Power Electronics Market- Overview:
The trend of smart vehicles that run on electricity have taken flight. Since the time of their introduction, this phenomenon has caught the attention of market players and end users alike. Furthermore, the growth of this market has led to development of a number smaller industries that get a chance to establish themselves on the bigger platform. The global market for power electronics is a shining example of this fact. It has successfully made a mark on the global map in a very short span of time. In the forthcoming forecast period of 2017-2023, this market is expected to expand further.
At present, the world needs to cut down on its natural fuel resource consumption. And due to this fact, it is being asserted that the global market for power electronics will grow by leaps and bounds in the forthcoming years. This market is estimated to tread forward at the CAGR of around 3% and it is anticipated to generate a revenue of around USD 43 billion.
Increased acceptance of power electronics in electric vehicles and higher demand for power management devices can be termed as two major factors that happen to drive the growth of this market.
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Major Key Players
Infineon Technologies AG (Germany),
Texas Instruments, Inc. (U.S.),
ON Semiconductor Corp. (U.S.),
STMicroelectronics N.V. (Switzerland),
Maxim Integrated Products, Inc. (U.S.),
Qualcomm, Inc. (U.S),
Vishay Intertechnology, Inc. (U.S.),
Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan) among others.
The major growth driver of Power Electronics Market includes rising demand for high-power electronics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others.
April 13, 2018 – The latest positive update has come in the form of a product launch for this industry. A new electric cargo bike called CERO One was launched by CERO, it has the capability of reaching upto 20 mph and it runs on power electronics. This product is anticipated to assimilate a lot of profit for this market.
The worldwide market of power electronics has been segmented into three distinct portions. All of the three and sub-divisions are listed as below:
By verticals – Consumer electronics, aerospace & defense, IT & telecommunication, automotive and power. The automotive sub-segment is anticipated to govern the market during the projection span. Higher acceptance and usage of energy efficient hybrid electronic cars are a major reason for its lead.
By materials – Gallium nitride, silicon, sapphire and silicon carbide. Silicon grabbed the maximum number of shares back in 2015 and its dominance is expected to continue during this forecast period as well. The versatility of silicon gives it an edge over the others.
By device type – Power module, power discrete and power IC. The power IC segment is estimated to be the fastest growing the in device type division. The main reason for this is the increased usage of power IC for a number of purposes.
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- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Technology Solution vendors
- System integrators
- National regulatory authorities
- Venture capitalists
- Investment houses
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