New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Converter Modules Market” published by Consegic Business Intelligence, the market was worth USD 10,366.84 Million in 2022, projected to grow by 10,774.78 Million in 2023, and is anticipated to reach over USD 17,508.34 Million by the year 2031, growing at a CAGR of 7.2%.
Converter modules are devices used for conversion of electricity from one form to another or to specific values of voltage and current of the target device. The benefits of converter modules including reverse polarity protection, low levels of ripple, input/output isolation high power density, and other makes it ideal for deployment in IT & telecommunication, healthcare, transportation, aerospace & defense, and other industries.
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The increasing utilization of converter modules in the IT & telecommunication sector is among the key factors driving the market growth. Additionally, the growing deployment of 5G infrastructure, increasing demand for high speed communication and cloud services, and expansion of data centers are key factors fostering the adoption of converter modules. For instance, in March 2022, Alibaba Cloud launched third data center in Germany with the aim of facilitating the growing demand for digital transformation from customers across Europe. The data center provides a broad array of cloud computing solutions ranging from network, storage to database. DC-DC converter modules are used in the data centers for direct current voltage conversion to provide stabilized voltage for powering servers and systems to support the expansion and evolution of cloud services. Therefore, the rising expansion of data centers is increasing the adoption of converter modules, thereby driving the growth of the market.
Additionally, the increasing adoption of electric vehicles is projected to promote potential opportunities for the growth of the converter modules market. Converter modules are deployed in electric vehicles for conversion of direct current from one voltage level to another for providing a reliable power source for in-car entertainment system and battery management system along with other EV components including headlights, radio, and others. However, the prevalence of stringent regulations associated with converter modules is hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | 17,508.34 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 7.2% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Delta Electronics Inc., STMicroelectronics, Renesas Electronics Corporation, Texas Instruments Incorporated, ABB Ltd., Flex Ltd., Murata Manufacturing Co. Ltd, RECOM Power GmbH, TDK Corporation, Vicor Corporation |
| By Type | DC-DC Converter Module, DC-AC Converter Module, and AC-DC Converter Module |
| By End-User | IT & Telecommunication, Healthcare, Transportation, Aerospace & Defense, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Converter Modules Market Growth Drivers:
- Rising utilization of converter modules in IT & telecommunication industry is driving the market growth.
- Growing aerospace & defense sector is spurring the market growth.
Restraints
- Prevalence of stringent regulations associated with converter modules is restraining the market growth.
Opportunities
- Increasing adoption of electric vehicles is expected to promote potential opportunities for market growth.
Global Converter Modules Market Segmentation Details:
Based on type, the DC-DC converter module segment contributed the largest shares to the market growth in 2022. The benefits of DC-DC converter modules including reduced noise/ground loops, reliable voltage regulation, flexibility in voltage rails configuration, safer operation, reinforced safety isolation barrier, and others are primary prospects driving the growth of the segment. Additionally, the rising utilization of DC-DC converter modules in IT & telecommunication, automotive, aerospace & defense, healthcare, and others sectors is driving the growth of the DC-DC converter module segment.
Based on end-user, the IT & telecommunication segment accounted for the maximum revenue share in the year 2022. Converter modules are primarily used in servers and telecommunication infrastructures for increasing system efficiency and improving power factor to ensure continuous operations and enhance system or device reliability. Factors including the growing deployment of 5G infrastructure, increasing demand for high speed communication and cloud services, and expansion of data centers are among the primary determinants for fostering the growth of the IT & telecommunication segment.
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Based on region, Asia-Pacific region accounted for the largest revenue share in the year 2022. The growth of multiple industries including IT & telecommunication, aerospace & defense, transportation, and other industries is driving the growth of converter modules market in the Asia-Pacific region. Further, growing investments in the development of electric vehicles are projected to boost the market growth in the Asia-Pacific region during the forecast period.
Recent Developments
- In August 2023, TDK Corporation introduced its DC-DC and AC-DC converters that are designed for utilization in medical, telecommunication, renewable energy, and other industrial applications.
Key Market Highlights
- Globally, converter modules market is divided based on the type into DC-DC converter module, DC-AC converter module, and AC-DC converter module.
- In the context of end-user, the market is separated into IT & telecommunication, healthcare, transportation, aerospace & defense, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in converter modules market.
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List of Major Global Converter Modules Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Delta Electronics Inc.
• STMicroelectronics
• Renesas Electronics Corporation
• Texas Instruments Incorporated
• ABB Ltd.
• Flex Ltd.
• Murata Manufacturing Co. Ltd
• RECOM Power GmbH
• TDK Corporation
• Vicor Corporation
Global Converter Modules Market Segmentation:
- By Type
- DC-DC Converter Module
- DC-AC Converter Module
- AC-DC Converter Module
- By End-User
- IT & Telecommunication
- Healthcare
- Transportation
- Aerospace & Defense
- Others
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Key Questions Covered in the Converter Modules Market Report
- What is converter modules?
- Converter modules refer to electrical devices that are designed for converting electricity from one form to another or to particular values of current and voltage for the target device.
- What is the dominating segment in the converter modules market by type?
- In 2022, the DC-DC converter module segment accounted for the highest market share of 46.01% in the overall converter modules market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the converter modules growth in the coming years?
- Asia-Pacific accounted for the largest revenue share in the year 2022. The increasing demand for converter modules from multiple industries including IT & telecommunication, aerospace & defense, and transportation industries among others is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Europe is anticipated to register the highest CAGR growth during the forecast period due to rapid pace of industrialization and growth of multiple industries such as healthcare, automotive, aerospace & defense, and others.
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