Rising Investments to Promote Adoption of EV and Increasing Emphasis on Use of Renewable Energy Drive Market Expansion
The demand for zero-emission vehicles has grown as governments around the world show increasing concern for a cleaner environment. Sales of electric vehicles have increased as a result of active promotion of their use by developed countries like the U.S., Germany, and the UK to decrease emissions. According to U.S. Bureau of Labour Statistics report of February 2023, the number of EVs on the road increased significantly from about 22,000 to just over 2 million over the decade of 2011–21. The industry for electric business vehicles has expanded as a result of the rising use of electric buses in nations like China and India.
For instance, the Indian government authorised Phase-II of the FAME Programme, a programme to promote electrical transportation, with a budget of Rs. 10,000 crores (US$ 1,207.0 Mn) for a three-year term beginning in 2019. By assisting 5 lakh e-3 Wheelers, 7000 e-Buses, 55000 e-4 Wheeler Passenger Vehicles, and 10 lakh e-2 Wheelers, approximately 86 percent of the total financial support has been provided to generate demand. Other countries are anticipated to switch over to electric buses from their current collection of fuel-powered buses. During the forecast period, the demand for DC-DC converters in the automotive sector will be driven by the rising market trend of replacing the public transportation vehicles powered by fossil fuels with electric buses. Furthermore, the use of renewable energy sources like solar and wind is expanding as the US shifts to a cleaner, more sustainable energy balance. DC-DC converters are necessary to transform the DC power produced by these sources into the AC power required by the majority of electrical equipment. Additionally, as consumers, companies, and governments in the United States place a higher emphasis on energy efficiency, there is a growing market for DC-DC converter-based power-efficient equipment.
For instance, the Indian government authorised Phase-II of the FAME Programme, a programme to promote electrical transportation, with a budget of Rs. 10,000 crores (US$ 1,207.0 Mn) for a three-year term beginning in 2019. By assisting 5 lakh e-3 Wheelers, 7000 e-Buses, 55000 e-4 Wheeler Passenger Vehicles, and 10 lakh e-2 Wheelers, approximately 86 percent of the total financial support has been provided to generate demand. Other countries are anticipated to switch over to electric buses from their current collection of fuel-powered buses. During the forecast period, the demand for DC-DC converters in the automotive sector will be driven by the rising market trend of replacing the public transportation vehicles powered by fossil fuels with electric buses. Furthermore, the use of renewable energy sources like solar and wind is expanding as the US shifts to a cleaner, more sustainable energy balance. DC-DC converters are necessary to transform the DC power produced by these sources into the AC power required by the majority of electrical equipment. Additionally, as consumers, companies, and governments in the United States place a higher emphasis on energy efficiency, there is a growing market for DC-DC converter-based power-efficient equipment.
Increase in Power Usage and Industrial Automation are Accelerating the Expansion of DC-DC Converters Market
DC-DC converters are frequently used in a wide range of electronic devices, including power supplies for computers, mobile devices, and other electronic equipment, as well as in electric vehicles, solar power systems, and other uses that call for power conversion from one voltage level to another. They are frequently favoured over conventional linear voltage regulators, which are less effective and produce more heat, especially when handling significant voltage differentials. The main factors affecting the development of the DC-DC converters market are rising electric vehicle adoption rates and rising demand for power-efficient devices. The power consumption of electrical devices can be decreased with the help of DC-DC converters, which are very effective. The demand for power-efficient devices is anticipated to fuel market growth as energy conservation and sustainability become more and more important. Additionally, the DC-DC converters market is also fuelled by a number of factors, including rising power usage and industrial automation. As the market for electric vehicles grows in the automotive industry across different regions, DC-DC converters are also establishing themselves as important electrical components. Portable electronics like laptops, computers, and mobile phones are increasingly using DC-DC converters. The demand for these portable devices is increasing, which will lead to development in the global DC-DC converter market.
Recent Trends in the DC-DC Converters Industry:
- Higher efficiency through advanced high-frequency switching techniques.
