The global power electronics market is touted to touch a valuation of USD 43 billion at a CAGR of 3% from 2017 to 2023 (forecast period) as per the latest report by Market Research Future (MRFR). Power electronic devices have the capacity to control electric power from the source to power devices in an efficient manner. The need for energy conservation has increased its scope to electric vehicles, industrial systems, and consumer electronics.
Technological leaps in the electronics sector is bound to be fruitful for the power electronics market over the forecast period. The shift to renewable energy sources is likely to propel market revenues significantly. The use of inverters in solar systems for store copious amounts of energy has made power electronic valuable. Change in distribution architectures coupled with bankable Chinese products have increased its scope to industrial, residential, and utility projects.
Furthermore, development of power infrastructure and demand for compact devices across aerospace & defense, consumer electronics, communication, power, and others can bolster market demand. The inclination of consumers from fuel-driven vehicles to electric is likely to present new opportunities for the market to expand. But initial manufacturing costs can pose a challenge to the 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.),
- Fuji Electric Co., Ltd. (Japan),
- NXP Semiconductors N.V. (The Netherland),
- Qualcomm, Inc. (U.S),
- Vishay Intertechnology, Inc. (U.S.),
- Renesas Electronics Corp. (Japan),
- Mitsubishi Electric Corp. (Japan)
According to MRFR, the global power electronics market is expected to grow at a CAGR of approximately 3% during the forecast period 2017-2023.
Companies such as Infineon Technologies and Mitsubishi Corporation have launched new power modules to attract new clientele. Recently, Deplhi launched a patented power switch with double cooling to function longer in extreme temperatures. It can find application in electric and hybrid vehicles. In addition, demand for infotainment systems and interactive dashboards can increase the scope of the product exponentially in the market.
The Asia Pacific is expected to be the most lucrative region for the global power electronics market till 2023, followed by North America and Europe. Breakthroughs in energy harvesting techniques coupled with establishment of hubs in China, India, and Japan are likely to boost regional market revenues. Adoption of automation to expedite production combined with rising demand for electric and hybrid vehicles can bode well for the market.
North America is touted to be a promising region for investment thanks to adoption of renewable sources of energy. Programs initiated by governments to encourage consumers to shift from mechanical to electrical sources of power can bode well for the market. In addition, popularity of electric vehicles thanks to ergonomic designs and power comparable to existing cars can further the market growth. New generation of MOSFET transistors with high voltage capacity and better performance is expected to encourage the development of the power electronics market.
The power electronics market is segmented by material, device type, and vertical.
By material, the market is segmented into gallium nitride, silicon carbide, silicon, sapphire, and others. The silicon segment is expected to be the dominating material used in the power electronics market till 2023. This can be credited to its compatibility with various substrates and its wide applications in consumer electronic devices.
By device type, the market is segmented into power discrete, power module, and power IC. The power IC segment can account for maximum revenue for the power electronics market owing to its wide application from defense, ICT, and aerospace verticals.
Verticals catered by the power electronics market include aerospace & defense, IT & telecommunication, consumer electronics, automotive, and power. The automotive vertical is expected to contribute the maximum to the market owing to increasing electrification of systems under the hood. Concerns over pollutions is likely to create the market for hybrid and electric vehicles and create an opportunity for the market.
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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
LIST OF TABLES
Table 1 Global Power Electronics Market: By Region, 2017-2023
Table 2 North America Power Electronics Market: By Country, 2017-2023
Table 3 Europe Power Electronics Market: By Country, 2017-2023
Table 4 Asia Pacific Power Electronics Market: By Country, 2017-2023
Table 5 The Middle East & Africa Power Electronics Market: By Country, 2017-2023
Table 6 Latin America Power Electronics Market: By Country, 2017-2023
Table 7 Global Power Electronics by Material Market: By Regions, 2017-2023
LIST OF FIGURES
FIGURE 1 Global Power Electronics Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis of Global Power Electronics Market
FIGURE 4 Value Chain of Global Power Electronics Market
FIGURE 5 Share of Global Power Electronics Market in 2017, by country (in %)
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