Matrix Converter Market Forecasts to 2030 – Global Analysis By Type (Conventional Matrix Converter (CMC) and Indirect Matrix Converter (IMC)), Application, End User and By Geography

Matrix Converter Market Forecasts to 2030 – Global Analysis By Type (Conventional Matrix Converter (CMC) and Indirect Matrix Converter (IMC)), Application, End User and By Geography

According to Stratistics MRC, the Global Matrix Converter Market is growing at a CAGR of 5.8% during the forecast period. Modern power electronic devices called matrix converters are utilized to convert AC directly to AC without the requirement for a transitional DC step. Matrix converters provide a more effective and compact solution by processing alternating current (AC) input straight into the necessary AC output, as opposed to typical converters that use rectifiers and inverters. These converters provide efficient energy transfer in a variety of applications by facilitating bidirectional power flow, which allows them to operate as both rectifiers and inverters.

Market Dynamics:

Driver:

Increasing industrial automation

The market for matrix converters has been significantly influenced by the growing trend of industrial automation, which has various advantageous implications. The need for high-performance power conversion devices, such as matrix converters, has increased as businesses move more and more toward automated processes to improve production and operational productivity, efficiency, and precision. Because of its quick dynamic reaction, flexibility in responding to changing load needs, and accuracy in controlling electric motors, matrix converters exhibit a remarkable synergy with industrial automation. These converters, which provide precise and effective control over power conversion operations, are essential to the automation of production lines, robots, and machinery.

Restraint:

Higher manufacturing costs

One major obstacle preventing Matrix Converters from becoming widely used and growing in the market is their higher production costs. These converters have higher production costs than conventional converters because they make use of sophisticated control systems, specialized components, and cutting-edge semiconductor devices. Moreover, the Price-sensitive markets are a common feature of the competitive environment in the power electronics sector. Given that Matrix Converters have greater upfront costs; this might hinder their market penetration and force them into specialized applications or higher budget sectors hampering the growth of the market.

Opportunity:

Rising demand for compact solutions

The growing need for compact solutions in many industries has a favourable influence on the market for matrix converters. These converters are well-suited to meet the increasing need for lightweight, space-saving power conversion solutions because of their streamlined design, which does away with the need for large DC components. Compact and lightweight equipment is becoming more and more preferred in industries including aircraft, transportation, green power, and portable gadgets because of space, weight, and mobility requirements. Because they convert AC to AC directly without the need for intermediate DC stages, matrix converters provide a more efficient and portable option creating wide range of opportunities for the growth of the market.

Threat:

Complex control and control algorithms

The deployment and commercial acceptance are significantly hampered by the elaborate control requirements and sophisticated algorithms necessary for their functioning. Sophisticated control systems are required by matrix converters in order to effectively handle the direct AC-to-AC conversion process. Due to the need for specialized knowledge and resources, this complexity raises the cost of deployment in addition to lengthening the design and development process. Furthermore, the complex control systems could raise reliability issues since errors or inaccuracies in the control algorithms could impair the Matrix Converters' overall effectiveness and performance.

Covid-19 Impact

The pandemic's effects on the world economy created uncertainty across a range of sectors, which affected infrastructure projects and investment choices that frequently use Matrix Converters. Production and delivery of Matrix Converters were impeded by manufacturing stoppages, supply chain interruptions, and logistical limitations, which led to extended project schedules and decreased demand. Further slowing market growth was the industry's decreased capital expenditures, particularly in manufacturing, automotive, and aerospace, three major markets for Matrix Converters.

The conventional matrix converter (CMC) segment is expected to be the largest during the forecast period

The conventional matrix converter (CMC) segment is estimated to have a lucrative growth, due to the emergence of conventional matrix converters (CMC), which has encouraged a booming impact. These are less complicated and have a simpler architecture than conventional Matrix Converters and their technical breakthrough has reduced production costs and mitigated control complexity, opening doors to wider market acceptability. With the introduction of conventional matrix converter, interest in Matrix Converters has increased and they are now more widely available to a wider range of sectors boosting the growth of the market.

The general industrial machines segment is expected to have the highest CAGR during the forecast period

The general industrial machines segment is anticipated to witness the highest CAGR growth during the forecast period, because for these industrial devices to operate efficiently which include conveyor systems, compressors, pumps, and other machinery electric motors must be precisely controlled. Fast and precise control is provided by matrix converters, which ideally match the needs of various industrial applications. Moreover, industrial equipment has different demands, and Matrix Converters' adaptability to different load circumstances and bidirectional power flow capabilities meet those needs.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing industrial sector in this region, together with the implementation of automation and renewable energy projects, drives the need for Matrix Converters. The expanding aerospace and automotive sectors also support market expansion. The need for Matrix Converters in a variety of applications is further enhanced by growing energy efficiency standards and increased expenditures in infrastructure projects. Driven by technical developments and the region's economic development, the Asia Pacific Matrix Converters market has significant potential.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to countries like the United States and Canada, who place a high priority on energy efficiency and technical breakthroughs, are seeing an increase in the use of Matrix Converters in a variety of industries. These converters are used by the automotive, aerospace, renewable energy, and industries because of their small size, ability to handle both directions of power flow, and accurate control over electric motors. The region's emphasis on power electronics developments and sustainable energy solutions helps to propel Matrix Converters into North America, setting the industry up for long-term growth and technical progress.

Key players in the market

Some of the key players profiled in the Matrix Converter Market include Fuji Electric, Hitachi Electric, Siemens, Samsung, Emerson Electric Co, Toyo Electric Corporation, ABB, Yaskawa Electric Corporation, Bonfiglioli Transmissions Private limited, Hyundai, ARVI Systems & Controls, Riello PCI and Mitsubishi Electric

Key Developments:

In November 2023, HARMAN Acquires roon, a popular multi-device, multi-room audio technology platform. Roon’s Audiophile-Quality Music Aggregation, Connectivity and Streaming Technology to Complement HARMAN’s Comprehensive Audio Offerings

In November 2023, Samsung collaborates with Maison Margiela on Special Edition Galaxy Z Flip5; Samsung combines technological innovation with Maison Margiela to create an even more eye-catching Galaxy Z Flip5

In October 2023, Emerson announced it has closed its acquisition of NI (Nasdaq: NATI), a leading provider of software-connected automated test and measurement systems, at an equity value of $8.2 billion.

Types Covered:
• Conventional Matrix Converter (CMC)
• Indirect Matrix Converter (IMC)

Applications Covered:
• Fans or Pumps
• General Industrial Machines
• Other Applications

End Users Covered:
• Aerospace & Defense
• Automotive
• Industrial
• Utilities
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements