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DC-DC Converter Market Size, Share & COVID-19 Impact Analysis, By Type (Isolated and Non-Isolated), By Input Voltage (5-36 V, 36-75 V, and 75V and Above), By Output Voltage (5V, 12V, 15V, and 15V and Above), By End-User (Telecommunication, Automotive, Consumer Electronics, Energy & Power, Aerospace and Defense, Healthcare, and Others), and Regional Forecast, 2021 – 2028

Region : Global | Format: PDF | Report ID: FBI106558

 

KEY MARKET INSIGHTS

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The global DC-DC converter market size was USD 9.44 billion in 2020. The market is projected to grow from USD 9.69 billion in 2021 to USD 19.15 billion in 2028 at a CAGR of 10.2% during the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with DC-DC converter witnessing a negative impact on demand across all the regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 6.56% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s growth and demand returning to pre-pandemic levels once the pandemic is over.

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DC-DC converter is a high-frequency power conversion circuit that uses high-frequency switching and inductor, transformer, and capacitor to reduce out switching noise into regulated DC voltages. DC-DC converter gains voltage from a DC source and transforms the supply voltage into another voltage level of DC current. Theses converters are used to reduce or increase the voltage level. The main applications of these converters are automobiles, portable chargers, and portable DVD players. Moreover, these converters are used in portable electronic devices, such as cellular phones and laptop computers, and are designed to maximize the energy harvest for photovoltaic systems and wind turbines, which are called power optimizers.


The converters are used in various applications, including consumer electronics, aerospace, telecommunications, industrial and medical. The high demand for these converters for small and nano-satellites is making a surge in demand for these devices. Moreover, these converters are widely used in portable, lightweight electronic devices such as cellular phones, computers, and laptops. Thus, the global market is estimated to witness higher CAGR during the forecast period owing to the rising demand for lightweight, portable devices.


COVID-19 IMPACT


Electronic Materials and Components Supply Chain Disruptions to Hinder Market Progress


During 2020, economic conditions for key players involved in the market changed by geography and were significantly and rapidly influenced by the COVID-19 pandemic. The outbreak of COVID-19 and the response of governments worldwide to contain its spread negatively influenced the supply chain of electronic material and components, hindering the operational performance for all four quarters in 2020, and delayed future developments that may have helped the market to gain new heights in the near future.


The market conditions have started improving. The key players involved in the market are finding methods to alter their supply after the disruption caused by COVID-19 pandemic. According to Wakefield Research, revenue for the semiconductor industry dropped by 5-20% worldwide in 2021 due to the pandemic. Moreover, demand within the mobility sector, including automotive and civil aviation dropped significantly due to COVID-19.


LATEST TRENDS


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Emergence of Power Electronics is the Prominent Market Trend


Power electronics has come a long way since its dominance several years ago by discrete power devices and esoteric design approaches that usually required close involvement from experienced power engineers. Nowadays, power electronics are entering the systems integration by combining with high-speed networking, microprocessors, converters for smart power designs, and innovative approaches for thermal management to help keep electronics cool. Moreover, power electronics are following technology trends in power density and small size, weight, and power consumption (SWaP). Therefore, the emergence of modern-day power electronics to boost market growth in the forthcoming years. The power electronics is performing an important role in various markets such as aerospace, consumer, industrial, and automotive. It is also helps to improve the performance, safety, and functionality of automotive and smart grids.


In May 2021, the U.S. Army power electronics department provided a USD 1.8 Billion contract to four companies to develop a wearable battery to enable infantry warfighters to fight while powering a variety of wearable computers, sensors, and communications devices.


DRIVING FACTORS


Growing Adoption of Electric Vehicles to Propel Market Growth


DC-DC converters are projected higher demand during forecast period due to its primary function. Its main function is that these converters change one form of DC power of an on-board 200-800V high voltage battery into lower DC voltages (48V or 12V) to power devices and component such as headlights, interior lights, wiper and window motors, fans, pumps, and other important systems that are fitted inside electric vehicles (EVs) and hybrid electric vehicles (HEVs). The global electric-vehicle (EV) industry expands rapidly amid the pandemic owing to its N-number of advantages. Overall, global EV sales volumes are becoming large enough to create substantial profit pools for well-positioned suppliers and other upstream players involved in the market. Moreover, Global sales of EVs accelerated in 2020, rising 43 percent to 3.24 billion units even though car sales generally falling during the COVID-19 pandemic. In 2020, all-electric cars accounted for 69% of sales. Thus, the higher the growth numbers of the electric vehicle market, the higher is the growth of the market globally.



  • In 2022 India will witness New electric vehicle (EV) launches that are projected to fuel the adoption of electronic vehicle in the country in a big way. The industry might be just about 1 percent of the overall auto sales, but it is expected to grow by 5-8 percent in the next few years.


Increasing Product Applications in Satellites to Fuel Market Growth


The major players involved in satellite manufacturing are demanding power converters that are smaller in size, low output noise, and high operating temperature, resulting in high switching frequencies. The major applications of these converters can be seen in small and Nano satellites. Small satellites' mass and size reduction is possible due to the miniaturization of electronic hardware and converting many hardware logics into software logic. The increasing adoption of small satellites and nano satellites for different military and commercial applications and the increasing number of constellation satellites drive DC-DC power converters market during the forecast period.



