 8.4.1LAMEA Power Converter Market, by Application
- 8.4.1.1LAMEA Consumer Electronics Market, by Country
- 8.4.1.2LAMEA Medical Equipment Market, by Country
- 8.4.1.3LAMEA Electric Vehicle Market, by Country
- 8.4.1.4LAMEA Renewable Energy Market, by Country
- 8.4.1.5LAMEA Others Market, by Country
- 8.4.2LAMEA Power Converter Market, by Type
- 8.4.2.1LAMEA DC to DC Converter Market, by Country
- 8.4.2.2LAMEA AC to DC Converter Market, by Country
- 8.4.2.3LAMEA AC to AC Convertor Market, by Country
- 8.4.2.4LAMEA DC to AC Converter Market, by Country
- 8.4.3LAMEA Power Converter Market, by End-Use Industry
- 8.4.3.1LAMEA Industrial Market, by Country
- 8.4.3.2LAMEA Commercial Market, by Country
- 8.4.3.3LAMEA Residential Market, by Country
- 8.4.4LAMEA Power Converter Market, by Country
- 8.4.4.1Brazil Power Converter Market
- 8.4.4.1.1Brazil Power Converter Market, by Application
- 8.4.4.1.2Brazil Power Converter Market, by Type
- 8.4.4.1.3Brazil Power Converter Market, by End-Use Industry
- 8.4.4.2Argentina Power Converter Market
- 8.4.4.2.1Argentina Power Converter Market, by Application
- 8.4.4.2.2Argentina Power Converter Market, by Type
- 8.4.4.2.3Argentina Power Converter Market, by End-Use Industry
- 8.4.4.3UAE Power Converter Market
- 8.4.4.3.1UAE Power Converter Market, by Application
- 8.4.4.3.2UAE Power Converter Market, by Type
- 8.4.4.3.3UAE Power Converter Market, by End-Use Industry
- 8.4.4.4Saudi Arabia Power Converter Market
- 8.4.4.4.1Saudi Arabia Power Converter Market, by Application
- 8.4.4.4.2Saudi Arabia Power Converter Market, by Type
- 8.4.4.4.3Saudi Arabia Power Converter Market, by End-Use Industry
- 8.4.4.5South Africa Power Converter Market
- 8.4.4.5.1South Africa Power Converter Market, by Application
- 8.4.4.5.2South Africa Power Converter Market, by Type
- 8.4.4.5.3South Africa Power Converter Market, by End-Use Industry
- 8.4.4.6Nigeria Power Converter Market
- 8.4.4.6.1Nigeria Power Converter Market, by Application
- 8.4.4.6.2Nigeria Power Converter Market, by Type
- 8.4.4.6.3Nigeria Power Converter Market, by End-Use Industry
- 8.4.4.7Rest of LAMEA Power Converter Market
- 8.4.4.7.1Rest of LAMEA Power Converter Market, by Application
- 8.4.4.7.2Rest of LAMEA Power Converter Market, by Type
- 8.4.4.7.3Rest of LAMEA Power Converter Market, by End-Use Industry
Chapter 9.Company Profiles
- 9.1ABB Group
- 9.1.1Company Overview
- 9.1.2Financial Analysis
- 9.1.3Segmental and Regional Analysis
- 9.1.4Research & Development Expense
- 9.1.5Recent strategies and developments:
- 9.1.5.1Partnerships, Collaborations, and Agreements:
- 9.1.5.2Product Launches and Product Expansions:
- 9.1.6SWOT Analysis
- 9.2General Electric Company
- 9.2.1Company Overview
- 9.2.2Financial Analysis
- 9.2.3Segmental and Regional Analysis
- 9.2.4Research & Development Expense
- 9.2.5Recent strategies and developments:
- 9.2.5.1Partnerships, Collaborations, and Agreements:
- 9.2.5.2Acquisition and Mergers:
- 9.2.6SWOT Analysis
- 9.3Mitsubishi Electric Corporation
- 9.3.1Company Overview
- 9.3.2Financial Analysis
- 9.3.3Segmental and Regional Analysis
- 9.3.4Research & Development Expense
- 9.3.5SWOT Analysis
- 9.4Emerson Electric Co.
- 9.4.1Company Overview
- 9.4.2Financial Analysis
- 9.4.3Segmental and Regional Analysis
- 9.4.4Research & Development Expense
- 9.4.5Recent strategies and developments:
- 9.4.5.1Partnerships, Collaborations, and Agreements:
- 9.4.6SWOT Analysis
- 9.5Delta Electronics, Inc.
- 9.5.1Company Overview
- 9.5.2Financial Analysis
- 9.5.3Research & Development Expense
- 9.5.4Recent strategies and developments:
- 9.5.4.1Product Launches and Product Expansions:
- 9.5.5SWOT Analysis
- 9.6Texas Instruments, Inc.
- 9.6.1Company Overview
- 9.6.2Financial Analysis
- 9.6.3Segmental and Regional Analysis
- 9.6.4Research & Development Expense
- 9.6.5SWOT Analysis
- 9.7Schneider Electric SE
- 9.7.1Company Overview
- 9.7.2Financial Analysis
- 9.7.3Segmental and Regional Analysis
- 9.7.4Research & Development Expense
- 9.7.5Recent strategies and developments:
- 9.7.5.1Acquisition and Mergers:
- 9.7.6SWOT Analysis
- 9.8Vicor Corporation
- 9.8.1Company Overview
- 9.8.2Financial Analysis
- 9.8.3Product Line and Regional Analysis
- 9.8.4Research & Development Expenses
- 9.8.5Recent strategies and developments:
- 9.8.5.1Product Launches and Product Expansions:
- 9.8.6SWOT Analysis
- 9.9Eaton Corporation PLC
- 9.9.1Company Overview
- 9.9.2Financial Analysis
- 9.9.3Segmental and Regional Analysis
- 9.9.4Research & Development Expense
- 9.9.5Recent strategies and developments:
- 9.9.5.1Product Launches and Product Expansions:
- 9.9.6SWOT Analysis
- 9.10.Siemens AG
- 9.10.1Company Overview
- 9.10.2Financial Analysis
- 9.10.3Segmental and Regional Analysis
- 9.10.4Research & Development Expense
- 9.10.5Recent strategies and developments:
- 9.10.5.1Partnerships, Collaborations, and Agreements:
- 9.10.5.2Product Launches and Product Expansions:
- 9.10.6SWOT Analysis
Chapter 10.Winning Imperatives of Power Converter Market