logo
logo
Sign in

Power Electronics Market Key Opportunities, Trends, Forecasts, Key Company Profiles and Industry Size, Share Analysis | Impact of COVID-19

avatar
Ehtesham Peerzade

Market Highlights

The growing advancement in electronics industry has shown positive impact on the growth of electronic devices such as electrical power system and solid-state electronic devices. Power electronics is the growing application used to study and control the flow of electric power. It serves wide application areas such as domestic & theatre lightning, industrial process specifically in chemical, paper and steel industries, generation & transmission control and power supplies for laboratories among others. According to Market Research Future Analysis, industrial and automotive sector are expected to drive the market of power electronics in the coming years due to high demand of power modules used in industrial motor drives and solar photovoltaic inverters. Also, the increasing development of hybrid and electric vehicles are expected to boost the market growth of power electronics in automotive sector.

Market Research Future (MRFR) reveals that the global power electronics market share can achieve an approximate growth rate of 3% over the forecast period (2017-2023).

Market Boosters and Top Barriers

Technological advancement has given rise to the internet of things (IoT) as well as the semiconductor technology and nanotechnology fields, which are expected to benefit the power electronics market in the years ahead. AI-powered integrated circuits, SCADA technology, micro-electromechanical system (MEMS), and energy management systems are significant application areas of power electronics systems.

Developments in energy infrastructure, surge in energy-efficient portable electronics components, and generation of renewable energy are leading the market to greater heights across the globe. Several industry participants are striving to offer power electronics solutions across various industries like aerospace & defense, automotive, energy & power, consumer electronics, transportation, medical, and many others. In addition, to cater to the high demand for energy-efficient power architectures, companies such as Veeco Instruments Inc. now offer GaN-on-Si technology power devices that have better switching speed as well as circuit efficiency. 

Over the years, the power electronics manufacturers are spending massive funds on research and development (R&D) to develop top-quality products and also expand their market share. The intense competition in the market is giving rise to product innovation, which appeals to a wider base of consumers. These consumers are looking for power electronic devices that boast of product efficiency, which can only be achieved with intense R&D. As a result of these factors, the power electronics market is on its way to attaining immense momentum during the review period.

Regional Insight

The primary markets for power electronics across the globe are Asia Pacific (APAC), North America, Europe, and the rest of the world (RoW).

APAC has managed to seize the biggest portion of the global power electronics market, with North America and Europe following suit. The most lucrative markets in the region are India, Japan, and China, owing to technological enhancements coupled with the surging trend of energy harvesting technologies. The region is also known for having a well-established infrastructure, which boosts the implementation of advanced technologies. The mounting adoption rate of the internet of things along with the augmented demand for hybrid and electric vehicles induces market growth in the region.

North America’s strong financial position in the world has led to sizeable investments in power and electronics technologies. The region has had notable growth in recent years, with the United States (US) and Canada as the prominent markets. The recent surge in the electric vehicle market in the region has benefitted the power electronics market to a great extent. The region also houses numerous significant companies that form the power electronics market that invest massively in the development of sophisticated power electronics systems.

Europe can possibly achieve the fastest CAGR during the estimated period, on account of growing initiatives by government and intense efforts given by electric vehicle manufacturers. Amplified use of electric vehicles in the region also favors the market.

Segmentation:

The worldwide market for power electronics has been segmented according to material, device type and vertical.

In terms of the material, the market includes silicon, silicon carbide, sapphire, gallium nitride, and others. The silicon material stands as the leading segment in the power electronics market, on account of its rising application in a variety of power electronics devices as well as products.

The device types covered in the report are power module, power IC and power discrete.

With respect to vertical, the market consists of consumer electronics, IT & telecommunication, automotive, aerospace & defense, and power, among others.

Top Market Players

Rockwell Automation (U.S.), Mitsubishi (Japan), Cree (U.S.), Toshiba (Japan), ABB (Switzerland), Fairchild (U.S.), Micro semi (U.S.), Renesas Electronics (Japan), STMicroelectronics (Switzerland), Infineon (Germany), are the renowned players in the worldwide power electronics market.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/power-electronics-market-1069

collect
0
avatar
Ehtesham Peerzade
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more