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 2025-2032

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 Insights

Converter Modules Market size was valued at USD 9.83 Billion in 2023 and is poised to grow from USD 10.51 Billion in 2024 to USD 17.93 Billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

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.

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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 2025-2032

Converter Modules Market Insights

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