Global DC-DC Converter Market Anticipated to Surpass USD 12.99 Billion Value by 2024
Significant growth is underway in the DC-DC converter market, thanks to the rising use of electric buses and advancements in diverse industries. A recent study by Research and Markets forecasts that this market, valued at $11.6 billion in 2023, will climb to a projected $12.99 billion by 2024, marking a substantial 12% compound annual growth rate (CAGR).
The study uncovers a broadening in DC-DC converter applications throughout sectors such as consumer electronics, healthcare, the automotive industry, IT and telecommunications, as well as aerospace and defense, with a trend leaning towards high-power designs further categorized by input voltages and output capacities.
Market leaders are propelling the sector forward with innovative offerings, including rugged non-isolated DC-DC converters tailored for extreme conditions and breakthrough products like Rohm Semiconductor's novel buck DC/DC converter IC featuring unparalleled load response technologies for vehicular applications.
Highlighted in the report are pivotal industry maneuvers, like Micross Components Inc.'s acquisition of Infineon Technologies' DC-DC converter division, shining a light on the role of strategic alliances in fuelling market expansion.
As demand surges for efficient and consistent power conversion solutions, areas such as electric vehicles and complex computing architectures are being prioritized. The study details the regional market trends, with North America reportedly at the forefront in 2023.
In essence, the report is an essential toolkit for those active in the DC-DC converter space, providing insights to inform strategic planning and spot emerging opportunities. It encompasses an exhaustive review of the market's trajectory, innovation currents, and competitive scenery until 2024.
