Power Conversion Equipment Manufacturing in the US - Market Research Report (2014-2029)

Power conversion equipment manufacturers have experienced revenue volatility because of fluctuating growth in downstream markets. Fluctuations in the value of the US dollar have also contributed to volatility by destabilizing demand for imports and exports. Construction companies use the industry’s products as inputs in their daily operations, so when this downstream activity increases, so does demand for power conversion equipment. Nonresidential construction and industrial production plunged during COVID-19 as the economy shut down, hindering revenue growth. Despite these factors, low interest rates buoyed demand from households, so revenue still inched upward in 2020. As the effects of the pandemic subsided, revenue recovered because of rising corporate profit and consumer spending. The return of employees to the office caused nonresidential to soar in 2023, fostering significant revenue growth in that year.