The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Converter Modules Market Trends. The growth sectors of the Converter Modules Market Trends are identified with precision for a better growth perspective.
The global converter modules market size was assessed at USD 8.04 billion in 2018 and is expected to touch USD 12.9 billion by the end of the forecast period with a CAGR of 7%.
According to the MRFR report, there are several factors which affect the growth of the market for global converter modules. The growing demand for advanced power-saving solutions and rapid developments in digital power management and control technologies has further propelled the growth of the global market for converter modules. Additionally, the advances in advanced driver assistance system (ADAS) technology, vehicle to all (V2X) communication module, body electronics, and LED lighting have created opportunities for manufacturers to develop highly efficient converter modules. Growing requirement for reliable power supply units for use in out-patient care equipment and rising demand for energy-efficient devices/appliances across the global are also projected to impelling the market growth in the forecast period. Increasing demand for SMPS in data centers and a shift to battery-powered automobiles have contributed to the growth of the global market for converter modules. In addition, the applications of these modules can be observed in various vertical industries, including industrial, healthcare, logistics, and defence. Thus, the converter modules market is expected to witness steady growth over the forecast period. However, these modules do not automatically switch off in a no-load state, thus reducing the system efficiency. This represents a major challenge for converter modules manufacturers. Moreover, regulations and safety standards that vary from country to countryis restraining the market growth at the global level.
The global converter modules market has been analyzed on the basis of application, type, and region.
By type, the global converter modules market has been bifurcated into DC-AC converter module, DC-DC converter module, as well as AC-DC converter module.
Based on the application, the global converter modules market has been divided into IT & telecommunication, healthcare, industrial, aerospace & defense, transportation & logistics, and others.
It is estimated that the global market for converter modules will grow at a staggering rate over the 2019-2025 forecast period. For Asia-Pacific, North America, Europe , the Middle East & Africa and Central & South America, the geographic analysis of the converter modules market has been carried out.
As per the MRFR report, it is projected that Asia-Pacific dominates the global converter modules market followed by North America and Europe. In the Asia-Pacific region the demand for converter modules is attributed to the high concentration of manufacturers of electric components. China , Japan and Taiwan are the major contributors to the growth of the market for converter modules in Asia-Pacific. In those countries , low labor costs have favored the production of converter modules in this region. Owing to the need for converter modules for aerospace and defense applications, the European region is projected to witness a stable yet exponential growth. The North American region, however, is forecast to see the highest growth during the 2019–2025 forecast period.
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