DC-DC Converter Market for Energy Storage Systems :Comprehensive...

Posted 2022-01-14 10:28:01

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

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.

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.

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

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