Automotive Industry dominates the Global Power Electronics Market in the future years.
According to TechSci Research report, “Power Electronics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F” Global power electronic market stood at USD40.52 billion in 2021 and is expected to grow at a CAGR of 5.61% during the forecast period. This astonishing growth can be attributed to the growing demand for the green energy. Higher energy consumption and surging demands for the renewable sources of the energy facilitate the growth of the global power electronics market in the upcoming five years. Evolution in the energy resources and consistent research to find latest innovative methods of converting the renewable energy into electrical energy further supports the growth of the global power electronics market in the next five years. Expanding automotive industry, increasing investment in the support of advancing the automotives, technological advancement and innovative product development substantiate the growth of the global power electronics market in the future five years. The population as well as the government are highly concerned regarding deteriorating stages of the environment and ill effects of higher consumption of energy generated from non-renewable resources further aid the growth of the global power electronics market in the forecast years through 2027.
Power electronics refers to an interdisciplinary field of electrical engineering that deals with the design, control, and conversion of electrical energy. Power electronic system is responsible for converting the electric energy to an electric load through a control circuit. These electronics play an important role in electrified vehicle applications, and it provides compact and high-efficient solutions for power conversion. It is an important technology in the conversion and control of electrical power in multiple applications, such as electric drives and generators, energy storage systems, renewable energy systems, smart cities, smart grids, power systems, transport (ships, vehicles, aircraft, and others), industrial, telecommunications, medical, military, consumable, and home apparatus.
Browse over 156 market data Figures spread through 204 Pages and an in-depth TOC on "Global Power Electronics Market"
The global power electronics market is segmented by device type, material, voltage, application, regional distribution, and competitive analysis. Based on device type, the market is further segmented into power discrete, power module and power IC. Power discrete segment is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of its added advantages and applications to regulate voltages. Power discrete are power devices solution that use a single semiconductors like diode and transistors that when use regulates the voltage transmission and thereby reducing the consumption of power. Also, since the voltage is modulated well, the heating effects on the electronics is further reduced.
By material, the market is fragmented into silicon, silicon carbide, gallium nitride and others. Based on application, the market is bifurcated into ICT, consumer electronics, industrial, automotive, aerospace & defense, and others. The market is also analyzed among the regions of the world as North America region, South America region, Europe region, Asia Pacific region, and Middle East & Africa region.
Some of the market players, dominating the global power electronics market are
- Mitsubishi Electric Corporation
- Fuji Electric Co., Ltd.
- Toshiba Corporation
- Infineon Technologies AG
- ON Semiconductor Corporation
- STMicroelectronics International N.V.
- Texas Instruments Incorporated.
- Renesas Electronics Corporation
- Vishay Intertechnology, Inc.
- NXP Semiconductors N.V.
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“Asia Pacific region is anticipated to dominate the regional market in the upcoming five years due to increasing sales of the automotives in the region. Countries like China, India, Japan, with large populations and thus increasing higher sales of the vehicles are actively responsible for the growth of the global power electronics market in the next five years. Moreover, China is one of the largest producers of the electronics and support highly efficient and energy regulated models of electronic and hybrid vehicles. Also, countries like Japan and South Korea are rapidly expanding their automotive industry thereby aiding the growth of the global power electronics market in the future five years. Higher exports of these vehicles to the other countries also adds to the growing demands for the power electronics thereby adding to the market growth in the next five years. Rapidly increasing disposable income of the population steady growth of the economy, rising population in the countries also play vital role in supporting the market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
Global Power Electronics Market By Device Type (Power Discrete, Power Module and Power IC), By Material (Silicon, Silicon Carbide, Gallium Nitride and Others), By Voltage (Low Voltage, Medium Voltage, High Voltage), By Application (ICT, Consumer Electronics, Industrial, Automotive, Aerospace & Defense, and Others), By Region (Asia-Pacific, Europe, North America, South America, Middle East and Africa), Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of global power electronics and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global power electronics market.
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