Converter Modules Market size exceeded USD 12,995 million in 2023 and is projected to expand at over 7% CAGR from 2018 to 2023.
The Global Converter Modules Market size was valued at USD 8,040 million in 2018 and is expected to reach USD 12,995 million by the end of the forecast period with a CAGR of 7%. Converter Modules is a device that can convert analogue signals into digital signals. They are modules that are suitable for applications that require high voltage. These modules have a high preference in various industries. Defence, industrial, logistics and healthcare are some of the crucial industries.
Due to the demand from various markets, there is a sharp increase in revenue. Using this module to lessen or increase module preferences is possible. The use of this module is suitable for communication, surveillance and security applications. In recent years, the DC range of modules has had high preference among consumers. The accuracy, performance, reliability and communication abilities of these modules are higher.
There are fewer circuit interferences when using the converter modules. Low noise and accuracy of results are increasing the adoption of this technology across the world. The technology segment of the market is impressive. There is an LED lighting module that is gaining high traction. The use of this product remains efficient among end-users. The growing use of this module in developing regions creates high scope for the product. These are factors that will grow Converter Modules Market Size by USD 8,040 million.
The outbreak of covid 19 is impacting the converter modules market. There is a sudden decline in this market growth from 2020. Production of the power market is facing a downfall. It is having a negative impact on the converter modules market. The recovery of the market is from 2021. The operations of the market are slowly resuming. In the forecast period, the scope for the market is high. In the year 2022, the production of this market is witnessing a rise.
The demand for the converter modules will be immense in the forecast period. Demand from various industries is high. Especially, the automotive market will increase its production. This will create more demand for converter modules in upcoming years. The supply chain disruptions of the converter modules market are high from 2020. However, in the next few years, this issue will get better. The high shipments and production will increase overall converter modules market revenue.
Market Dynamics Crucial Market Drivers
The rise in power and energy operations is a crucial factor in rising Converter Modules Market Demand. DC-DC converters have a high significance in the power sector. The energy demand is growing across many regions. Especially, the developing nations have immense demand for energy. The rising energy demand is surging in many nations. Some of the countries are not able to keep up with the energy demands. For more efficiency the demand for the converter modules market is high.
Also, there are plenty of alternate energy plans in these regions. The alternative energy plants increase the need for converter modules. The alternate energies are more reliable. They are known as the safer energy sources these days. Industries require constant energy these days. Instability in energy can cause a high downtime. All these factors can cause a delay in production and other industrial activities. However, the alternate energy assures 24*7 energy.
All these factors will have an exceptional impact on the converter modules market. The use of these devices is high with a high number of alternate energy sources. Further, the key energy producers have more demand for this module. Especially, the countries such as China and Japan will have high demand. All these factors will cause high profitability in the converter modules market.
Growing demand in aerospace industries will create Converter Modules Market Growth opportunities. The aerospace industry is a crucial end-user of this market. It is a crucial market with rapid growth and profitability. There is a rising demand for the satellite and GPS services of the converter modules market. The growing opportunities in the aerospace market will raise the market expansion.
The use of unmanned vehicles is rising in this market. The military market is also raising its investments. It is an industry that contributes more than 100 billion dollar investments for the module converter. Rising drone activities will create more growth possibilities. Rising demand for the converter modules in the telecommunications market is another factor that will create growth scope. The 5G spectrum of this industry leads to market expansion. More than 1.4 billion smartphones have the use of converter modules.
The industrial robot vertical is another segment with high growth. Modern-day robots have high use converters. High efficiency, robust operations and stability are the features to enjoy in the converter modules market. Fewer errors and power consumptions are some of the factors that will create more opportunities in the market. All these factors will increase supply rates.
The converter modules have a higher need in many industries. They are efficient, affordable and robust. The installation of the converter modules may cost high. The expenses for deploying the converter module is expensive. These restraints can impede the growth rate of the converter modules market.
Due to cost, many may choose the alternative modules. The cost-efficient modules with less installation cost are now gaining more traction. The demand for alternatives can cause many issues in the market. The revenue losses and less adoption rate are restrictions in this market.
The design complications are crucial challenges in the converter modules market. The problem in the design and production is a challenging factor. The production volume can reduce due to these problems. Manufacturing these parts in compact models is a challenge for the market. Compact size offers high efficiency and accuracy.
However, to achieve these features complexities in production is high. Technical difficulties in the product are some of the drawbacks in this product. Also, less awareness in some regions is another factor that declines growth. The overall expansion rate in the market can decline. All these can decrease the revenue of the converter modules market.
Converter Modules Market Trends remain steady in the forecast period. The crucial drivers of the market such as a rise in power and energy will rise demand. Developing nations have a high energy demand. The growth of alternative energy will create immense demand. Key producers in the emerging countries will have increased demand.
The high cost of the module installations is a restraint of the converter modules market. Complications in design is another challenge. Manufacturing these highly complex parts is a challenging factor. However, the growth rate is substantial with plenty of opportunities. Demand from the industrial robot vertical is another factor leading to growth.
The Asia Pacific is a region projected to hold the highest Converter Modules Market Share. Rapid development in this technology is a factor driving demand. The demand from the aerospace market is high. The cost and production of this market are high in this region.
The growth of DC-DC converters is massive in this market. Research in the market is increasing with plenty of investments. Also, key countries china, Japan and India make immense contributions. Efficiency, quality and robust performance of the product DC-DC converter module demand among end-users. All these factors will make Asia pacific a profitable market.
By Form Factor
By Input Voltage
By Output Voltage
By Output Power
By Output Number
By Product Type
Converter Modules Market Competitive Landscape
The competition in the converter modules market is surging. There are plenty of key strategies by the players. Market acquisitions, expansions and mergers will happen. Also, the product portfolio will become strong.
Converter Modules Market is diversified into three major markets. Asia Pacific, Europe and North America are the key regions. The Asia Pacific has the highest shares in the market. Demand from the aerospace market is high for the region. There are plenty of drivers in the market.
Countries such as India, Japan and India are key countries in the market. North America is an early adopter of the market. There are high market shares in North America. The demand from energy utilities is high for the market. Further, Europe is the next largest region. Expansion of the market is rising in these markets.
The key players of the Converter Modules Market are
Converter Modules Market Report Overview
Aerospace & defense, industrial, IT & telecommunication, transportation & logistics, healthcare, are the application segments based on which the market forecast has been made in the report.
The market can gain the highest traction in Asia Pacific during the review period.
China, Japan, and Taiwan have been identified as the major contributors to the market growth in Asia Pacific.
Soaring demand for converter modules for defense and aerospace applications are fostering the market growth in Europe.
Many of the players are trying to diversify their products’ applications across different industry verticals, with the expansion of their product portfolios. Players are also adopting inorganic approaches like partnerships, acquisitions, collaborations and joint ventures, to gain competitive edge in the market.