Power Converte market is anticipated to grow at a considerable CAGR of 7.9% during the forecast period (2024-2031).A Power Converter is a device that formally modifies electrical characteristics, such as voltage or frequency, to ensure compatibility between power sources and loads. The growing demand for power convertors from end-use industries is a key factor driving the growth of the global power convertor market.
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The growing consumer electronics market is another significant driver of Power Converter growth. The ever-increasing reliance od consumers on a vast array of electronic devices, from laptops and smartphones to the latest wearable’s and smart home gadgets, necessitates a constant need for compatible power solutions. According to the International Trade Administration, India’s semiconductor industry is poised for global leadership, anticipating demand surpassing $80.0 billion by 2026 and $110.0 billion by 2030. The sector is experiencing rapid growth, with a projected 25.0% CAGR through 2028, driven by the surge in demand for compact electronic devices. While most devices come with their dedicated adapters, the demand for universal Power Converter s remains strong. These versatile converters cater to travelers seeking adaptability across various regions with differing power outlet standards. Additionally, they offer a convenient solution for users who own multiple devices with diverse power requirements, eliminating the need for a multitude of individual chargers. This confluence of factors, driven by our expanding reliance on consumer electronics, is a significant contributor to the continued growth of the global Power Converter market.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Power Converter Market by Type
- AC to DC Convertor
- DC to AC Convertor
- DC to DC Converter
- AC to AC Convertor
Global Power Converter Market by Application
- Renewable Energy
- Consumer Electronics
- Medical Equipment
- Electric Vehicle
- Others (Industrial automation, data centers and telecom, telecom infrastructure, lighting, military and defense, aerospace)
Global Power Converter Market by End-Use Industry
- Residential
- Commercial
- Industrial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Analog Devices, Inc.
- ANG Power Systems
- Commerce Corp.
- Delta Electronics, Inc.
- Eaton Corporation plc
- Emerson Electric Co.
- Krishna Electronics Corp.
- Nelso Technology Pvt. Ltd.
- PICO Electronics, Inc.
- Powertron India Private Ltd.
- STMicroelectronics
- TDK Corp.
- Texas Instruments Inc.
- Vicor Corp.
- Wall Industries, Inc.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global Power Converter market based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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