New York, US, July 22, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Converter Modules Market information by type, by Application, by Region - Forecast till 2027” the market was valued at USD 8,040 million in 2018 and is expected to reach USD 12,995 million by 2025 with a CAGR of 7%.
Market Scope:
The converter modules market outlook looks extremely promising. Rising uses of converter modules in IT & telecommunication, industrial, healthcare, transportation & logistics, and aerospace & defense applications drive the market. Major industry players are seen investing substantially in the development of innovative converter modules. Besides, product standardization and increasing product development are major trends observed in the market.
Industry players are increasingly forming strategic partnerships with all partners involved in the refinancing and the shareholders. Most converter modules manufacturers have secured financing until the end of 2025 and fulfilled legal implementation requirements. The converter modules market share is projected to escalate further during the forecast period.
Dominant Key Players on Converter Modules Market Covered Are:
- ROHM Semiconductor (Japan)
- Delta Electronics, Inc. (Taiwan)
- STMicroelectronics (Switzerland)
- Texas Instruments Incorporated (US)
- Renesas Electronics Corporation (Japan)
- ABB Ltd (Switzerland)
- Flex Ltd. (US)
- Mitsubishi Electric Corporation (Japan)
- Advantech Co., Ltd (Taiwan)
- RECOM Power GmbH (Austria)
- Murata Manufacturing Co., Ltd (Japan)
- FUJITSU (Japan)
- TAMURA Corporation (Japan)
- OMRON Corporation (Japan)
- SUMIDA CORPORATION (Japan)
- Vicor Corporation (US)
- MORNSUN Guangzhou Science & Technology Co., Ltd. (China)
- SynQor, Inc. (US)
- Würth Elektronik GmbH & Co. KG (Germany)
- TDK Corporation (Japan)
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Market USP Exclusively Encompassed:
Market Drivers
Developments in advanced power saving solutions, digital power management, and control technologies positively impact the converter modules industry. Converter modules find applications in industries, such as computing, automotive, defense & aerospace, railways, LED panels, and robotics. Despite the COVID-19 outbreak, the rise in converter modules market revenues was assumingly robust, mainly due to the demand from the defense sectors. Rising investments by governments in the defense & aerospace sectors allowed the market to grow continually.
Also, measures taken by the industry players at the early stage of the pandemic helped the market to keep growing throughout 2020. Adopting the comprehensive transformation process and accelerating the restructuring in power sectors, these manufacturers remained strong system-relevant partners to the automotive industry.
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Segmentation of Market Covered in the Research:
The converter modules market analysis is segmented into type, application, and region. The type segment is sub-segmented into DC-DC converter module, DC-AC converter module, and AC-DC converter module.
The application segment is sub-segmented into IT & telecommunication, industrial, healthcare, transportation & logistics, aerospace & defense, and others. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
The Asia Pacific region dominates the global converter modules market. The largest market share attributes to the high concentration of electric component manufacturers and raw material advantage, and cost-competitive workforces in the region.
Besides, the increasing demand for converter modules and the presence of electric component manufacturers in China, Japan, and Taiwan acts as major tailwinds for the market growth. The APAC converter modules market is expected to maintain its market position throughout the assessment period.
North America holds the second-best position in terms of the converter modules market value. The market growth is driven by the substantial demand for high-power operations in the industrial and defense industry verticals. Additionally, vast investments by local manufacturers for the development and improve existing and new product lines fuel the growth of the market. The North American converter modules market is forecasted to register the highest CAGR during the forecast period.
Europe also holds a measurable share in the global converter modules market. Factors such as the rising demand for converter modules for aerospace and defense applications regulatory change represent vast market growth opportunities. Furthermore, the increasing consumer purchasing capacity, alongside the growing numbers of production capacities and converter modules manufacturers in the region, positively impacts market growth. The European converter modules market is estimated to witness stable growth during the review period.
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Industry Trends
Government initiatives focusing on improving earnings measures expand product range and targeted investments in growth fields and core markets. Additionally, increasing application areas of converter modules in Ethernet networks, VoIP & remote, cameras, and power components such as wireless access points and others substantiate the market size.
Increasing demand from the telecom sectors to enable high internet connectivity even in different ranges of temperatures expands the growth area. Rising needs for uninterrupted power supply and high-performance PCB layouts boost the market growth. Furthermore, the rising awareness regarding renewable energy technologies, alongside the rise in the electric vehicle sectors, accelerates the market growth.
Advancements in technologies utilized in the design and production of converter modules have enabled manufacturers to develop simplified thermal and energy management mechanisms, providing consistent performance, high efficiency, and load & temperature scalability. Also, the advent of 5G and increasing numbers of telecom operators proving 5G-enabled services impact the market growth positively.
Manufacturers work to increase production capacities with improved cost efficiency. The leaner framework supported by digitalization, such as predictive maintenance and predictive quality in e-mobility and lightweight solutions, influences the market growth trajectory. These industry players implement adapt capacities to meet the growing market demand while systematically expand possible growth areas.
Increasing developments in advanced driver assistance systems (ADAS), vehicle to everything (V2X) communication modules, wearables, and LED technologies have created opportunities to propel the converter modules market's growth. On the flip side, the lack of awareness and high initial investment requirements obstruct market growth.
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