Power Converters and Talkative Power Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type (AC to DC Converter, DC to AC Converter, DC to DC Converter, and AC to AC Convertor); Application (Renewable Energy, Consumer Electronics, Medical Equipment, Electric Vehicle, and others); Region/Country.
Power Converters and Talkative Power Market Size & Forecast
The Power Converters and Talkative Power Market was valued at USD 22.7 Billion in 2023 and is expected to grow at a strong CAGR of around 7.4% during the forecast period (2024-2032) owing to rising usage in Consumer Electronics and Automotive companies.
Power Converters and Talkative Power Market Analysis
A converter is an electrical circuit which accepts a DC input and generates a DC output of a different voltage, usually achieved by high frequency switching action employing inductive and capacitive filter elements. A power converter is an electrical circuit that changes the electric energy from one form into the desired form optimized for the specific load. A converter can perform one or more functions to provide an output different from the input. It can be used to provide input voltage, reverse polarity, or generate multiple output voltages of same polarity, different polarity, or mixed polarity with input as in computer power supplies As renewable energy is becoming more widely accepted , growing trend of electric vehicles and energy efficient solutions are driving the market worldwide energy consumption is increasing and demand for energy conversion is high as renewable sources of will connect to the existing grid has become increasingly important.
Growing trends toward new technologies and production scale efficiencies are key contributors to increased business investments, which is another factor propelling the power converters market. The influx of investment is driven by an increased need for sustainable energy solutions in several sectors, including renewable energies, electric vehicles, and industrial automation. Globally renowned companies are focusing on R&D to develop the next generation of power conversion systems designed for enhanced efficiency, reliability, and built-in scalability. Automotive supplier Marelli is establishing a strategic relationship with power conversion company Transphorm. The partnership is intended to allow Marelli a close look at and practical experience with how high-tech products used in the electric and hybrid-electric powertrains of vehicles—including power converters or onboard chargers for EV separators and inverters—are developed.
Power Converters and Talkative Power Market Trends
This section discusses the key market trends that are influencing the various segments of the Power Converters and Talkative Power market as identified by our team of research experts.
Electric Vehicles
The global transportation sector is undergoing a tectonic shift at present, with the electric vehicle (EV) industry leading this transformation supported by technological advancements and increasing attention to environmental concerns, along with shifts in consumer preferences. Electric vehicles (EVs) have many advantages compared to conventional gasoline-powered cars, such as significantly lower greenhouse gas emissions and fuel costs, in addition to far better energy efficiency. As demand grows for EV, the demand for power converters will grow as well during the forecast period.
Examples:
Volkswagen Group: The company intends to be net carbon neutral by 2050 at the latest. A new interim milestone is the targeted 40-percent reduction in CO2 emissions per vehicle in Europe by 2030 – substantially outperforming the Group target of 30 percent.
USA Inflation Reduction Act: As part of President Biden’s goal of having 50 percent of all new vehicle sales be electric by 2030, the White House is announcing public and private commitments to support America’s historic transition to electric vehicles (EV) under the EV Acceleration Challenge. President Biden’s Inflation Reduction Act adds and expands tax credits for purchases of new and used EVs—helping bring the benefits of clean energy to communities across the nation.
Government Support for Renewable Energy: Specifically, the government is promoting electric vehicles and encouraging renewable energy uptake. The global power converters’ direct consumer markets gained an increase due to government support, incentives, regulations, etc. The government has subsidized clean energy and transportation technology with tax credits, grants, and subsidies. Such a factor would serve to support the expansion of the power converter market over the course of the forecast period.
Examples:
The European Union Green Deal: The European Commission has adopted a set of proposals to make the EU’s climate, energy, transport and taxation policies fit for reducing net greenhouse gas emissions by at least 55% by 2030.
NEV Policy of China: The Chinese government has actively introduced various policies and standards to promote the development of the Chinese NEV industry effectively. With more than half of the world’s electric cars and having already exceeded its 2025 target for new energy vehicles (NEVs) sales, China has become a global leader in the electric vehicle (EV) industry. To further boost domestic sales in this sector, the country has now announced an extension of its tax exemption policy for NEVs. The tax break, initially set to expire in 2023, will now be extended until 2027.
