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Power Converter Market to Reach $44.6 Billion, Globally, by 2032 at 7.8% CAGR: Allied Market ResearchThe power converter market was valued at $20.9 billion in 2022 and is estimated to reach $44.6 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032. The increase in focus on renewable energy sources, such as solar and wind, has led to a growing demand for power converters to efficiently integrate these intermittent energy sources into the grid. PORTLAND, Ore., Feb. 15, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Converter Market by Type (AC To DC Converter, DC To AC Converter, DC To DC Converter, and AC To AC Convertor), Application (Renewable Energy, Consumer Electronics, Medical Equipments, Electric Vehicles, and Others), and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global power converter market valued for $20.9 billion in 2022 and is estimated to reach $44.6 billion by 2032, exhibiting a CAGR of 7.8% from 2023 to 2032.
Download PDF Brochure: https://www.alliedmarketresearch.com/request-sample/A127392 Prime determinants of growth The global power converter market is experiencing growth due to rise in adoption of electric vehicles where electric vehicles rely on power electronics for functions such as converting DC power from the battery to AC power for the electric motor and vice versa during regenerative braking. Power electronic components like inverters, converters, and DC-DC converters are essential for efficient energy conversion. However, the complexity of designing and manufacturing high-efficiency converters is expected to hinder the market growth. Moreover, the rise in adoption of 5G technology in developed countries offers remunerative opportunities for the expansion of the power converter market. Report coverage & details:
The DC to AC converter segment is expected to grow faster throughout the forecast period. Based on type, the DC to DC converter segment held the highest market share in 2022, accounting for less than half of the global power converter market revenue. DC to DC converters are commonly used in battery-powered devices to regulate the voltage and ensure a stable power supply to the connected components. However, the DC to AC segment is projected to attain the highest CAGR of 8.5% from 2023 to 2032. Many vehicles, including electric cars and hybrid vehicles, use DC to AC inverters to convert the DC power stored in the batteries into AC power to run various electrical systems and charge devices. Procure Complete Report (300 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/power-converter-market The consumer electronics segment is expected to lead the trail by 2032 Based on application, the consumer electronics segment held the highest market share in 2022, accounting for less than half of the global power converter market revenue. This can be attributed to the fact that consumer electronics play a significant role among the users, serving various functions that range from entertainment to communication. One common example of consumer electronics acting as power converters is the ubiquitous USB charger. However, the renewable energy segment is projected to attain the highest CAGR of 9.0% from 2023 to 2032. The residential segment is expected to grow faster throughout the forecast period. Based on the end-use industry, the industrial segment held the highest market share in 2022, accounting for more than half of the global power converter market revenue. This can be attributed to the fact that in industrial, power converters are indispensable for managing diverse electrical loads and adapting power characteristics to meet specific requirements. These devices contribute significantly to enhancing energy efficiency, optimizing performance, and promoting sustainability in industrial operations. However, the residential industry segment is projected to attain the highest CAGR of 5.1% from 2023 to 2032. Power converters in residential industry is used in renewable energy systems. With the increasing focus on sustainable living, many homeowners are integrating solar panels or wind turbines into their properties to harness renewable energy. For Purchase Inquiry: https://www.alliedmarketresearch.com/power-converter-market/purchase-options Asia-Pacific to maintain its dominance by 2032. Based on region, Asia-Pacific held the highest market share and fastest growing region in terms of revenue in 2022 representing for 8.3% of the CAGR, accounting for less than one-third of the global power converter market revenue. The industrial sector in the Asia-Pacific region heavily relies on power converters for various applications. Manufacturing processes, automation systems, and machinery depend on these converters to regulate voltage, frequency, and other electrical parameters. Leading Market Players: -
The report provides a detailed analysis of these key players in the global power converter market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Trending Reports in Power Converter Industry: Frequency Converter Market: Analysis and Industry Forecast, 2021-2031 Converter Transformer Market: Opportunity Analysis and Industry Forecast, 2021-2030 Voltage Transformer Market: Global Opportunity Analysis and Industry Forecast, 2023-2032 Renewable Energy Transformer Market: Analysis and Industry Forecast, 2023-2032 Industrial Electrification Market: Analysis and Industry Forecast, 2023-2032 High Voltage Direct Current (HVDC) Transmission Market: Forecast, 2023-2032 About us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact us: David Correa Follow Us on | Facebook | LinkedIn | YouTube Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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