- Digital control integration enhances performance and flexibility.
- Ultra-small converters designed for compact electronic devices.
- Improved thermal management solutions boost reliability and performance.
- Wide-bandgap semiconductors adopted for increased power density.
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Technical Drawbacks of DC-DC Converters are Likely to be a Challenge for the Market Participants
Compared to linear voltage regulators, DC-DC converters can be more difficult to build and implement, and their use calls for a deep understanding of power electronics and control systems. For some system designers and manufacturers, this might be a deterrent to adoption. DC-DC converters use high-frequency switching, which can produce electromagnetic interference that interferes with other electrical systems and apparatus. This can be difficult in some uses, like aerospace systems or medical devices, where EMI might pose a threat to reliability or safety. A DC-DC converter's hold-up period is the amount of time the converter continues to function within its parameters after a power supply loss. This factor may cause issues with data processing and other computer-related applications that call for a prolonged hold-up period for a clean system shutdown. The output capacitors used in a small module vary in size and value, which also affects the holdup time. The size of the capacitor may need to be increased in order to extend the hold-up period. Customers may seek out less noise generating substitutes as a result of these factors, which could limit market development.
DC-DC Converters Market is Gaining Traction Owing to New Product Launches, Acquisitions and Collaborations
Several top businesses control the market, emphasising research and development initiatives in an effort to improve performance by incorporating cutting-edge technologies. Contracts, introduction of new products, corporate expansions, partnerships, and acquisitions are a few of the cutting-edge growth strategies used to increase market share globally. For instance, the automotive-specific 650 V CoolSiC Hybrid Discrete was introduced in March 2021, according to Infineon Technologies AG (Infineon). A highly dependable and affordable performance boost is possible with the use of a 50 A TRENCHSTOP 5 fast-switching IGBT and a CoolSiC Schottky diode. Because of this, the gadget is perfect for fast switching automotive uses like onboard chargers (OBC), power factor correction (PFC), and DC-DC and DC-AC converters.
In June 2022, ABB Power Conversion announced that it is concentrating on adding numerous new modules to its strong range of DC/DC bus converters including a 1500-watt (W) converter. They are some of the most powerful quarter-brick DC/DC converters available. There are both digital and analogue variants of the 1500W converters, which offer power densities of up to 810W per cubic inch. In March 2022, Analog Devices, Inc. and EPC joined hands to produce the greatest density DC-DC converters using GaN FETs with a switching frequency of up to 2 MHz. A novel design using an analogue controller and a completely optimised drive was unveiled by both organisations. Furthermore, power management firm Eaton announced in July 2022 that it had completed the acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd.'s (Huineng) circuit breaker business. Huineng manufactures and sells low-voltage circuit breakers in China.
In June 2022, ABB Power Conversion announced that it is concentrating on adding numerous new modules to its strong range of DC/DC bus converters including a 1500-watt (W) converter. They are some of the most powerful quarter-brick DC/DC converters available. There are both digital and analogue variants of the 1500W converters, which offer power densities of up to 810W per cubic inch. In March 2022, Analog Devices, Inc. and EPC joined hands to produce the greatest density DC-DC converters using GaN FETs with a switching frequency of up to 2 MHz. A novel design using an analogue controller and a completely optimised drive was unveiled by both organisations. Furthermore, power management firm Eaton announced in July 2022 that it had completed the acquisition of a 50% stake in Jiangsu Huineng Electric Co., Ltd.'s (Huineng) circuit breaker business. Huineng manufactures and sells low-voltage circuit breakers in China.
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Increasing Demand for DC-DC Converters in Telecom Sector, Defence Sector Among Various Other Industries is Impacting Market Expansion
The Asia Pacific region is anticipated to hold a significant share of the DC-DC converters market. Asia Pacific is driving the global DC-DC converter market as a result of the rapid growth of technologically advanced power converters in the region. The growth of the manufacturing industry as well as the aerospace and military sectors in Asia Pacific are encouraging manufacturers of DC-DC converters to create cutting-edge and efficient goods across a variety of product categories. The telecom sector in Asia Pacific nations like China, Japan, South Korea, and Singapore is concentrating on upgrading their network infrastructure to support 5G infrastructure, which will eventually increase demand for 5G-enabled devices and drive the market. Due to widespread adoption and high demand for DC-DC converters across nearly all significant industry sectors, North America holds a significant share of the global DC-DC converter market. The market will be dominated by North America because the region has the means required for the implementation of DC-DC converters.
