The Europe Power Converter Market would witness market growth of 7.4% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 56,240.4 thousand units, showcasing a growth of 7.1% (2019-2022).
Adopting wide-bandgap materials, such as silicon carbide (SiC) and gallium nitride (GaN), is a key trend in power converter design. These materials offer higher switching frequencies, reduced power losses, and increased power density, contributing to overall energy efficiency and miniaturization of power electronic systems. Energy efficiency remains a focal point in power converter development. Manufacturers are incorporating advanced control algorithms, optimized switching topologies, and intelligent power management features to enhance the efficiency of converters across various applications.
Furthermore, integrating AI and ML technologies into power converters enables adaptive control strategies and predictive maintenance. AI algorithms can optimize converter operation based on real-time data, improving efficiency and reliability while reducing energy consumption. The ongoing electrification of the transportation sector, particularly in electric vehicles (EVs), is driving innovations in power converters. High-power converters capable of handling the unique demands of electric drivetrains are crucial for the success of electric mobility solutions.
The growth of EV sales is driving the expansion of charging infrastructure across the European Union. Power converters are integral to the charging stations, as they effectively convert AC power from the grid to the DC power required for charging the vehicle's battery. Hence, growing electric vehicle sales and the consumer electronics sector in Europe will help in the growth of the regional power converter market.
The Germany market dominated the Europe Power Converter Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,248.3 Million by 2030. The UK market is exhibiting a CAGR of 6.5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 8.2% during (2023 - 2030).
Free Valuable Insights: The Global Power Converter Market will Hit USD 35 billion by 2030, at a CAGR of 7.6%
Based on Application, the market is segmented into Consumer Electronics, Medical Equipment, Electric Vehicle, Renewable Energy, and Others. Based on Type, the market is segmented into DC to DC Converter, AC to DC Converter, AC to AC Convertor, and DC to AC Converter. Based on End-Use Industry, the market is segmented into Industrial, Commercial and Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By End-Use Industry (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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