Global Power Electronics Market Overview
Power electronics is a device that converts and controls electric power from the source to the load in a capable and apt manner. Fluctuated power from one device to the other power device can be controlled by power electronics device. It can control the flow of energy in unidirectional as well as bidirectional, depending upon the usage. It supports power management to enhance energy conservation in various applications such as industrial systems, electric vehicles and consumer electronic. Power electronics is used in various industries such as power & energy, aerospace & defense, automotive, ICT and consumer electronics.Power electronics market is expanding due to the demand for alternative energy systems such as wind, solar and geothermal. Major factors which contribute to the growth of power electronics are advance technology and need to provide stable power supply.
Market Size and Forecast
The power electronics market, in terms of value, is estimated around USD 35 Billion in 2016 and is expected that it will grow rapidly during the forecasted period at a CAGR of around 7.12%. Increasing awareness about depletion of fossil fuels, increasing CO2 and air pollution are the factors stimulating power electronics market. Power electronics market has changed rapidly due to the developments of the semiconductor devices and the microprocessor technology.
Asia Pacific is anticipated to hold the largest market share and is predicted to grow with a highest CAGR during the forecast period. Large number of automotive and consumer electronics manufacturers and demand for power electronic devices in these industries contributed to the growth of the power electronics market globally. It is estimated that 49% of China’s population owes smartphones which accelerate the market of power electronics in Asia Pacific.North America is projected to be the fastest growing market for power electronics due to presence of large number of domestic consumer goods manufacturers.Europe is anticipated as a strong contributor in the power electronics market. Financial incentives in the form of grants and subsidies for electric vehicles are given by UK government. The presence of such kind of initiative drives the power electronics market in this region.
Market Segmentation
Our-in depth analysis of the global power electronics market includes the following segments:
By Product type
- Discrete
- Module
- IC
By Material Type
- Sapphire
- Gallium nitride
- Silicon
- Silicon carbide
By Application Type
- Automotive
- Consumer Electronics
- ICT
- Industrial
- Aerospace & Defense
By Region
Global power electronics market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Rapid use of energy resources and increase in adoption of telecommunications, self-monitoring and diagnostic systems, electric cars, and ICT are the major fields which drive the power electronics market globally.
Continuous developments and up gradations in power electronics industry contributed to the growth of power electronics market. High requirement for power density, penetration of power electronic devices in utility applications also drive the growth of power electronics market globally. Conversion of electrical grids to next-generation networks can be done by power electronics.
Challenges faced by power electronics market were high initial cost, deposition of GaN on silica materials which is a complex procedure. Manufacturing of power electronics is expensive and time consuming process.
Top Featured Companies Dominating the Market
- Infineon Technologies
- Company Overview
- Key Product Offerings
- Business Strategy
- SWOT Analysis
- Financials
- Texas Instruments
- On Semiconductor
- STMicroelectronics
- Mitsubishi Electric Corp.
- Fuji Electric
- Renesas Electronics
- Toshiba Corp.
- NXP Semiconductors
- Vishay Intertechnology
- Maxim Integrated Products
- SEMIKRON
- ABB Group
- ROHM Semiconductor
- Microchip Technology
- Danfoss
