Direct Energy Conversion Device Market Size Worth $4.15 Billion By 2032 | CAGR: 5.4%

Direct Energy Conversion Device Market Size Worth $4.15 Billion By 2032 | CAGR: 5.4%


The global direct energy conversion device market size is expected to reach USD 4.15 billion by 2032, according to a new study by Polaris Market Research. The report “Direct Energy Conversion Device Market Share, Size, Trends, Industry Analysis Report, By Device Type (Battery, Solar Cells, Fuel Cells, And Thermoelectric Device); By Energy Type; By End-User; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The exponential rise in the contradiction regarding the continuously increasing global problems and issues, including environmental pollution, energy crisis, change in people living standards and patterns, and climate change, has positively influenced the fueled for clean energy utilization globally, boosting the demand for related devices.

The development of Organic Rankine cycle systems that use organic fluids instead of water to generate electricity from heat and can be used in a variety of applications, including waste heat recovery, geothermal power generation, and biomass power generation, coupled with the rising investments to develop more systems or solutions like this, has been positively influencing the market growth. For instance, in September 2022, The U.S. Department of Energy announced funding of USD 30 million for research & development projects to advance the carbon dioxide removal approaches, which help reduce CO2 pollution by directly capturing it from the atmosphere and oceans and covert into various valuable products.

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There has been a significantly increased focus on improving the efficiency of direct energy conversion devices to reduce energy waste and lower costs, including the development of new materials and improvements in the design and manufacturing of these devices. Apart from this, artificial intelligence is being widely used to optimize the performance and efficiency of these devices, as AI can be used to control the output of solar panels or to optimize the performance of energy storage systems.

Additionally, the growing expansion in the global market for electric vehicles and widespread adoption of electric vehicles among people globally creates lucrative opportunities for companies that produce direct energy conversions devices such as charging stations and battery systems.

Direct Energy Conversion Device Market Report Highlights

  • Fuel cells segment is projected to hold a significant market share in 2022 on account of the rising focus of major government bodies to reduce emissions and the high demand for hydrogen-based cars
  • Optical segment accounted for the largest market share in 2022, which is mainly driven by huge demand for various types of renewable energy sources like wind turbines and solar panels
  • Automotive segment is projected to grow during the anticipated period, mainly due to continuous increase in the sales and production of commercial vehicles globally
  • North America dominated the market with a significant share in 2022, owing to the availability of various government favorable policies towards the installation of renewable energy sources
  • The global key market players include Schneider Electric, Vestas Wind Systems, Toshiba Corporation, MG Motor, General Electric Company, and Mitsubishi Electric Corporation

Polaris Market Research has segmented the direct energy conversion device market report based on device type, energy type, end-user, and region:

Direct Energy Conversion Device, Device Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Battery
  • Solar Cells
  • Fuel Cells
  • Thermoplastic Device

Direct Energy Conversion Device, Energy Type Outlook (Revenue - USD Billion, 2019 - 2032)

  • Optical
  • Kinetic
  • Potential
  • Others

Direct Energy Conversion Device, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

  • Space & Aerospace
  • Automotive
  • Power & Energy
  • Others

Direct Energy Conversion Device, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Direct Energy Conversion Device Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 2.57 billion

Revenue forecast in 2032

USD 4.15 billion

CAGR

5.4% from 2023 – 2032

Base year

2022

Historical data

2019– 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2032

Segments covered

By Device Type, By Energy Type, By End-User, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

General Electric Company, LG Chem Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, FuelCell Energy Inc., Danfoss Group, Advanced Energy Industries Inc., ABB Ltd., Schneider Electric SE, Siemens AG, Yingli Green Energy Company Holding Limited, Vestas Wind Systems A/S, Toshiba Corporation, Capstone Turbine Corporation, and Bloom Energy Corporation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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