The global power converter market is anticipated to grow at a considerable CAGR of 7.9% during the forecast period (2024-2031). The market growth is driven by the expanding renewable energy sector, where power converters are used in optimal grid operation and management. Additionally, the expanding market for consumer electronics is contributing to the market growth as the electronics constantly require compatible power solutions. The market is segmented by type (into AC to DC converter, DC to AC converter, DC to DC converter, and AC to AC converter), by application (into renewable energy, consumer electronics, medical equipment, electric vehicle, and others), by end-use industry (into residential, commercial, and industrial and by geography (into North America, Europe, Asia-Pacific, and the Rest of the World).
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The application of power converters is increasing in the electric vehicle market. Additionally, the stringent environmental regulations, ongoing technological advancements, and growing consumer demand for sustainable transportation options are contributing to the growth of the segment.
Furthermore, the residential use of power converters is increasing, owing to the increasing adoption of renewable energy solutions such as solar panels. Additionally, the surge in the popularity of smart home devices requires compatible power solutions, with converters ensuring seamless integration within existing electrical systems. Thus, the residential segment is growing owing to the trend of sustainable living and smart homes.
The major companies serving the global power converter market include ABB Group, General Electric Company (Vernova), Mitsubishi Electric Corp., Schneider Electric SE, and Siemens AG, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions, thus, contributing significantly to the market growth.
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Recent Developments
- In September 2024, FORVIA HELLA launched the new High Voltage PowerBox (HV PowerBox). The product integrates a high-voltage converter and an onboard charger. The onboard charger acts as an interface between the electric vehicle and the power grid, the high voltage converter transforms the 400 V or 800 V voltage into 12 volts to assist the functioning of corresponding electronic consumers of the vehicle, especially safety-critical sensors or comfort functions. The series production is anticipated to start in 2027.
- In May 2024, Eaton introduced the DC/DC converter that takes power from a 48-volt system and steps it down to 12 volts to run accessories and other low-power systems. The converter has applications in antilock brakes and power steering. The system works even in the case of power failure.
- In May 2024, COSEL Co, Ltd, launched HFA3500TF. It features a low-profile 3-phase, 3-wire 3500W AC/DC enclosed power supply. It has applications in semiconductor manufacturing, laser processing machines, and robotics. It offers a wide operating range of 180VAC to 528VAC for input voltage. The power supply range of the product is 400VAC input and 65VDC output. It is available in two output voltages, 48VDC, and 65VDC, which can be adjusted in the range of +15% to -50% using the trim function. It has a compact design of 41mm (1.61 inches). It can be connected in parallel to up to ten units and deliver up to 31.5kW.
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