DC-DC converter Global Market Report 2024

DC-DC converters are circuits that operate at high frequencies to convert switching and switching noise into regulated DC voltages, utilizing components such as inductors, transformers, and capacitors. These converters are designed to produce a specific DC voltage from a given DC input voltage. As the name implies, they exclusively work with direct current (DC) sources and are not compatible with alternating current (AC) sources. DC-DC converters play a crucial role in efficiently generating a regulated voltage from a potentially unsteady source to accommodate a variable load.

The primary products in the DC-DC converter market are categorized as isolated DC-DC converters and non-isolated DC-DC converters. Isolated DC-DC converters are employed to break up ground loops, isolating the noise-sensitive areas of a circuit from the sources of noise. In the context of DC/DC converters, isolation refers to galvanic isolation, indicating the absence of a direct metallic or conduction path between two components in the circuit. Proper and safe circuit operation necessitates isolation between the input and output stages. Different input voltages are considered, including 3V-14V, 15V-35V, 36V-75V, and >75V, while various output powers are categorized as 0.25W-250W, 250W-500W, 500W-1000W, and >1000W. The DC-DC converters find applications in diverse industries, including consumer electronics, healthcare, automotive, IT and telecommunications, aerospace and defense, railways, energy and power, among others.

The DC-DC converters market research report is one of a series of new reports that provides DC-DC converters market statistics, including DC-DC converters industry global market size, regional shares, competitors with a DC-DC converters market share, detailed DC-DC converters market segments, market trends and opportunities, and any further data you may need to thrive in the DC-DC converters industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The dc-dc converter market size has grown rapidly in recent years. It will grow from $11.6 billion in 2023 to $12.99 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth observed in the historical period can be attributed to several factors, including electronics miniaturization, the demand for power efficiency, the proliferation of mobile and consumer electronics, the increased adoption of renewable energy systems, and the growth of automotive electrification.

The dc-dc converter market size is expected to see rapid growth in the next few years. It will grow to $20.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The anticipated growth in the forecast period can be attributed to various factors, including the needs of the aerospace and defense sectors, adherence to energy efficiency standards, the increasing demand for data centers and cloud computing, advancements in medical devices and healthcare electronics, and the expansion of e-mobility and clean transportation. Major trends expected in the forecast period encompass the deployment of 5G networks, the integration of IoT (Internet of Things) and edge computing, ongoing technological advancements, the adoption of artificial intelligence (AI) and machine learning (ML), as well as continuous product innovations.

The anticipated increase in power consumption is poised to drive the growth of the DC-DC converter market. Power consumption, defined as the quantity of energy used per unit of time, is a crucial factor in digital systems. DC-DC converters play a pivotal role in swiftly regulating the supply voltage of the output stage to a predetermined value, maintaining it high enough to provide the load with stimulating current without saturation. According to the U.S. Energy Information Administration, total U.S. electricity consumption in 2021 was approximately 3.93 trillion kWh, with around 3.79 trillion kWh of power sold at retail, constituting 97% of all electricity use. This surge in power consumption is a significant driver for the demand in the DC-DC converter market.

The rise in the adoption of electric buses is expected to further propel the growth of the DC-DC converter market. Electric buses, powered by electric motors instead of internal combustion engines, require DC-DC converters to transform high voltage DC power from the battery into the low voltage DC power needed for the vehicle's accessories. In 2022, nearly 5,500 new full-size zero-emission battery-electric and fuel-cell electric transit buses were on the road in the U.S., marking a 66% increase from 2021. The increasing adoption of electric buses significantly contributes to the demand for DC-DC converters in the market.

Technological advancements stand out as a key trend gaining traction in the DC-DC converter market. Major companies in the market are actively developing innovative products to strengthen their positions. For example, in September 2022, Rohm Semiconductor, a Japan-based electronic parts manufacturer, introduced the BD9S402MUF-C, a new buck DC/DC converter IC with an integrated MOSFET for use in Advanced Driver Assistance Systems (ADAS) and entertainment systems in cars. The BD9S402MUF-C incorporates patented QuiCurTM high-speed load response technology, ensuring steady operation with a market-leading 30mV output voltage fluctuation, a 25% decrease compared to industry-leading standard products with equivalent functionality. This technology is particularly suitable for the latest ADAS systems with demanding power supply requirements, emphasizing the importance of innovation in driving the DC-DC converter market forward.

Leading companies in the DC-DC converter market are strategically focusing on innovative approaches to expand their product portfolios and gain a competitive advantage. One such innovative approach is the development of ruggedized non-isolated DC-DC converters, designed to operate in harsh environments. For example, in April 2023, TDK Corporation, a Japan-based company specializing in electronic solutions for the smart society, introduced the TDK-Lambda RGC series, a 300W-rated ruggedized non-isolated DC-DC converter. These rugged non-isolated DC-DC converters are encapsulated in a five-sided aluminum case and are rated for up to 110˚C operation. The series is specifically designed for use in demanding applications, including robotics, Automated Guided Vehicles (AGVs), communications, industrial settings, and portable battery-powered equipment. This innovation showcases the commitment of major players to providing solutions that can withstand challenging operating conditions, addressing the diverse needs of industries requiring robust and reliable DC-DC converters.

In February 2023, Micross Components Inc., a US-based provider of high-reliability microelectronic product and service solutions for aerospace, defense, space, medical, and industrial applications, made a strategic move by acquiring the DC-DC converter business of Infineon Technologies Inc. The acquisition, undertaken for an undisclosed amount, is aimed at expanding Micross' team's design capabilities. Infineon Technologies AG, a Germany-based semiconductor company specializing in power systems and the Internet of Things (IoT), had a significant presence in the DC-DC converter business. This acquisition positions Micross Components Inc. to strengthen its expertise and offerings in the DC-DC converter market, emphasizing the importance of strategic acquisitions in enhancing capabilities and maintaining a competitive edge in the industry.

Major companies operating in the dc-dc converter market include Texas Instruments Incorporated, Telefonaktiebolaget LM Ericsson, Murata Manufacturing Co. Ltd., General Electric Company, Delta Electronics Inc., Vicor Corporation, TDK-Lambda Corporation, Infineon Technologies AG, MEAN WELL Enterprises Co. Ltd., Cincon Electronics Co. Ltd., RECOM Power GmbH, Würth Elektronik eiSos GmbH & Co. KG, Traco Electronic AG, Mornsun Guangzhou Science & Technology Co. Ltd., Lambda Corporation, Flex Ltd., CET Technology, Karl Kruse GmbH & Co. KG, Epic Power, Tri-Mag LLC, Yuan Dean Scientific Co. Ltd., XP Power Ltd., Bel Fuse Inc., CUI Inc., Ericsson Power Modules AB

North America was the largest region in the DC-DC converter market in 2023. The regions covered in the DC-DC converter market share report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the DC-DC converter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The DC-DC converter market consists of sales of step-down (buck) converters, step-up (boost) converters, flyback converters, and forward converters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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