Strict government legislations regarding power supply requirement is expected to swell the demand for industrial digital power conversion segment during the forecast period.
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“Digital Power Conversion Market: Global Demand Analysis & Opportunity Outlook 2024 ”
The global digital power conversion market is segmented into application such as industrial, automotive, power sector and consumer electronics. Among these segments, industrial segment is expected to occupy the top position in digital power conversion market.
Rising utilization and demand for digital power convertors in various industries is anticipated to foster the growth of industrial digital power conversion market.
Global digital power conversion market is expected to flourish at a significant CAGR over the forecast period.
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Technological advancements in existing digital power conversion devices coupled with launch of new devices are believed to be the dynamic factor behind the growth of digital power conversion market during the forecast period. Moreover, the global digital power conversion market is anticipated to generate noteworthy revenue by the end of 2024.
North America is expected to dominate the overall digital power conversion market during the forecast period. This can be attributed to the high disposable income of the population.
Further, strict government regulations regarding power supply is expected to increase the adoption of digital power convertors in the region. Asia Pacific is anticipated to grow at significant pace over the forecast period i.e.
2017-2024. Countries such as China and Japan are anticipated to be the key market for digital power convertors.
Wide Scale Application of Digital Power Convertors
Emerging applications of digital power convertors in automotive electrification and building powering is fuelling the growth of global digital power conversion market. Further, increasing adoption of high efficiency lighting technologies such as LED lighting and wireless building automation systems has triggered the demand for digital power convertors.
Furthermore, expanding application of digital power convertors in energy harvesting is also anticipated to garner the growth of the digital power conversion market.
Technological Innovations and Developments
Technological advancement in digital power conversion devices such as optimization of system efficiency, high performance and other innovations are expected to fuel the growth of the global digital power conversion market. Moreover, advancement in hardware and digital controllers such as automation of circuit is predicted to trigger the growth of the digital power conversion market.
Although, continuous utilization of analog control loop and high operational expenses are some of the factors that are likely to inhibit the growth of the digital power conversion market in the near future.
The report titled “Digital Power Conversion Market : Global Demand Analysis & Opportunity Outlook 2024 ” delivers detailed overview of the global digital power conversion market in terms of market segmentation by application, by substrate, by components and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global digital power conversion market which includes company profiling of ST Microelectronics, Texas Instruments Incorporated, Freescale Semiconductor, Inc., Linear Technology Corporation, Microchip Technology Inc., Analog Devices Inc., Power-One Inc., Maxim Integrated Products, Inc., ROHM Semiconductor, ABB Ltd and Infineon Technologies AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global digital power conversion market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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