In a recent published report, Kenneth Research has updated the market report for Dc To Dc Convertors In Solar Energy Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Dc To Dc Convertors In Solar Energy Market products.
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A report on Dc To Dc Convertors In Solar Energy Markett has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Dc To Dc Convertors In Solar Energy Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
With the growing alarms for environment and increasing demand for energy, the demand for some alternate energy sources such as fuel cells, hydropower, solar power, wind energy, etc. The demand for the solar energy is rising globally due to increasing focus to control global warming emissions, and to lower the dependence on conventional energy sources such as coal and fossil fuels.
The solar energy systems, otherwise photovoltaic (PV) power generation systems had took a distinct place owing to inexhaustible nature, availability, lower cost of maintenance etc. However, the power generated by the photovoltaic system is unpredictable due to cell temperature variations, coupled with the amount of solar irradiation exposed. In order to determine the variations, DC to DC convertors with maximum power point tracker are being used along with PV panels.
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The market is anticipated to gain traction over the time period, owing to rising use of renewable energy over the conventional energy sources including natural gas, fossil fuel and coal, etc. According to the International Energy Agency’s (IEA) report in 2017, solar energy will be the dominant source compared to other renewable sources such as hydro and wind by the end of 2022. Thus, creating a major scope for the growth of DC to DC convertors in solar energy market.
The market is highly driven by continuous rise of the global solar energy production. Due to the increasing focus on renewable energy sources, many companies operating in the solar energy segment have started installing new power plants to increase the
total production and also to reduce the use of non-renewable energy. According to World Energy Council, the installed capacity of solar powered plants at global level reached at 227GW at the end of 2015. Moreover, the demand for DC to DC convertors is increasing, as they play a key role in the integration between PV systems and storage systems. This will escalate the product demand, and acts as an additional factor for the market growth.
The major restraining factor to the dc to dc convertors in solar energy market is the efficiency losses occurred during the product operation at higher frequencies. This will result in frequent power losses, rise in demand of board space and limited power output.
Market Segmentation: By Product Type
On the basis of product type, the market has been segmented into isolated and non-isolated. Isolated DC to DC convertors is sub segmented into single output and multiple output. Non-isolated DC to DC convertors market is expected to have a prime share of the global market over the forecast period, owing to its capabilities to meet higher voltages, coupled with the delivery of high power output.
Therefore, the adoption of non-isolated dc to dc convertors anticipated to rise in the coming decade in the market due to its non-saturation property pertaining to core transformer that maintains the efficiency of the system.
The non-isolated/point of load DC to DC convertors for solar energy market is anticipated to grow at higher CAGR over isolated convertors, owing to the rising requirements of non-portable applications by the Energy Star, a leading government organization for the certification of energy systems in the U.S.
North America is anticipated to dominate the global market, majorly contributed by the U.S. market. As per National Renewable Energy Laboratory, in 2016, the electricity generated through solar energy system in the U.S. accounted for over 23.3 terawatt-hours. As the demand for solar energy in the North America is on the rise, the demand for DC to DC convertors is also predicted to grow proportionally over the estimated time period.
This is majorly contributed by rising awareness towards the renewable energy generation, coupled to meet the set objectives by the U.S. government on solar energy systems. National Centre of Photovoltaics have set their objective to achieve large-scale solar power systems at low grid penetration by 2020, hence the use of dc to dc convertors is expected to grow over the projected period.
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The leading players in the market are XP Power, Dyna Hitech Power System Ltd., Powertron Instruments, Texas Instruments, Murata and several others.
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