  • In March 2021, Microchip Technology Inc. introduced nine new members of the company's SA50-120 radiation-hardened power converter family for communications and weather satellites. The radiation-hardened DC-DC converters are based on commercial off-the-shelf (COTS) technology that offers manufacturers with space-qualified power converters that help to minimize risk and lower development costs.


RESTRAINING FACTORS


High-Frequency Noise Associated with Power Converters to Hinder Market Growth


The main parts of power inductors fitted with DC-DC converters vibrate when alternating currents switches and pulse waves of frequencies flow in the audible range, resulting in acoustic noise. This Unwanted sound is generated when the input voltage can be above, below, or equal to the output that is, the converter must perform both step-up and step-down functions. These are some factors that hinder market growth as customers look for less noise-generating alternatives that eventually lead to a small decline in the market in terms of revenue.


SEGMENTATION


By Type Analysis


Isolated Segment Dominated Market in 2020 Owing to Growing Adoption of Power Electronics


Based on type, the market is segmented into isolated and non-isolated. The isolated type converter dominated the market in 2020. An isolated DC-DC converter uses a transformer to eliminate the DC path between input and output. The increase in demand for power electronics for application spaces such as factory automation, building automation, medical, space, avionics, and more automotive led to segment dominance in the market at the global level. Non-isolated DC-DC converter has a DC path between its input and output. These types of power converters usually employ ICs specifically and are specifically used for industrial applications where high power output is necessary. Thus, the growing industrial sector will boost the growth of non-isolated converters in the near future.


By Input Voltage Analysis


 5-36V Segment is Expected to Grow at Highest CAGR During Forecast Period


Based on input voltage, the market is segmented into voltages ranging from 5-36V, 36 -75V, and above 75V. The 5-36V segment is expected to hold dominance in the market due to its wide range of applications in the automotive and telecom industries. Moreover, these converters with an input voltage rating of 5-36V possess high switching capabilities at low noise. Hence, the segment is expected to witness substantial growth during the forecast period. The converters with an input voltage rating of 36 -75V are anticipated to witness higher growth numbers due to their adoption in the aviation and aerospace industries. Moreover, the emergence of more electric aircraft and the development of electric engines to drive the segment growth in forthcoming years.


By Output Voltage Analysis


12 V output Voltage Segment to Witness Highest CAGR During 2021-2028


Based on output voltage, the DC-DC converter market is segmented into voltage ranges of 5V, 12V, 15V, and above 15V. The 12V output voltage segment will witness the highest CAGR due to increasing adoption of electric vehicles (EV) and hybrid electric vehicles (HEV) for commercial transportation. Moreover, 12 voltage output power converters are used to customize lights and LED screens on a vehicle engaged in commercial and military sectors. The output voltage above 15V to witness a moderate growth due to the adoption of these DC-DC power converters in ships manufactured for naval and maritime operations where high-frequency switching is the primary focus.


By End-User Analysis


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Consumer Electronics Segment to Hold Highest Market Share in Base Year


Based on end-user, this market includes telecommunication, automotive, consumer electronics, energy & power, aerospace and defense, healthcare and others. The consumer electronics segment will own the highest DC-DC converter market share in 2020 due to the high demand for modern generation smartphones and other necessary electronic home appliances. Moreover, the consumer electronic segment witness developments on a daily basis and will dominate the segment in Asia. For Instance, India has already begun to see beginning activity with increasing production and assembly operations through products such as mobile phones and other consumer electronics. The automotive segment is the emerging segment and will witness significant growth due to the adoption of electric vehicles, including cars, busses and other road transport vehicles. Thus higher growth in terms of revenue is expected during the forecast period.


REGIONAL INSIGHTS


Asia Pacific DC- DC Market Size, 2020 (USD Billion)

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The market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.


Asia Pacific held dominant share in 2020 and is valued at USD 3.14 billion. The growth is attributed to rapid economic development and the growing consumer electronics manufacturing industry in China, India, and Japan. According to Statista, China is expected to dominate the consumer electronics segment and is projected to reach 292 billion in 2022. On the other hand, India’s electronic sector is expected to be worth USD 152 billion by 2025. The high internet penetration rate in India and the country’s position as the world’s second-largest smartphone manufacturer have enhanced electronic product adoption, which is driving the consumer electronics industry. Many government efforts, such as ‘Make in India,’ ‘Digital India,’ and ‘Start-up India,’ have made electronics manufacturing a critical pillar.


The North America market is anticipated to show remarkable growth during 2021-2028. The DC-DC converter market growth is attributed to the increasing adoption and investments in electric vehicles (EV) and hybrid electric vehicles (HEV). The U.S.’ electric vehicle market has grown from a few thousand vehicles in 2010 to more than 315,000 vehicles sold annually from 2018 to 2020. In 2020, the electric share of the global new vehicle sales was approximately 2.4%, which eventually increased the demand for, which eventually increased the demand for DC power converters.


