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

Q: What is the global market size of Converter Modules Market?

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).

Report ID: SQMIG20D2246 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 66 | Figures: 72

Converter Modules Market News

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 Market Report Snapshots

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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 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. '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.'

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.

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.

The Asia Pacific region is estimated to account for a dominant share of the 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.

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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

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