Power Electronics Converter Market Size, Share, Opportunities And Trends By Type (AC To DC, DC To DC, AC To AC, DC To DC), By Application (Consumer Electronics, Automotive Application, Power Generation, Power Distribution, Others), By End-user (Household, Automotive, Aerospace & Defense, Power & Energy, Others), And By Geography - Forecasts From 2023 To 2028

Power electronic converters are in charge of gathering electrical energy from the power grid and converting it into the form required by a motor. The power electronic converter can be determined by the driving motor and the available power supply. The developing technical aspects of the product will drive market expansion. Rising wind and solar energy investments are expected to propel the sector ahead. Rising demand for electric cars is expected to boost the market for high-power DC-DC electronic converters. The market is expanding rapidly because of advances in energy infrastructure, renewable energy development, and energy-efficient portable electronics components. Silicon carbide (SiC) and gallium nitride (GaN) in particular are good materials for power electronics conversion applications.

The increasing focus on the reduction of carbon emissions to drive market growth

The market for high-power power electronics converters like DC-DC converters is expected to develop as a result of reduced reliance on coal-based power plants and increased attention to carbon emissions. Demand for high-power converters is set to increase due to the shift toward renewable energy sources like solar and wind, which is anticipated to fuel market expansion. The United States government plans to invest more than USD 300 billion in wind and solar-based power projects by 2030 as part of the Inflation Reduction Act of 2022, which was signed into law in September 2022. It is anticipated that rising demand for electric vehicles would fuel market expansion. Nevertheless, converter high-frequency noise is anticipated to restrain market expansion. This shows that the reduction of reliance on coal and adapting to renewables will propel the power electronic converter market.

The increasing demand in Aerospace and Defence is expected to boost market growth.

The aerospace and defense industries are always competing to improve command, communications, intelligence, and surveillance capabilities while decreasing size, weight, power, and cost. As a result, aerospace and defense (A&D) companies are being obliged to invest in systems with ever-increasing power densities and capabilities. The increased military spending throughout the world is expected to drive the power electronic converter industry. The top five nations that will have to spend at least $100 billion on their armies in 2021, according to the Stockholm International Peace Research Institute (SIPRI), are Russia, the United States, also the United Kingdom, China, and India. Power electronics converters are utilized in a variety of applications in the aerospace sector, including landing gear, engine systems and controls, flight control, navigation, cabin illumination, avionics, and communications. This showcases the huge demand for the power electronic converter in this sector and will rise in the coming years.

During the forecast period, Asia pacific tends to grow in the Power Electronics Converter Market

The greatest market for power electronics converters worldwide is in Asia-pacific. The market is growing as a result of factors including the increased emphasis on renewable energy sources across all industrial verticals and technical advancements. Furthermore, a significant factor in the expansion of the regional industry is the availability of strong technology at cheap prices. Also, the region's abundance of businesses that produce electronic products promotes the expansion of the power electronics converter.

It is anticipated that rising demand for electric vehicles would fuel market expansion. So, in January 2021 in collaboration with SAIC Motor, Alibaba Group unveiled two electric car models under the name IM (Intelligence in Motion). For these cars, CATL sells battery cells. According to the Ministry of Electronics and Information Technology (MEITY), in Jan 2023  a manufacturing base for semiconductors and power electronic components is being developed in India. This shows that the market for the power electronic converter tends to rise in the forecasted year and propels the market growth.

Market Key Developments.

• In July 2022, Renault Group and Vitesco Technologies formed a strategic partnership to develop and manufacture power electronics known as One Box, which would be used in electric and hybrid drives. Partners would collaborate to develop a unique technology that would allow the inverter, onboard charger, and DC-DC converter to be housed in a single tiny enclosure. Furthermore, these companies strive for the maximum degree of performance and cost competitiveness.
• In March 2022 a brand-new 100kW DC-DC Coupled PV energy storage converter was introduced by LuxpowerTek.  According to its description, the LSP 100K is a brand-new kind of converter that can transform the original grid-connected PV systems into an energy storage system. The converter has 24 input and 12 output strings with a DC input voltage range of 300-1,000V. It weighs 140kg and measures 1,015x680x310mm.

Power Electronics Converter Market Scope:

Segmentation:

• By Type
  • AC to DC
  • DC to DC
  • AC to AC
  • DC to DC
• By Application
  • Consumer Electronics
  • Automotive Application
  • Power Generation
  • Power Distribution
  • Others
• By End-user
  • Household
  • Automotive
  • Aerospace & Defense
  • Power & Energy
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Suadi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others