According to the report by Expert Market Research (EMR), the global DC-DC Converter Market Size attained a value of nearly USD 13.48 billion in 2023. Aided by the increasing demand for electric vehicles, the market is assessed to grow in the forecast period of 2024-2032 at a CAGR of 10.5% to reach about USD 33.11 billion by 2032.
A DC-DC converter is an electronic device that converts direct current (DC) electrical power from one voltage level to another. It is a type of power converter that efficiently handles the conversion process while maintaining the desired output voltage within specific tolerance levels, regardless of changes in input voltage or load conditions.
As the growth of the electric vehicle market continues to surge globally, driven by environmental concerns and government incentives, the DC-DC converter market is expected to grow in the forecast period. These converters are crucial for optimising energy efficiency and ensuring the reliability of power systems within EVs. Innovations in this area are focused on increasing the power density and efficiency of converters to handle higher power requirements and improve the range and performance of electric vehicles. Additionally, as vehicle manufacturers aim to reduce costs and enhance the appeal of EVs, there is a push towards integrating more compact and cost-effective converters that do not compromise performance.
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The integration of renewable energy sources into the global energy mix is accelerating at an unprecedented rate. This expansion necessitates robust DC-DC converters that can efficiently manage the variable outputs from renewable sources such as solar panels and wind turbines. These converters play a critical role in maximising the efficiency of energy conversion, thereby reducing waste and improving the reliability of renewable installations. One of the key DC-DC converter market trends is the shift towards developing converters that can handle higher voltages and currents, which are typical in large-scale renewable systems. Moreover, there is a growing focus on creating converters that can withstand harsh environmental conditions often found in remote renewable energy installations.
The telecommunications sector is experiencing rapid growth due to the global rollout of 5G technology and the expansion of data centre capacities to handle increasing volumes of data. This growth has catalysed the need for DC-DC converter market demand from converters that can support the high power and high efficiency required by 5G infrastructure and data centres. The trend here is towards developing converters that offer faster response times, higher efficiency, and the ability to manage large power outputs without significant thermal issues. Furthermore, the reliability of these converters is paramount, as they need to ensure uninterrupted service in critical communication applications.
Advancements in semiconductor technology, such as the use of gallium nitride (GaN) and silicon carbide (SiC), are propelling the DC-DC converter market development with next-gen devices. These materials enable the production of devices that are not only more efficient but also smaller and lighter, which is particularly beneficial for applications where space and weight are critical factors, such as in aerospace and portable electronics.
DC-DC Converter Market Segmentation
The global DC-DC converter market can be divided based on input voltage, output voltage, mounting style, application, and region.
Market Breakup by Input Voltage
- 5-36V
- 36-75V
- 75V and above
Market Breakup by Output Voltage
- 3V
- 5V
- 12V
- 15V and above
Market Breakup by Mounting Style
- Surface Mount
- Through Hole
Market Breakup by Application
- Smartphone
- Servers PCs
- EV Battery
- Railways
- Medical Equipment
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of DC-DC Converter Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global DC-DC converter market. Some of the major players explored in the report by Expert Market Research are as follows:
- Texas Instruments Inc.
- Murata Manufacturing Co., Ltd.
- General Electric Company
- RECOM Power GmbH
- Others
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