The European market is expected to expand moderately over the forecast period. Europe, which includes nations like the U.K., Germany, and France, has a significant market share in DC-DC converters market. A number of silent technology drivers have changed the converter design in the military and aerospace industries over the past ten years. Future warrior technologies, airborne drones, national security, and new military and space projects are all in need of the portable, cost-effective, and incredibly reliable electronic goods that converters can offer.
The European market is expected to expand moderately over the forecast period. Europe, which includes nations like the U.K., Germany, and France, has a significant market share in DC-DC converters market. A number of silent technology drivers have changed the converter design in the military and aerospace industries over the past ten years. Future warrior technologies, airborne drones, national security, and new military and space projects are all in need of the portable, cost-effective, and incredibly reliable electronic goods that converters can offer.
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The report provides a detailed overview of the DC-DC converters market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for DC-DC converters market has been offered for all regional market share, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the DC-DC converters market. These Y-o-Y projections on regional and country-level markets brighten the political, economic and business environment outlook, which are anticipated to have a substantial impact on the growth of the DC-DC converters market. Some key country and region included in the DC-DC converters market report as follows:
| Regions | Countries |
|---|---|
| North America | United States, Canada |
| Latin America | Brazil, Mexico, Argentina, Colombia, Chile, Rest of Latin America |
| Europe | Germany, United Kingdom, France, Italy, Spain, Russia, Netherlands, Switzerland, Poland, Belgium, Sweden, Austria, Norway, Denmark, Finland, Rest of Europe |
| Asia Pacific | China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Thailand, Vietnam, Philippines, Rest of Asia Pacific |
| Middle East and Africa | GCC Countries, South Africa, Nigeria, Egypt, Turkey, Morocco, Ethiopia, Algeria, Israel, Iran, Kenya, Rest of MEA |
DC-DC Converters Market Research Report Covers In-depth Analysis on:
- DC-DC converters market detailed segments and segment-wise market breakdown
- DC-DC converters market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in DC-DC converters industry)
- Current, historical and forthcoming 10 years market valuation in terms of DC-DC converters market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
- DC-DC converters market demand analysis
- DC-DC converters market pricing analysis over forecast period (by key segment and by region)
- DC-DC converters market regional insights with region-wise market breakdown
- Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
- Latest developments and innovations in DC-DC converters market
- Regulatory landscape by key regions and key countries
- Supply chain and value chain analysis in DC-DC converters market
- DC-DC converters market sales and distribution strategies
- A comprehensive overview of parent market
- A detailed viewpoint on DC-DC converters market forecast by countries
- Mergers and acquisitions in DC-DC converters market
- Essential information to enhance market position
- Robust research methodology
- Frequently Asked Questions -
What are the primary drivers of the DC-DC converters market growth?
The primary drivers include the increasing adoption of electric vehicles, the growing demand for efficient power management in electronic devices and advancements in energy-efficient technologies across various industries.
Which regions are expected to dominate the DC-DC converters market in the coming years?
The Asia Pacific region is expected to dominate the market due to rapid industrialization, increasing investments in renewable energy projects and the growing consumer electronics industry in countries like China and India.
What are the key challenges facing the DC-DC converters market?
Key challenges include high initial costs, complexities in design and the need for compliance with stringent regulatory standards, which can hinder market growth and pose significant barriers to entry for new players.
What are the emerging trends in the DC-DC converters market?
Emerging trends include the development of miniaturized converters for portable devices, increased focus on high-efficiency and low-noise converters and the integration of GaN and SiC technologies for enhanced performance.
