The global high power DC-DC converter market size was valued at USD 4.06 billion in 2021 and USD 4.46 billion in 2022 and is expected to reach USD 9.77 billion by 2029 with a CAGR of 11.88% during the forecast period. Increasing use of the product in various end-use industries such as consumer electronics, I.T. and telecommunications, energy and power, and cars is predicted to boost the demand for the product. Growing technological features in the product will drive the market growth. Increasing investments in wind and solar power are expected to propel the market course. Increasing demand for electric vehicles is expected to facilitate market development for high power DC-DC converter. Fortune Business Insights™ shares this information in its report titled “High Power DC-DC Converter Market, 2023-2029.”
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List of Key Players Profiled in the Report
- ABB Ltd (Switzerland)
- Analog Devices Inc. (U.S.)
- Crane Co. (U.S.)
- Delta Electronic Inc. (Taiwan)
- INVT (China)
- Infineon Technologies (Germany)
- Kiepe Electric Schweiz AG (Switzerland)
- NXP Semiconductor (Netherlands)
- Renesas Electronic Corporation (Japan)
- Schaefer, Inc. (U.S.)
- STMicroelectronics (Switzerland)
- TDK Corporation (Japan)
- Texas Instruments (U.S.)
- Vicor Corporation (U.S.)
- Zekalabs (Bulgaria)
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Focus on Reduction of Carbon Emissions to Drive Market Growth
Increasing focus on carbon emissions by reducing the focus on coal-based power plant is anticipated to drive the high power DC-DC converter market growth. Shift toward various renewable sources of energy such as solar and wind is likely to gain demand for high power converters, which is expected to drive the market growth. In September 2022, under the Inflation Reduction Act of 2022, the U.S. government intends to invest more than USD 300 billion in wind and solar-based power projects by the year 2030. Increasing demand for electric vehicles is expected to push the market growth.
However, high frequency noise from converters are expected to impede market growth.
Asia Pacific to Lead Market Share Owing to Increasing Applications
Asia Pacific is anticipated to head the high power DC-DC converter market share due to augmented levels of manufacturing and new product launches. The region reached a valuation of USD 2.19 billion in 2021 due to increasing applications in Electric Vehicle (EV), satellites, renewable energy, and other sectors. In January 2021, Alibaba Group introduced two models of electric vehicle, under the brand IM (Intelligence in Motion) in partnership with SAIC Motor. CATL offers battery cells for these vehicles.
North America is set to hold the second largest market share due to the growing implementation of the Internet of things (IoT) technology and improvements in surgical devices for digital power management and control.
Design and Development of Advanced Power Converters by Key Players to Lead Market Course
Major key players of the market, such as ABB Ltd, Analog Devices Inc., and TDK Corporation, focus on design and development of advanced DC-DC power converters which are integrated with 5G network capabilities. In March 2022, LuxpowerTek launched a new DC-DC Coupled PV energy storage converter which has a power rating of 100kW. It can the original grid-connected PV systems into an energy storage device.
Key Industry Development
June 2022- Global Foundries made a new manufacturing unit worth USD 4 billion in Singapore for addressing the chip shortage globally. The new facility will mark the partnership between Singapore Economic Development Board and Global Foundries.