VALLEY COTTAGE, N.Y. – Digital power conversion market is estimated to be valued around US$ 13 Bn in 2019, according to Future Market Insights’ new research report. In recent years, dwindling natural resources coupled with negative impact on environment from exploiting these resources has brought significant changes in energy landscape. With smart technology increasingly embedded within meters, appliances, and machinery, the digital power conversion market is projected to grow on a robust pace.
The report indicates that demand for digital power conversion will continue to gain a boost from rising popularity of electric vehicles and smart homes. Moreover, increasing adoption of micro grids and smart electric grids has compelled industry operators to shift from analog to digital control of power conversion.
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North America in the Vanguard
Developed countries will continue to offer greater opportunities due to strong presence of market players and skilled professionals for enabling generation, distribution, and consumption of power through digital control. FMI’s report reveals that the digital power conversion market in North America is set to account for one-third of total revenue share in 2019.
High growth prospects are expected in Asia Pacific excluding Japan (APEJ), on the backdrop of growing government investments in digitalization of industries and development of IT infrastructure. Moreover, APEJ’s digital power conversion market is expected to take over North America by the end of forecast period (2019-2029)
Preview Analysis of 2019 Analysis and Review of Digital Power Conversion Market by Product – AC/DC, Isolated DC/DC, Sequencers, DC/AC, Power Conditioning/Active Power Filtering, and Hot Swap for 2019 – 2029:https://www.futuremarketinsights.com/reports/digital-power-conversion-market
AC/DC Converters Leading, Growing Demand for DC/AC Converters
The report finds that AC/DC convertors will continue to influence growth strategies of market stakeholders, accounting for 29% of the total share. Stakeholders are also focusing on increasing the production of DC/AC converters which are currently witnessing relatively high demand. Strong growth in sales of DC/AC convertors or inverters can be attributed to increasing usage in grid connected homes to sell power back to utility company. As per FMI’s report, contribution of DC/AC convertors to total market revenue is expected to record a CAGR of 15% during the forecast period.
FMI’s report reveals that adoption of digital power conversion systems in communication infrastructure continues to account for relatively high sales, while growing application in automotive sector is expected to result in increased market share. An increase in application of digital power convertors in controlling automotive electronics continues to contribute to the market growth. Extended application scope of digital power conversion in enterprise & cloud computing and industrial sectors are further expected to work to the advantage of market players.
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“Growing investments in IoT-enabled smart devices and meters in many countries to give consumers greater control over their energy consumption and help utility companies meet ever-increasing demand will remain key growth influencer of the market. Key players in the digital power conversion market are also focusing on leveraging advanced technologies and identify white spaces in applications of their products”. – FMI’s analyst.
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