APAC is Expected to Grow with Significant CAGR During Forecast Period
APAC captured a significant share of the Power Converters and Talkative Power market in 2023. Asia-Pacific (APAC) is the largest region for electricity conversion as it witnessed rapid industrialization and urbanization in various countries in the region This increased usage led to an increase in the number of devices, and increased energy flow high in performance, which in turn requires high energy and reliable solutions to control growing infrastructure s If we act aggressively to grow, focused on reducing dependence on fossil fuels and to curb environmental damage to stimulate the demand for electric switches, APAC countries begin to invest in electric vehicle infrastructure to support their travel to transportation corridors on a clean slate. New technologies for energy conversion are also booming, with the region boasting strong manufacturing base and seeing high levels of technology investment Government programs such as subsidies and incentives for renewable energy services are also driving the market. APAC has the largest population and an expanding middle class, making power exchanges popular as consumer electronics manufacturers use these technologies to cut power bills.
Power Converters and Talkative Power Industry Overview
The Power Converters and Talkative Power market is competitive and fragmented, with the presence of several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include General Electric, Siemens AG, ABB Group, Emerson Electric, Vicor Corporation, Schneider Electric, Delta Electronics, Texas Instruments Inc., Mitsubishi Electric, and Eaton Corporation.
Power Converters and Talkative Power Market News
March 2020: Automotive supplier Marelli forms a strategic partnership with Transphorm, a semiconductor company focused on redefining power conversion. This partnership will enable Marelli to gain valuable access and insights into cutting-edge technologies for the development of electric vehicles, in particular power converters, onboard chargers, and inverters for electric and hybrid vehicles.
June 2024: Hitachi Energy will invest an additional $4.5 billion in manufacturing, engineering, digital, R&D, and partnerships by 2027, doubling the investments done in the last three years. These investments will enable the company to meet customers’ commitments and market demand, increasing its global R&D, engineering, and manufacturing capacity of transformers, high-voltage direct current (HVDC) and high-voltage products. It will also support the deployment of power electronics-based solutions, grid automation and software solutions, and services in line with the Hitachi Energy 2030 Plan.
Power Converters and Talkative Power Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Power Converters and Talkative Power market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Power Converters and Talkative Power Market Analysis (2024-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of global Power Converters and Talkative Power were the three major steps undertaken to create and explore the adoption of Power Converters and Talkative Power in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, numerous findings and assumptions were taken into consideration to validate these insights. Moreover, exhaustive primary interviews were also conducted with industry experts across the value chain of the global Power Converters and Talkative Power market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of Power Converters and Talkative Power through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of Power Converters and Talkative Power, we conducted a detailed secondary analysis to gather historical market insights and share for different segments and sub-segments for major regions. Major segments are included in the report, such as Type and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Power Converters and Talkative Power. Further, we conducted factor analysis using dependent and independent variables such as Type and Application of Power Converters and Talkative Power market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Power Converters and Talkative Power sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Power Converters and Talkative Power market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Power Converters and Talkative Power across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Power Converters and Talkative Power market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Power Converters and Talkative Power market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type and Application in the global Power Converters and Talkative Power market.
The main objective of the Global Power Converters and Talkative Power Market Study
The current & future market trends of the global Power Converters and Talkative Power market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Power Converters and Talkative Power industry in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of Type and Application
- Define and analysis of the regulatory framework for the Power Converters and Talkative Power industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Power Converters and Talkative Power market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Power Converters and Talkative Power market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the Power Converters and Talkative Power market?
Q2: What are the driving factors for the growth of the Power Converters and Talkative Power market?
Q3: Which segment has the largest share in the Power Converters and Talkative Power market by Application?
Q4: What are the emerging technologies and trends in the Power Converters and Talkative Power market?
Q5: Which region will dominate in the Power Converters and Talkative Power market?
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