The market in Europe registered significant growth in the base year due to tremendous opportunities to produce future-generation space-borne components and devices. The European Space Agency has strong focus on research and development of next-generation space DC-DC converters, which will be economical and efficient. Moreover, the region has witnessed developments in telecommunication services, leading to market growth.


The market in the Rest of the World is anticipated to witness sluggish growth during 2021-2028 due to limited investment in the power electronics and telecommunication industries. However, the rising investment in aviation activities in UAE and other neighboring countries is projected to create several growth opportunities in the upcoming future.


KEY INDUSTRY PLAYERS


Growing Adoption for Telecommunication to Boost Market Growth


The competitive landscape of the market depicts the domination of selected players such as Texas Instruments, General Electric (GE), and ABB LTD, and others. These companies are focusing on designing and developing advanced DC-DC Power converters integrated 5G network capabilities for applications such as consumer electronics, aerospace and satellite to boost market growth The constant investment in R&D activities, a large focus on product innovation, and long-term contracts with government and authorized bodies will support these companies to withstand its market position. Moreover, these companies are expanding their geographic reach in Asia Pacific in forthcoming years.


LIST OF KEY COMPANIES PROFILED:



  • Texas Instruments (U.S.)

  • Murata Manufacturing Co. Ltd. (Japan)

  • General Electric (GE) (U.S.)

  • Delta Electronics Inc.(Taiwan)

  • Vicor Corporation (U.S.)

  • Infineon Technologies (Germany)

  • STMicroelectronics (Switzerland)

  • TDK Corporation (Japan)

  • ABB LTD (Switzerland)

  • Advanced Energy Industries, Inc (U.S.)

  • Astronics Corporation (U.S.)

  • Crane Co. (U.S.)

  • BEL Fuse Inc. (U.S.)

  • Meggitt Plc  (U.K.)

  • FDK Corporation (Japan)


KEY INDUSTRY DEVELOPMENTS:



  • October 2021 – VPT, Inc., a HEICO company, announced the launch of its SVLFL, SVLHF, SVLTR, and SVLSA Series of 50 volts, space-qualified DC-DC converters. The SVL series of the converters are designed with a wide input voltage range of 30 to 60V. These converters are specifically designed and developed for space applications facing harsh radiation environments, with guaranteed performance.

  • December 2021 – Sprint Power, a leading British technology company, announced that it launched a Power Module Unit (PMU) that combines a split 48V and 12V power system. Sprint Power’s PMU houses a 48V and 12V battery, a DC/DC converter, and a Battery Management System (BMS), all of which are efficiently packaged within a compact case featuring shared paneling and integrated heating and cooling systems.

  • October 2021 – Luso Electronics announced the launch of the MPQ60W series, which is a DC/DC converter developed for medical use and home care applications such as laser treatment, electrosurgical systems, physiotherapy chairs, medical aesthetic, endoscopic devices, patient monitoring, drug delivery, defibrillation equipment, and many more applications.


REPORT COVERAGE


An Infographic Representation of DC-DC Converter Market

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The DC-DC converter market research report provides a detailed market analysis and focuses on key aspects such as renowned manufacturers, products, demanding technologies, and end-users. Moreover, it offers insights into the market trends and highlights key industry developments. Furthermore, the research report encompasses numerous direct and indirect factors that have contributed to the market growth in recent years.


Report Scope & Segmentation























































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Type, Input Voltage, Output Voltage, End-User, and Geography



By Type



  • Isolated

  • Non-Isolated



By Input Voltage



  • 5-36 V

  • 36 -75 V

  • 75 V and Above



By Output Voltage



  • 5V

  • 12 V

  • 15 V

  • 15 and Above  



 



By End-User



  • Telecommunication

  • Automotive

  • Consumer Electronics

  • Energy & Power

  • Aerospace and Defense

  • Healthcare

  • Others



 



By Geography



  • North America (By Type, Input Voltage, Output Voltage, End-User, and Country)

    • U.S. (By End-User)

    • Canada (By End-User)



  • Europe (By Type, Input Voltage, Output Voltage, End-User, and Country)

    • U.K. (By End-User)

    • Germany (By End-User)

    • France (By End-User)

    • Russia (By End-User)

    • Rest of Europe (By End-User)



  • Asia Pacific (By Type, Input Voltage, Output Voltage, End-User, and Country)

    • China (By End-User)

    • India (By End-User)

    • Japan (By End-User)

    • Rest of Asia Pacific (By End-User)



  • Rest of the World (By Type, Input Voltage, Output Voltage, End-User, and Sub-Region)

    • Latin America (By End-User)

    • Middle East & Africa (By End-User)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 9.44 billion in 2020 and is anticipated to reach USD 19.15 billion by 2028.

The market will register a CAGR of 10.2% steady growth over the forecast period (2021-2028).

Consumer electronics is the leading segment in the market.

Texas Instruments, General Electric (GE), and ABB LTD are the leading players in the global market.

Asia Pacific dominated the market in terms of share in 2020.

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