According to P&S Intelligence, the global power electronics market is expected to reach $20.0 billion by 2022, growing at a 6.2% CAGR during the forecast period (2016–2022). The key factors driving the market growth are increasing requirement for high power density and growing penetration of power electronic devices in utility applications.
Insights on the market segments
Among the various devices, power discrete devices dominated the power electronics market during the historical period, and power modules are expected to witness the highest CAGR during the forecast period. Among the various end users, consumer electronics contributed the largest revenue to the market during the historical period.
Asia-Pacific continues to be the largest power electronics market, globally
Asia-Pacific (APAC) contributed the largest revenue to the global power electronics market in 2015. China dominated the market in the APAC region, while the U.S. led the North American market. Germany was the largest market for power electronic devices in Europe, while the U.A.E. led the market in Rest of the World.
Increasing requirement for higher power density is a major market driver
Power density is an important factor in the market, particularly in high-power applications. For example, wind power generators, electric rail traction drives, solar power generators, and inverter systems are embedded with power electronic devices to make the operations more efficient. Manufacturers in the power electronics market are focusing on the development of devices that can work at high power densities. Several advantages offered by these devices, including simplified circuits, less driving power, and optimum reverse and forward blocking capabilities, can help enhance their efficiency and application areas. Hence, the growth in demand for higher power density in various applications is driving the power electronics industry.
The rising penetration of power electronic devices in utility applications is also helping the market grow. It is expected that by 2030, up to 80.0% of the electricity produced will witness the application of these devices. The fact that these devices help improve grid performance is complemented by the increasing integration of renewable energy sources into the grid.
The worldwide need to produce electricity from renewable sources is growing swiftly. It is expected that the energy consumption across the world will rise by more than 60.0% by 2030, which is predicted to augment the adoption of power electronic devices in the production of alternative energy, such as solar and wind power. These devices are integrated in grid converters, wind turbine converters, and inverters in solar panels to improve power efficiency and switching speed. Thus, the growing need for enhanced power cycling and thermal capacities is resulting in the increased adoption of these devices in the renewable energy sector.
Access the scope of the research at: https://www.psmarketresearch.com/market-analysis/power-electronics-market
Intensity of rivalry remains high in the power electronics market
The power electronics market is witnessing intense competition, majorly because of the presence of a large number of market players. Further, the steady growth rate of the market is leading to rife competition. The fact that the products offered by manufacturers do not differ much is also making the competition intense. Yet another reason behind this is the low switching cost for the majority of power electronic devices available in the market.
Some of the key players in the power electronics market are NXP Semiconductors N.V., STMicroelectronics N.V., Infineon Technologies AG, Vishay Intertechnology Inc., ON Semiconductor, Toshiba Corporation, Microsemi Corporation, ABB Ltd., and Texas Instrumentation Inc.
Major power electronic companies are introducing new products
STMicroelectronics, Infineon Technologies, and ON Semiconductor have been at the forefront of introducing new products in the power electronics market in recent years. Acquisitions, mergers, collaborations, and partnerships are some other steps taken by the market players to maintain their stronghold in the market.
GLOBAL POWER ELECTRONICS MARKET SEGMENTATION
By Device
By end-user
By voltage
By region
GLOBAL NEXT GENERATION POWER ELECTRONICS MARKET SEGMENTATION
GLOBAL WAFER MATERIALS MARKET SEGMENTATION
Prescient & Strategic (P&S) Intelligence Private Limited (formerly known as P&S Market Research Private Limited) was born out of the idea of helping businesses achieve breakthroughs through intelligent decision making, underpinned by a thorough understanding of industry dynamics
