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SE2009385 |
Pages: NA |
Jan 2023 |
Power electronics refers to an electronic device which transfers energy from an initial point to a load in a robust, efficient, and compact way in order to ensure utmost and optimum utilization. Power electronics can also be called a branch of research that includes analysis, designing, and study of multiple circuits that are capable of electrical energy conversion from one form to another. Power electronics facilitate energy management in order to enhance power conservation for various applications. These power devices are utilized to control and manage the conversion of electric energy using thyristors, diodes, and transistors from one form to another. Power electronics facilitate faster switching rates at extremely high efficiency when operations at high current or voltage are encountered or executed. Further, power electronics are capable of controlling both bidirectional and unidirectional flow of power as per the user requirement. All these factors and benefits are directly increasing the demand for power electronics and helping the market to grow.
A growing focus by governments across the globe to invest and enhance the renewable source of power are positively impacting the growth of the power electronics market. There has been a major surge in the installation of technology and infrastructural development that is required to harvest renewable sources of energy. These infrastructural facilities include solar energy sources, wind energy sources, hydro energy sources, and gas energy sources. Growing focus on renewable sources owing to the rising cost of non-renewable sources, increasing prices, and growing environmental concerns have caused a positive shift. All these facilities are growing majorly across the globe and simultaneously increasing the demand for power electronic devices and driving the market growth. Further, massively increasing consumption of consumer electronics globally owing to a rise in consumer spending power is facilitating the market growth. For instance, smartphone users globally have increased exponentially over the past decade, and such devices require various units of switching devices that are capable of converting AC to DC power. Also, rising government and private player investments to increase electricity reach in remote areas and enhanced prevailing power infrastructure is fueling the power electronics market growth.
Power electronics require complex integration processes which usually comprise of advanced electronic devices. The process of designing such a complex device requires strong skillsets, tools for integration, and methodology, which will add extra costs and lead to a rise in prices of power electronics. These high costs severely impact the market growth and reduce the adoption of power electronics.
The global automotive sector is going through revolutionary technological advancements and one of the major innovations is electric vehicles. There has been a major rise by automotive manufacturers in the production of electric vehicles in order to reduce carbon emissions generated from automobiles. Rising government standards and growing popularity amongst the general public is also increasing the demand for electric vehicles. The sudden rise in the demand for plug-in vehicles has created a major opportunity for the power electronics market as these vehicles run on power. Owing to these factors, the demand for power electronics from the automotive sector has created a major growth opportunity for the market. Furthermore, the growing usage of Sic and GaN products for multiple applications with increasing industrialization has also created lucrative market opportunities.
The power module segment will have a dominating share in the global market and is expected to register a significant revenue during the forecasted timeframe. Increased adoption of HEV/EV, growing awareness about renewable energy sources, rising number of charging stations, increasing electrification in the automotive sector, and rising usage in intelligent modules in consumer electronics driving the market growth. Furthermore, growing applications in various industries such as hybrid-power solutions for construction, agriculture, commercial vehicles, solar energy systems, UPS, are also propelling the market growth.
The silicon carbide segment is anticipated to register maximum growth in the power electronics market during the forecast period. The growing utilization of silicon carbide devices by OEMs for the manufacturing of hybrid vehicles is driving the segment’s growth. Further, the growing utilization of silicon carbide in EV inverters for increased efficiency and reduced carbon footprint is driving the market growth. Silicon carbide devices provide greater reliability, reduced size, high operating temperature, high voltage capabilities, and increased efficiency. These benefits make SiC components highly preferred material for multiple applications like electrified automobile systems, UPS, charging infrastructures, and renewable energy generation majorly for photovoltaics.
The renewable segment is expected to grow exponentially in the power electronics market during the forecasted timeframe. A growing focus by governments across the globe to reduce carbon footprint and reliability on non-renewable sources of energy is driving the renewable segment’s growth. Increasing investments by private and public organizations toward infrastructural development for harvesting renewable sources of energy such as wind, solar, hydro, and others have massively increased. Rising activities in the sector of renewable energy have led to a growing demand for power electronics which is boosting the market growth.
The automotive sector is anticipated to grow at a fast pace in the power electronics market during the forecast period. Growing utilization of power electronics in hybrid electronic vehicles (HEV) and electronic vehicles (EV) for increased efficiency and reliability is propelling the market growth. Growing focus on reducing carbon footprint and stringent government norms are motivating consumers to opt for electric vehicles and causing a significant rise in the demand. The growing production of HEV/EV is increasing the utilization of power electronics and further propelling the market growth.
The Asia-Pacific region is expected to grow significantly and hold the largest market share in the power electronics market during the forecasted timeframe. Growing consumer spending power has led to a massive rise in the purchasing of consumer electronics, which is one of the major factors driving the market growth. Further, rising industrialization, major presence of automotive manufacturers, and growing investments in the power sector are also propelling the market growth. In addition, increased focus by countries like India, China, South Korea, and Japan on harvesting solar energy sources is creating huge growth opportunities for the market.
Source: Research Dive Analysis
Some of the significant power electronics market players include Texas Instruments Incorporated., Microsemi Technology Inc., ABB, Infineon Technologies AG, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Renesas Electronics Corporation., STMicroelectronics, and TOSHIBA CORPORATION.
Power electronics market players are emphasizing more on mergers & acquisitions and advanced product developments. These are the various strategies followed by established organizations. To emphasize more on the competitor analysis of market players, Porter’s five forces model is explained in the report.
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Aspect |
Particulars |
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Historical Market Estimations |
2018-2019 |
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Base Year for Market Estimation |
2018 |
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Forecast timeline for Market Projection |
2020-2027 |
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Geographical Scope |
North America, Europe, Asia-Pacific, LAMEA |
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Segmentation by Device Type |
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Segmentation by Material |
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Segmentation by Application |
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Segmentation by End User |
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Key Countries Covered |
U.S., Canada, Germany, France, Spain, Russia, Japan, China, India, South Korea, Australia, Brazil, and Saudi Arabia |
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Key Companies Profiled |
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