Converter Modules Market Size

Global Converter Modules Market size was valued at USD 9.83 billion in 2023 and is poised to grow from USD 10.51 billion in 2024 to USD 17.92 billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

Converter module producers should focus on the optimization of the performance of their products by incorporating new technologies. Companies should invest in product innovation and collaborate with other companies to fast-track product launches and sales potential going forward. Converter modules market players should also make efforts to improve the compatibility of converter modules with modern power electronics and technologies. Converter module providers can make a fortune by targeting the automotive and aerospace industries in the future. 'Delta Electronics (Taiwan) ', 'ROHM Semiconductor (Japan) ', 'STMicroelectronics (Switzerland) ', 'Renesas Electronics Corporation (Japan) ', 'Texas Instruments Incorporated (United States) ', 'ABB Ltd (Switzerland) ', 'Mitsubishi Electric Corporation (Japan) ', 'Murata Manufacturing Co., Ltd. (Japan) ', 'Advantech Co., Ltd. (Taiwan) ', 'TDK Corporation (Japan) ', 'RECOM Power GmbH (Austria) ', 'Fujitsu (Japan) ', 'Wurth Elektronik GmbH & Co. KG (Germany) ', 'TAMURA Corporation (Japan) ', 'Infineon Technologies AG (Germany) ', 'ON Semiconductor Corporation (United States) ', 'Vicor Corporation (United States) ', 'Eaton Corporation plc (Ireland) ', 'XP Power (Singapore)'

Converter modules play a crucial role in the proper functioning of power electronics that have witnessed a notable hike in adoption across different industry verticals.

Miniaturization of Electronics: Electronics and electrical devices are shrinking in size, and this can be attributed to the changing demands across different industry verticals. Creating converter modules that are compatible with these miniaturized devices will offer highly attractive growth opportunities for converter modules market players in the long run.

The Asia Pacific region is estimated to account for a dominant share of the global converter modules marketplace going forward. Growing digitization and increasing adoption of new technologies such as 4G and 5G coupled with rising sales of electric vehicles allows this region to account for a dominant market share. Japan, China, and India are slated to be the prime markets for converter module suppliers looking to make a mark in the Asia Pacific region going forward. Rapidly increasing industrialization and urbanization are also estimated to favor converter module demand in the future.