Digital Power Conversion Market is expected to grow from US$ 17,606 Mn in 2022 to US$ 38,340 Mn by 2029 and exhibiting a remarkable 11.8% CAGR between 2022 and 2029.
Increasing demand for power supply solutions will continue to bolster the growth of digital power conversion market over the following years. Rising adoption of electric cars and smart home appliances will also remain among the key boosters to market growth.
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Key Takeaways – Digital Power Conversion Market Study
- Adoption of power conditioning/active power filtering continues to broaden in developing and developed countries.
- Communication infrastructure requires high power applications, digital power management and control, mainly applied to switched-mode power supply (SMPS), which captures a substantial share of various digital power conversion systems.
- Isolated DC/DC converters can be used to interface elements in the Electric Vehicles (EVs), Hybrid Electric Vehicles (HEVs) and Fuel Cell Electric Vehicles (FCEVs).
- Demand for digital power conversion in infrastructure communication and automotive industry is set to increase at the CAGR of ~9.6% and ~11.8% respectively, during the forecast period.
- As compared to developing regional markets, demand for digital power conversion will be higher in North American countries and some of the fast developing economies across Asia Pacific excluding Japan (APEJ).
Global investments in digital power control techniques are expected to grow strongly, where digital power conversion improves system-level reliability, monitoring, and safety. Solution providers concentrate on expanding their portfolios and combining their services with advanced technology such as IoT-enabled smart devices.
Key Players Targeting APEJ for Expansion
North America has been a prominent market for digital power conversion demand that currently accounts for around 30% share in market. However, APEJ’s digital power conversion market is set to exhibit a higher CAGR over projection period owing to the strong economic growth of the region and exceptional growth of the consumer electronics industry.
Major players in the market for digital power conversion focus on expanding their businesses across countries in Asia Pacific, such as India and various ASEAN countries. Increasing investments by governments of these countries in the communication infrastructure attract different digital power conversion providers to continue their businesses in these countries.
In February 2022, Schneider Electric, one of the leaders in automation transformation and electronic energy management, introduces Masterpact MTZ, the next generation of high-power low-voltage circuit breakers, merging the iconic reliability and high performance of the business with enhance digital competence.
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Manufacturers Prioritizing Extended Product Line-ups
To offer digital power conversion, companies have started investing in core application areas such as communication for Internet of Things (IoT), digital services (OSS/BSS and telecom core) in the digital power conversion market and meet the growing demand from various application industries, including IT & telecom, automotive, and manufacturing industries.
In September 2022, Flex Power Modules introduced the BMR490 DC-DC converter with active current sharing. The new sharing mechanism makes parallel use of two or more converters for challenging datacom applications, delivering higher power on a single rail and increasing redundancy. Earlier in January 2022, TDK Corporation acquired Nextys SA and make it a wholly-owned subsidiary. Nextys designs and produces a wide product line of DIN rail power supplies and accessories in addition to the product portfolio of TDK-Lambda. “DIN rail” is a mounting mechanism for equipment, which is commonly found in modules for industrial control equipment.
Know More About Digital Power Conversion Market Report
In its new offering, Future Market Insights puts forward an unbiased analysis of the global market for digital power conversion, providing historical demand data (2014-2021) and forecast statistics for 2022-2029. The study provides clear insights on the digital power conversion market on the basis of product (isolated DC/DC, AC/DC, DC/AC, sequencers, power conditioning/active power filtering, hot-swap) and application (enterprise & cloud computing, communication infrastructure, automotive, and industrial), across seven major regions.
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