Passive Components for Power Converters 2025

Key Features 

• Passive components market value from 2024 to 2030.
• 2020-2030 forecast for capacitors in power converters (Munits, $M)
• Market trends in all market segments and the impact on the passive components.
• Overview of the passive components supply chain, including  power device manufacturers.
• Market share of key players in capacitors and laminated bus bars.
• Technology trends (magnetic core and film capacitors) to reach higher voltage and temperature. 

What's new?

• Addition of the data center market in datacom segment
• Addition of EV charging infrastructure, HVDC, battery energy storage system (BESS) markets in industrial segments.
• New segmentation of capacitors by voltage breakdown.
• More insights on EMI filtering and supply chain reshaping due to EMI issues.
• New focus on nanocrystalline materials: supply chain and adoption forecast in EV segment.
• Teardown comparison for three OBC+DC/DC from passive point of view.
• Quantification of weight saving due to GaN adoption on power supply unit in data center application.
• Cost analysis for passive components based on Yole Group teardowns for a boost converter.

Report objectives:

• Identify and analyse the main market segments for passives, with a focus on capacitors and inductors.
• Analyse the dynamics of different markets and provide insight into drivers and challenges.
• Examine the supply chain structure and evolution and identify the key players.
• Provide insight into vertical and horizontal integration trends, recent investments, and M&A.
• Provide a clear overview of current passive components technologies.
• Highlight the main challenges and proposed innovations.
• Focus on xEV capacitor evolution and requirements.
• Provide the impact of higher integration of capacitor technology.
• Introduce nanocrystalline potential in EV systems
  

Passive components market will reach 27.2 $B by 2030

The power converter market is poised to grow and will reach $190B by 2030 with CAGR2024-2030 of 7.3%. The passive components analyzed in this report (capacitors, inductors, laminated bus bars, resistors) will account ~15% of the total power converter. On one hand, the capacitors market, boosted by customized capacitors in xEVs, is the biggest passive components market representing double digit value in 2024 with CAGR2024-2030 of 6.3%. On the other hand, the inductors market represents single digit value in 2024. The resistors market, representing more than $2 billion in 2024, is expected to reach nearly $4 billion by 2030, with a compound annual growth rate (CAGR) of about 6% from 2024 to 2030. Finally, the laminated bus bar market, primarily driven by high-voltage applications, is estimated to be more than $400 million in 2024 and should reach around $600 million by 2030, with a CAGR of approximately 6% from 2024 to 2030.

Reshaped supply chain driven by solution based

It appears that, recently, Tier 1/OEMs have a better understanding of active devices (diodes, transistors) rather than passive components. Some have been involved in the active supply chain (e.g., Bosch, Toshiba). We have noticed less involvement in passive components, as there are fewer advanced innovations and already low margins. Nevertheless, Chinese OEMs, known for their high vertical integration, have started producing their own components, such as power transformers or even more complex capacitor modules (e.g., BYD). As capacitors are produced at a very large scale (mostly off-the-shelf), the main leaders (Nippon Chemi-Con, Nichicon, Faratronic, TDK, Yageo, Rubycon, and Samsung) are based in Asia. However, inductors are much more customized, and the leading manufacturers are more widely distributed. Driven by cost pressure, there is a trend to optimize the footprint of passive components by avoiding over-dimensioned filters, for instance. This could create further collaboration between OEMs and passive component suppliers to understand the standards needed and manufacture a single EMI solution per segment and region. TDK, Wurth, Yageo, and even Sumida (an inductor player) are, for example, offering EMI solutions.

The thermal management is the key to unlock the power density

The adoption of SiC and GaN semiconductors allows converters to operate at higher frequencies (HF), leading to a reduction in the size of magnetic and capacitive components. However, this shift introduces new challenges, such as increased parasitic effects, which would create different behavior than at low frequencies. To mitigate these issues, passive players are working to lower Equivalent Series Resistance (ESR) and Equivalent Series Inductance (ESL). At the same time, the trend toward integrated systems is increasingly adopted, namely in automotive (up to 12-in-1 systems), creating more challenges in thermal management. Advanced materials, such as nanocrystalline cores, new alloys, and film materials, are being developed to improve thermal stability and limit derating curves. At the same time, passive components must withstand higher voltages, which demands improvements in dielectric materials, magnetic cores, and insulation. From the footprint perspective, there is a clear trend to miniaturize passive components, either using surface mount devices (SMD) or with planar transformers.

