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An Overview of Power Electronics
Power electronics market encompasses products such as transmission and distribution systems, substations, generators, converters and control systems. These systems are important for moving electric powers from generation sources to consumers.
Applications of Power Electronics in Electric Power Systems
Power electronics play an important role in several different types of electric power systems: traditional grid-connected systems (including fossil-fueled plants), distributed renewable generation energy storage systems (DERESS).
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The power electronics market is projected to grow from USD 37.4 billion in 2021 to USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% from 2021 to 2026., reflecting an increasing demand for efficient and reliable power transmission systems.
The key factors driving the growth in the power electronics sector include ever-increasing demand for electronics products and services, growing investment in renewable energy sources, and emerging technologies such as mobile computing and IoT. These factors are expected to drive continued growth in the power electronics market, despite the adverse effects of macroeconomic events on the overall economy.
The Market in Europe
Europe is the homeland of power electronics. More than 100 companies operating in this segment are based in Europe. The market in Europe is dominated by three key players: ABB Group, Emerson Electric and Siemens. All these companies can supply the entire range of power electronics products and services to their customers. This enables consumers to select the right equipment for their specific needs.
The Market in China
The market is witnessing significant growth owing to the increasing demand for renewable energy and automation across various industrial applications. Various factors, such as rising electric vehicle sales, expansion of the infrastructure sector, and increasing investment in smart cities are fuelling the demand for power electronics in China. In addition, growing demand from industrial players for advanced solutions such as EMI suppression, proactive safety and efficiency features, and dynamic thinking capabilities is impeding the growth of the miniaturization segment.
The Market in Japan
The growth is mainly due to increasing demand from industries such as renewable energy and electric vehicles.
The market is being disrupted by the development of new technologies, such as artificial intelligence and machine learning, which are eroding the traditional revenue sources for power electronics firms. However, the rise of these novel technologies is also opening new market opportunities.
Major vendors in the power electronics market include Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).
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