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 will increase at a 5% CAGR and reach US$ 44 billion by 2032. The market is anticipated to be valued at 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 several benefits, such as excellent forward and reverse backup capabilities, simplified circuits, compact designs, etc.
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Moreover, power electronics find their applications in connection with renewable energy resources to power grids, transportation in electric trains, motor drives, and lighting. The major use of power electronic devices is heat sinking as well as soft starting of equipment deploying power electronic devices.
Global Power Electronics Market: Segmentation
The global power electronics market can be segmented into geography, types, and applications. Based on geography, the global power electronics market can be segmented into America, Europe, Asia Pacific, and Middle East, and 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 is the fastest growing region, Europe is considered a very promising market comprising Germany and the UK while the Middle East also grants an impetus to the growth of the global power electronics market.
Global Power Electronics Market: Drivers
Various factors are fuelling the growth of the global power electronics market including the 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.
Global Power Electronics Market: Restraints
There are various challenges faced by the global power electronics market like high initial costs, and 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 too expensive and time-consuming thus posing a restraint to the global power electronics market.
Leading Key Players:
- Texas Instruments Inc.
- Mitsubishi Electric Corp.
- Fuji Electric Co. Ltd.
- NXP Semiconductor N.V.
- ON Semiconductor Corp.
- Infineon Technologies AG
- TOSHIBA Corp.
- STMicroelectronics N.V
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Power Electronics Market Segmentation:
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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