The power electronics market refers to the industry that involves the design, development, and manufacturing of electronic devices and systems that are used for power conversion and control.
According to forecasts, the global market for power electronics would increase at a 5% CAGR and reach US$ 44 billion by 2032. The market is anticipated to be valued US$ 28 billion in 2022. Over the forecast period, the power electronics market is expected to grow at a moderate CAGR. As a result of the increased production of automobiles, motor vehicles, and other vehicles, the electronic sector is currently rapidly growing its market size.
The usage of switching electrical circuits regulates the flow of energy. Power electronics refers to these switching electrical circuits. The conversion of electric power also takes into account power electronics. Semiconductor devices including diodes, transistors, and thyristors, among others, carry out these conversions. Devices that use power electronics have a number of benefits, such as excellent forward and reverse backup capabilities, simplified circuits, compact designs, etc.
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Moreover, power electronics find its applications in connection of renewable energy resources to power grids, transportation in electric trains, motor drives and lighting. The major use of power electronics devices is heat sinking as well as soft starting of an equipment deploying power electronic devices.
Global Power Electronics Market: Segmentation
The global power electronics market can be segmented into geography, types and applications. On the basis of geography, the global power electronics market can be segmented into America, Europe, Asia Pacific and Middle East & Others.
Considering types, the global power electronics market can be segmented into diode rectifiers, ac-dc converters, ac-ac converters, dc-dc converters, dc-ac converters and static switches. On account of applications, the global power electronics market can be segmented into industrial activities, solar power, wind power, electric cars, aerospace and consumer electronics.
Global Power Electronics Market: Region-Wise Outlook
In terms of power electronics market value, Asia Pacific is the largest geography. America being the fastest growing region, Europe is considered as a very promising market comprising of Germany and UK while Middle East also grants an impetus to the growth of the global power electronics market.
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Global Power Electronics Market: Drivers
Various factors are fuelling the growth of global power electronics market including rapid use of renewable sources of energy followed by the increase in the adoption of electric cars and defense. ICT, telecommunications, self monitoring and diagnostics systems, hospitals and healthcare are the major fields driving the global power electronics market to grow apparently.
Global Power Electronics Market: Restraints
There are various challenges faced by the global power electronics market like high initial costs, deposition of GaN on silica materials which is in turn very difficult to reach in high voltage ranges. Moreover, manufacturing of power electronics is way to expensive and time consuming thus posing a restraint to the global power electronics market.
Global Power Electronics Market: Key Players
The major companies playing a key role in the manufacturing of power electronics are Enercon, Fairchild, Fuji Electric, GE Wind Energy, Mersen, Methode Electronics, Semikron Elektronic GmbH & Company etc. Microsemi Corp, Toshiba Corp, Mitsubishi Electric Corp, Vishay Intertechnology, Infineon Technology, Texas Instruments Inc are some major key players in the field of global power electronics market.
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Key Segments Profiled in the Power Electronics Industry Survey
By Component:
- Discrete
- Modules
By Material:
- Silicon
- Germanium
- Silicon Carbide (SiC)
- Gallium Nitride (GaN)
By Application:
- Consumer Electronics
- Automotive
- IT & Telecommunication
- Energy & Power
- Industrial
- Military & Aerospace
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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