USD 9.2 billion
Converter Modules Market Size, Share, Growth Analysis, By Type(DC-DC Converter Module, DC-AC Converter Module, and AC-DC Converter Module), By Application(IT & Telecommunication, Industrial, Healthcare, Transportation & Logistics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20D2246 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
66
|Figures:
72
Converter Modules Market Insights
Global Converter Modules Market size was valued at USD 9.2 billion in 2022 and is poised to grow from USD 9.83 billion in 2023 to USD 16.77 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).
Converter modules are used to convert digital signals to analog or vice versa for high-voltage applications. Surging adoption of high-voltage devices and growing investments in new power infrastructure development are also forecasted to bolster the demand for converter modules over the coming years. Electrification of different industry verticals is also estimated to open new avenues of opportunities for converter module suppliers across the forecast period. The growing popularity of alternative energy sources as the focus on sustainability rises, will also uplift sales of converter modules in the future. Converter modules also help electrical component manufacturers reduce their overall manufacturing costs and simplify their circuit designs.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
DC-DC Converter Module
Fastest Growth
AC-DC Converter Modules
Growth Rate
6.9% CAGR
Global Converter Modules Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Converter Modules Market Segmental Analysis
The global converter modules market is segmented based on type, application, and region. In terms of product type, the market is segmented into DC-DC Converter Modules, DC-AC Converter Modules, and AC-DC Converter Modules. Based on application, the market is divided into IT & telecommunication, industry, healthcare, transportation & logistics, aerospace & defense, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
DC-DC converter modules are estimated to account for a prominent share of the global converter modules market. This can be attributed to the high use of this type of module in different DC-powered devices across various industry verticals. Growing demand for new power-saving architecture in DC converters is also estimated to contribute to the high share of this segment going forward. The high use of industrial robots and rising penetration of automation will also favor the demand for DC-DC converter modules over the coming years.
Meanwhile, the demand for AC-DC converter modules is also slated to increase at a good pace over the coming years. Increasing use of DC-powered components in different industries is slated to bolster the market growth via this segment in the future.
Analysis by Application
The IT & telecommunications industry is projected to account for a massive share of the global converter modules market. The high use of different electronics and electrical components with various power requirements in this application allows it to account for a dominant share of the marketplace. Advancements in the IT & telecommunications industry also play a crucial role in promoting the adoption of converter modules in this segment going forward.
Meanwhile, the demand for converter modules is slated to increase at a rapid pace in the transportation and logistics space over the coming years. High adoption of converter modules in electric vehicles and hybrid vehicles is the key factor that will bolster growth in this segment going forward. Meanwhile, increasing use of automation in the logistics industry will also favor the sales of converter modules in the future.
Global Converter Modules Market By Type
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Converter Modules Market Regional Insights
The Asia Pacific region is estimated to account for a dominant share of the global converter modules marketplace going forward. Growing digitization and increasing adoption of new technologies such as 4G and 5G coupled with rising sales of electric vehicles allows this region to account for a dominant market share. Japan, China, and India are slated to be the prime markets for converter module suppliers looking to make a mark in the Asia Pacific region going forward. Rapidly increasing industrialization and urbanization are also estimated to favor converter module demand in the future.
North America is estimated to account for a substantial share of global converter module sales across the forecast period. Growing adoption of industrial automation and increasing demand for renewable energy generation are estimated to bolster converter modules market growth in this region. Canada and the United States are forecasted to be the leading markets in the North American region across the forecast period and beyond.
Global Converter Modules Market By Region
- Largest
- Fastest
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Converter Modules Market Dynamics
Drivers
High Demand for Power Electronics
- Converter modules play a crucial role in the proper functioning of power electronics that have witnessed a notable hike in adoption across different industry verticals.
Rising Popularity of Electric Vehicles and Hybrid Vehicles
- Electric vehicles and hybrid vehicles extensively use converter modules to convert and essential manage electrical power to deliver the best output with the least loss of energy, which is why as sales of these vehicles increase, the demand for converter modules will also rise.
Restraints
Reliability Issues
- Management of heat in converter modules is an issue that could hurt its reliability in different applications. Companies need to come up with products that are more efficient in thermal management and more reliable.
Complexity in Implementation and Integration
- Advanced converter modules often require complicated algorithms to integrate with other components and this makes the whole implementation process complex and expensive. This complexity is projected to impede converter module demand outlook in the future.
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Converter Modules Market Competitive Landscape
Converter module producers should focus on the optimization of the performance of their products by incorporating new technologies. Companies should invest in product innovation and collaborate with other companies to fast-track product launches and sales potential going forward. Converter modules market players should also make efforts to improve the compatibility of converter modules with modern power electronics and technologies. Converter module providers can make a fortune by targeting the automotive and aerospace industries in the future.
Top Player’s Company Profiles
- STMicroelectronics
- Mitsubishi Electric Corporation
- Delta Electronics Inc.
- Flex Ltd.
- RECOM Power GmbH
- ABB Ltd.
- Advantech Co. Ltd.
- Texas Instruments Incorporated
- TDK Corporation
- FUJITSU
- Analog Devices Inc.
- RECOM Power GmbH
- TAMURA Corporation
- OMRON Corporation
- Würth Elektronik GmbH & Co. KG
- ROHM Semiconductor
- Murata Manufacturing Co. Ltd.
Recent Developments
- Flex Power Modules launched a new compact DC-DC surface mount converter module in September 2023. The new FLex BMR314 is suitable for use in bus applications and features a conversion ratio of 4:1.
- In October 2023, FIMER, a leading provider name in the energy business, announced the launch of a 5 MVA bidirectional converter (BDC). The company intended to launch this converter module for large-scale applications.
- In April 2020, Flex Power Modules, a renowned supplier of converter modules, announced the launch of its new DC-DC converter solution. The product was designed for industrial use and could deliver a power output of 2W.
Converter Modules Key Market Trends
- Miniaturization of Electronics: Electronics and electrical devices are shrinking in size, and this can be attributed to the changing demands across different industry verticals. Creating converter modules that are compatible with these miniaturized devices will offer highly attractive growth opportunities for converter modules market players in the long run.
Converter Modules Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, growing digitization and advancements in power technologies are slated to bolster the demand for converter modules over the coming years. High adoption of power electronics in telecommunications, automotive, and aerospace industries is slated to bolster sales of converter modules across the forecast period and beyond. However, reliability issues are estimated to impede the overall converter module's market growth prospects in the long run. The Asia Pacific region accounts for a substantial share of the global converter modules marketplace owing to the presence of a robust electronics manufacturing industry and growing industrialization. Companies can invest in R&D to capitalize on the miniaturization trend, which is projected to offer a lot of untapped market growth potential in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.2 billion |
| Market size value in 2031 | USD 16.77 billion |
| Growth Rate | 6.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Converter Modules Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Converter Modules Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Converter Modules Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Converter Modules Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Converter Modules Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Converter Modules Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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