Power converter 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 expanding renewable energy sector is significantly impacting the global power converter market by driving the demand for efficient and reliable conversion solutions. As the world increasingly embraces sources like solar, wind, and hydroelectric power, the need for power converters to integrate these intermittent energy sources into the grid grows substantially. Power converters play a pivotal role in converting variable renewable energy outputs into stable electricity, ensuring grid stability and reliability. According to the International Energy Agency, renewable electricity capacity is projected to soar to 507 GW in 2023, a nearly 50.0% increase from 2022, fueled by ongoing policy support in over 130 countries. This significant surge signals a notable shift in the global growth trajectory towards renewable energy. This surge in demand for renewable energy integration solutions propels innovation in power converter technology, leading to advancements in efficiency, scalability, and grid compatibility, thereby fueling the 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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