• Report Objectives
• About the Authors
• Companies Cited
• Definitions
• Three-Page Summary
• Executive Summary
• Context
• Market Forecast
  • Overall Passives
  • Focus on Capacitor
  • By Segment: 2020-2030
  • By Voltage
  • By Function
• Market Trends
  • xEV: Impact of More Affordable Vehicles?
  • Railway: Batterification of Trains
  • Photovoltaic (PV): Fast and Sustainable Growth
  • EV DC Chargers: 1,000 V Domination
  • Battery Energy Storage System (BESS): Why Is More Important Than Ever
  • Data Center: Why SST Is Needed
  • Wind Turbines, UPS, Industrial Motor Drives
• Supply Chain
  • General Passive Supply Chain
  • Companies Working on Several Passive Components: TDK, Yageo, Vishay, etc.
  • From Passive Components to EMI Solution
  • Capacitors vs Inductors Supply Chain Consolidation
  • Capacitors Supply Chain
    • Film Capacitors for Power Electronics: Main Manufacturers & Market Share
    • Electrolytic Capacitors for Power Electronics: Main Manufacturers & Market Share
    • MLCC for Power Electronics: Main Manufacturers & Market Share
  • Inductors Supply Chain
    • Magnetic Core: Nanocrystalline Material Supply Chain
    • EMI Is Reshaping the Supply Chain
    • Toward Off-the-Shelf Inductors Instead of Customization?
  • Resistors Supply Chain
  • Laminated Bus Bars Supply Chain
• Highlights of What Is Happening
• Market Share
  • Recent Partnerships, Mergers & Acquisitions and Joint Venture
• Technology Trends
  • Global Technology Trends
  • Capacitor Technology
    • Main Functions of Capacitors in Power Converters
    • Toward Hybrid Polymer Technology
    • Stacking MLCC and Beyond
  • Inductors
    • Main Functions of Inductors in Power Converters
    • Best Fit Technology of Core Material in CM Choke
    • Forecast for the Nanocrystalline Material
  • Resistors Technology Trends
  • Laminated Bus Bars Technology Trends
  • EMI: What Technology Fits with the Need
    • Lack of Knowledge
    • Why EMI Can Be a Bottleneck
  • Wide Band Gap
    • Why – Why Not WBG Are Adopted in Different Segments
    • Passive Requirements for WBG Technology
    • Capacitors for WBG – A Few Examples
  • Analysis of Passive Footprint from Yole Teardown
    • Teardown of PSU in Data Center
      • Using of GaN Has Reduced 40% of Weight
      • 54% of Weight Is Dedicated to Passive Components
    • Boost Converter
      • 17% of Cost Is for EMI Filter
    • Automotive Converter: 2-in-1 Comparison
      • How Tesla Has Cut the Cost
      • Inductors: From Wire-Wound to Planar Transformer
      • Nanocrystalline Material in All OBC Analyzed
    • BYD Is Vertically Integrated Making Its Own Capacitors Modules
  • Technology Trends Impacting Passive Components, by Application
    • Integration Trends – An Example of xEVs
    • DC Charging Station: Despite 1,000 V Output Voltage, Passive Components Can Be Fully Dimensioned Based on 500 V
    • Inductors: From Wire-Wound to Planar Transformer
    • Immersive Liquid Cooling in Data Centers: It’s a Real
    • UPS: Impact of Modularity Trends on the Passive Components
• Outlook
• Yole Group – Corporate Presentation

Advanced Conversion, Aishi Aihua Group, ASC Capacitors, Barker Microfarad (BMI), Birkelbach, Bollore, Bruckner Maschinenbau, CBMM, Cal-Chip, CEFEM Groupe, Cornell Dubilier, Coilcraft, CRE Power Technology, Ducati Energia, Dupont Teijin Films, EACO Capacitor, EFC Wesco, Exxelia, Electronic Concepts, Electronicon, Fuwei Film, HK Film Capacitors, Huizhong Capacitor, Jianghai, Kendeil, Knowles, Kyocera AVX, Lelon, Magnetec, ManYue Technology Holdings Limited, Meritek, Mersen, Murata, NG Reliable Capacitor, Nichicon, Nippon-Chemi-Con, NWL Capacitors, Panasonic, Passive System Alliance (PSA), Polyplex, Proterial, Rubycon, Rantle, Saifu, Samsung Electro-Mechanics, Samwha Capacitor Group, Samyoung Electronics, Schaffner, Seika Electric Co. Ltd, ShinEtsu, Shizuki, Steiner Film, Sumida, TDK, TE (TE Connectivity), Taiyo Yuden, Tervakoski Film, Toray, Treofan, Vishay, WIMA, WMEC Electronics, Würth Group, Xiamen Faratronic, Yageo, ZEZ Silko, and more…