The power electronics market is expected to grow from USD 39.03 billion in 2018 to USD 51.01 billion by 2023, at a CAGR of 5.5% between 2018 and 2023. Upgrade of power infrastructure and focus toward the use of renewable power sources, and growing demand for energy-efficient battery-power portable devices are the major driving factors for this market. Growing demand for HEVs and EVs and growing industrialization in developing economies are the opportunities for this market.
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The market for discrete devices is expected to grow at the highest CAGR during the forecast period. The growth is attributed to the increasing use of discrete devices in PC motherboards and automotive applications. Moreover, the market is mainly driven by the automotive and industrial verticals as power management is in the prime focus in the industrial vertical, whereas increasing production of electric and hybrid vehicles in the automotive vertical is expected to create significant opportunities for discrete components in future.
The market for transportation application is expected to grow at the highest CAGR during the forecast period. The growth of the market is attributed to the growing use of electronic devices in the automotive vertical for charging stations, car safety, authentication, mobile security, and others. Moreover, large-scale production of HEVs and EVs and the rising demand for electric vehicle charging stations are expected to make transportation the largest revenue sector for the power electronics industry in the near future.
The power electronics market for automotive vertical is expected to grow at the highest CAGR during the forecast period. Increasing concerns over environmental pollution and sustainable growth in vehicle production are boosting the growth of the market for electric and hybrid electric vehicles and high-end automobiles crating significant opportunities for the power electronics market.
The power electronics market has been segmented on the basis of geography into North America, Europe, APAC, and RoW. The market in the APAC is expected to grow at the highest CAGR between 2018 and 2023. The higher growth rate in the region is mainly attributed to the growing demand for power electronic devices in automotive and consumer applications and the presence of many manufacturing units in APAC.
Growing industrialization in developing economies and growing demand for EVs and HEVs are some of the opportunities for power electronic device providers. Power electronic devices can help provide clean energy for non-grid connected or stand-alone applications, such as transportation systems in electric and hybrid vehicles, electric aircrafts, electric ships, and high-speed trains. In grid-connected or standalone applications, power electronic converters are needed to interface energy sources with various loads. Therefore, the power electronics technology is vital for energy systems and processes of green industrialization.
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