Power Electronics Market To Register 5.61% CAGR During 2023-2027F
Automotive Industry
dominates the Global Power Electronics Market in the future years.
According to TechSci Research
report, “Power Electronics Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027F” Global power electronic market stood at
USD40.52 billion in 2021 and is expected to grow at a CAGR of 5.61% during the
forecast period. This astonishing growth can be attributed to the growing
demand for the green energy. Higher energy consumption and surging demands for
the renewable sources of the energy facilitate the growth of the global power
electronics market in the upcoming five years. Evolution in the energy
resources and consistent research to find latest innovative methods of
converting the renewable energy into electrical energy further supports the
growth of the global power electronics market in the next five years. Expanding
automotive industry, increasing investment in the support of advancing the
automotives, technological advancement and innovative product development
substantiate the growth of the global power electronics market in the future
five years. The population as well as the government are highly concerned
regarding deteriorating stages of the environment and ill effects of higher
consumption of energy generated from non-renewable resources further aid the
growth of the global power electronics market in the forecast years through
2027.
Power electronics refers to
an interdisciplinary field of electrical engineering that deals with the
design, control, and conversion of electrical energy. Power electronic system is
responsible for converting the electric energy to an electric load through a
control circuit. These electronics play an important role in electrified
vehicle applications, and it provides compact and high-efficient solutions for
power conversion. It is an important technology in the conversion and control
of electrical power in multiple applications, such as electric drives and
generators, energy storage systems, renewable energy systems, smart cities,
smart grids, power systems, transport (ships, vehicles, aircraft, and others),
industrial, telecommunications, medical, military, consumable, and home
apparatus.
Browse over 156 market
data Figures spread through 204 Pages and an in-depth TOC on "Global Power Electronics Market"
The global power electronics
market is segmented by device type, material, voltage, application, regional
distribution, and competitive analysis. Based on device type, the market is
further segmented into power discrete, power module and power IC. Power
discrete segment is anticipated to hold the largest revenue shares of the
market and dominate the market segment in the upcoming five years on the
account of its added advantages and applications to regulate voltages. Power
discrete are power devices solution that use a single semiconductors like diode
and transistors that when use regulates the voltage transmission and thereby
reducing the consumption of power. Also, since the voltage is modulated well,
the heating effects on the electronics is further reduced.
By material, the market is
fragmented into silicon, silicon carbide, gallium nitride and others. Based on
application, the market is bifurcated into ICT, consumer electronics,
industrial, automotive, aerospace & defense, and others. The market is also
analyzed among the regions of the world as North America region, South America
region, Europe region, Asia Pacific region, and Middle East & Africa region.
Some of the market players,
dominating the global power electronics market are
·
Mitsubishi
Electric Corporation
·
Fuji
Electric Co., Ltd.
·
Toshiba
Corporation
·
Infineon
Technologies AG
·
ON
Semiconductor Corporation
·
STMicroelectronics
International N.V.
·
Texas
Instruments Incorporated.
·
Renesas
Electronics Corporation
·
Vishay
Intertechnology, Inc.
·
NXP
Semiconductors N.V.
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“Asia Pacific region is
anticipated to dominate the regional market in the upcoming five years due to
increasing sales of the automotives in the region. Countries like China, India,
Japan, with large populations and thus increasing higher sales of the vehicles
are actively responsible for the growth of the global power electronics market
in the next five years. Moreover, China is one of the largest producers of the
electronics and support highly efficient and energy regulated models of
electronic and hybrid vehicles. Also, countries like Japan and South Korea are
rapidly expanding their automotive industry thereby aiding the growth of the
global power electronics market in the future five years. Higher exports of
these vehicles to the other countries also adds to the growing demands for the power
electronics thereby adding to the market growth in the next five years. Rapidly
increasing disposable income of the population steady growth of the economy,
rising population in the countries also play vital role in supporting the
market growth.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
Global Power Electronics
Market By Device Type (Power Discrete, Power Module and Power IC), By Material
(Silicon, Silicon Carbide, Gallium Nitride and Others), By Voltage (Low
Voltage, Medium Voltage, High Voltage), By Application (ICT, Consumer
Electronics, Industrial, Automotive, Aerospace & Defense, and Others), By
Region (Asia-Pacific, Europe, North America, South America, Middle East and
Africa), Competition, Forecast & Opportunities, 2017-2027”, has evaluated the future
growth potential of global power electronics and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global power electronics market.
Contact
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