Static Converter Market

Driven by increasing demand for static converters worldwide, market performance is forecasted to decelerate with an anticipated CAGR of +1.8% from 2022 to 2030. The global market size expanded significantly in 2022 to $93.2B, with top consuming countries being India, Mozambique, and the United States. China led in production, while China and Hong Kong SAR were the main exporters. Analysis includes consumption, production, imports, and exports trends over the past decade.

Market Forecast

Driven by increasing demand for static converters worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 5.8B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.1% for the period from 2022 to 2030, which is projected to bring the market value to $93.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Static Converters

In 2022, approx. 5B units of static converters were consumed worldwide; surging by 9% against the year before. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +8.0% against 2019 indices. Over the period under review, global consumption attained the maximum volume in 2022 and is expected to retain growth in the near future.

The global static converter market size expanded significantly to $93.2B in 2022, increasing by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (679M units), Mozambique (609M units) and the United States (588M units), together accounting for 37% of global consumption.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +31.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($13.7B) led the market, alone. The second position in the ranking was taken by the Netherlands ($4.3B). It was followed by Mexico.

In the United States, the static converter market expanded at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Netherlands (+20.3% per year) and Mexico (+8.4% per year).

In 2022, the highest levels of static converter per capita consumption was registered in Singapore (43 units per person), followed by Mozambique (18 units per person), Finland (17 units per person) and the Netherlands (8.9 units per person), while the world average per capita consumption of static converter was estimated at 0.6 units per person.

In Singapore, static converter per capita consumption plunged by an average annual rate of -2.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Mozambique (+27.9% per year) and Finland (-3.9% per year).

Production

World Production of Static Converters

In 2022, the amount of static converters produced worldwide fell to 5.8B units, reducing by -13.5% compared with 2021 figures. The total output volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 21%. Over the period under review, global production attained the maximum volume at 6.7B units in 2021, and then reduced in the following year.

In value terms, static converter production fell to $96.7B in 2022 estimated in export price. In general, production showed a slight shrinkage. The pace of growth appeared the most rapid in 2018 with an increase of 185% against the previous year. Over the period under review, global production attained the maximum level at $148B in 2014; however, from 2015 to 2022, production remained at a lower figure.

Production By Country

China (5B units) constituted the country with the largest volume of static converter production, comprising approx. 86% of total volume. It was followed by Singapore (160M units), with a 2.8% share of total production.

In China, static converter production expanded at an average annual rate of +2.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Singapore (+0.8% per year) and Finland (-3.6% per year).

Imports

World Imports of Static Converters

In 2022, global imports of static converters was estimated at 6.9B units, leveling off at the previous year's figure. Overall, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +16.2% against 2016 indices. The pace of growth was the most pronounced in 2016 when imports increased by 51%. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, static converter imports surged to $95.8B in 2022. In general, total imports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +96.8% against 2016 indices. The growth pace was the most rapid in 2021 with an increase of 23%. Global imports peaked in 2022 and are likely to see steady growth in the near future.

Imports By Country

The purchases of the five major importers of static converters, namely China, Hong Kong SAR, India, the United States and Mozambique, represented more than half of total import. Thailand (386M units) held the next position in the ranking, followed by Mexico (331M units). All these countries together took approx. 10% share of total imports. The following importers - Singapore (263M units), the Netherlands (254M units), the UK (241M units), Brazil (190M units) and Germany (110M units) - together made up 15% of total imports.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +31.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest static converter importing markets worldwide were the United States ($15.5B), Germany ($8.2B) and China ($7.5B), with a combined 33% share of global imports. The Netherlands, Hong Kong SAR, Mexico, the UK, Brazil, India, Singapore, Thailand and Mozambique lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, the Netherlands, with a CAGR of +16.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average static converter import price amounted to $14 per unit, rising by 18% against the previous year. Over the last decade, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2017 an increase of 38%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Germany ($74 per unit), while Mozambique (less than $0.1 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Static Converters

In 2022, shipments abroad of static converters decreased by -14.3% to 7.7B units for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.1% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 24% against the previous year. As a result, the exports attained the peak of 9B units, and then declined in the following year.

In value terms, static converter exports skyrocketed to $98B in 2022. Overall, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +100.2% against 2016 indices. The growth pace was the most rapid in 2021 when exports increased by 27% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are likely to see gradual growth in years to come.

Exports By Country

China was the main exporter of static converters in the world, with the volume of exports amounting to 5.7B units, which was approx. 74% of total exports in 2022. It was distantly followed by Hong Kong SAR (1B units), making up a 13% share of total exports. Singapore (176M units) took a minor share of total exports.

Exports from China increased at an average annual rate of +3.5% from 2012 to 2022. At the same time, Singapore (+3.9%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in the world, with a CAGR of +3.9% from 2012-2022. By contrast, Hong Kong SAR (-4.5%) illustrated a downward trend over the same period. While the share of China (+9.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Hong Kong SAR (-12.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($34.3B) remains the largest static converter supplier worldwide, comprising 35% of global exports. The second position in the ranking was taken by Hong Kong SAR ($4.5B), with a 4.6% share of global exports.

In China, static converter exports expanded at an average annual rate of +8.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (-1.5% per year) and Singapore (+5.3% per year).

Export Prices By Country

In 2022, the average static converter export price amounted to $13 per unit, increasing by 37% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, static converter export price increased by +73.9% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($6.8 per unit), while Hong Kong SAR ($4.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform