Global DC-DC Converter Market for Energy Storage Systems: Introduction
- DC-DC converter is an electronic circuit. Its primary function is to modify one potential voltage level to another voltage level. It is a voltage regulator consisting of switches, inductor, and capacitor for power conversion. DC-DC converter is employed in numerous applications.
- DC-DC converters are used to hybridize different types of batteries and super capacitors to extend their life expectancy and lower the overall costs of energy storage systems
Key Drivers and Restraints of Global DC-DC Converter Market for Energy Storage Systems
- Increase in usage of renewable energy, such as solar, wind, and fuel cell, is estimated to drive the DC-DC converter market for energy storage systems in the near future. Various companies are investing in renewable energy sources. This is expected to boost the demand for storage systems. Production of renewable sources of energy has been increasing. Therefore, energy storage systems are required to store this energy. This is anticipated to boost the demand for DC-DC converters. Rise in usage of renewable energy is expected to drive the global DC-DC converter market for energy storage systems during the forecast period.
- Growth in industrialization and urbanization is also estimated to drive the global DC-DC converter market for energy storage systems. Significant rate of Industrialization and urbanization across the globe has led to a rise in consumption of electricity. The energy storage need has increased due to inconsistent power supply. This is projected to boost the demand for DC-DC converters for energy storage systems in the near future.
- DC-DC converter is unable to switch-off during no load condition. While switching these converters on, the system is prone to noise. These factors are likely to restrain the global DC-DC converter market for energy storage systems.
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Global DC-DC Converter Market for Energy Storage Systems: Segmentation
- The global DC-DC converter market for energy storage systems can be segmented in terms of product type, circuit type, and end-user
- In terms of product type, the global DC-DC converter market for energy storage systems can be bifurcated into isolated and non-isolated. The non-isolated segment is expected to expand at a high CAGR in the near future due to high demand for non-isolated type of DC-DC converters among consumers.
- Based on circuit type, the global DC-DC converter market for energy storage systems can be divided into buck, boost, and buck-boost
- Based on end-user, the global market can be classified into automotive, aerospace, industrial, medical, consumer electronics, and others. The automotive segment dominated the global market in 2019. This trend is estimated to continue in the near future owing to higher demand for electric vehicles in developing and developed countries.
Global DC-DC Converter Market for Energy Storage Systems: Regional Outlook
- Based on region, the global DC-DC converter market for energy storage systems can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific was the dominant region of the global DC-DC converter market for energy storage systems in 2019. This can be ascribed to rising demand for consumer electronics and electric vehicles in the region. China is the dominating country in the region, as it is the leading manufacturer of electric vehicles and consumer electronics.
- The market in North America and Europe is projected to expand at a high CAGR during the forecast period, as countries in these regions are focusing on upgrading their network infrastructure suitable for 5G network. This is anticipated to boost the demand for electronic products.
- The market in Middle East & Africa and Latin America is projected to expand at a steady CAGR during the forecast period, owing to steady growth in investment in automobile and consumer electronics industries in these regions
COVID Impact on Global DC-DC Converter Market for Energy Storage Systems
- DC-DC converters are primarily used in computers, laptops, cellular phones, spacecraft power systems, buses, lighting systems, etc. The COVID-19 outbreak has significantly hampered the demand for these products. Many manufacturers of these products have completely or partially shut their plants owing to lockdowns imposed by governments to curb the spread of the pandemic.
- Thus, low demand for electronic products due to the COVID-19 pandemic is negatively affecting the global DC-DC converter market for energy storage systems
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Key Players Operating in Global Market
- TDK Corporation
- Dynapower Company, LLC
- Murata Manufacturing Co., Ltd.
- Delta Energy Systems
- Aplab Limited
- CUI Inc
- SMA Solar Technology AG
- Helios Power Solutions
- Sunshine Solar, Inc.
- Raychem RPG Private Limited.
Global DC-DC Converter Market for Energy Storage Systems: Research Scope
Global DC-DC Converter Market for Energy Storage Systems, by Product Type
Global DC-DC Converter Market for Energy Storage Systems, by Circuit Type
Global DC-DC Converter Market for Energy Storage Systems, by End-user
- Consumer Electronics
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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