Power Electronics Market to Grow at a CAGR of 5.61% Until 2026
The rising efforts towards the use of renewable sources of energy & the growing trend of electric vehicles (EVs) and hybrid Electric vehicles (HEVs) are expected to drive the growth of the global power electronics market.
According to TechSci Research report, “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, Competition, Forecast & Opportunities, 2016-2026”, the global power electronics market is forecast to grow at a CAGR of 5.61% to reach USD53.24 billion by 2026. Growth in the market can be attributed to the increasing trend of electric vehicles (EVs) and hybrid electric vehicles (HEVs) in North America and even in emerging economies such as India, Vietnam, etc. The rising number of smart grids, especially in the European countries has increased the demand for power electronics devices in the global power electronics market. Also, there has been a significant increase in the number of power discrete and power modules semiconductors in consumer electronics which is expected to increase opportunities for the Global Power Electronics Market.
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The Global Power Electronics Market is segmented based on device type, material, voltage, application and region. In terms of device type, the market can be segregated into Power Discrete, Power Module and Power IC. Out of these, the power discrete segment registered a market share of 41.46% in 2020 due to its lower bill of material (BOM) cost and device cost. However, the power module segment with additional features of low design & simulation time, less layout time, reduced space & more power density is expected to show the highest growth.
Based on material, the market is segmented into Silicon, Silicon Carbide, Gallium Nitride and Others. The silicon segment has a share of 47.81%. However, to increase the system performance, new materials such as silicon carbide, gallium nitride, etc. that exhibit better physical and chemical properties are expected to show growth in the future.
Based on the voltage, the market is divided into Low Voltage, Medium Voltage and High Voltage. The medium voltage leads the market with a share of 52.45%. The medium voltage is very common in electric motor controls, photovoltaic inverters, electric vehicle drives, and universal power supplies. Moreover, with the rising growth of smart grids and renewable energy power supply, the high voltage type is also expected to show significant growth.
Based on the application, the market is segmented into ICT, Consumer Electronics, Industrial, Automotive, Aerospace & Defense and Others. The automotive segment is dominating with a 25.81% market share owing to the government’s push to encourage the use of electric vehicles. Moreover, the Aerospace & Defense and Industrial sectors are also expected to show growth due to developments in high-power electronics.
In the Global Power Electronics Market, Asia-Pacific is the largest contributor with 62.60% of market shares in 2020. China is the largest contributing country in the region for the forecast period, followed by Japan, India and South Korea. China’s position can be attributed to its high-speed growth which has been stimulated by the continuous increase of industrial output, imports & exports, consumer consumption and capital investment. In recent years, India has also emerged as a potential market for electric vehicles.
The Infineon Technologies AG, On Semiconductor, STMicroelectronics, Mitsubishi Electric Corporation, Toshiba Corporation, Texas Instruments, Fuji Electric Co., Ltd., Renesas Electronics Corporation, Vishay Intertechnology, Inc., NXP Semiconductors N.V etc. are among the leading players operating in the Global Power Electronics Market. Companies operating in the market are using organic strategies, partnerships and collaborations to boost their shares in the Global Power Electronics Market. Significant players in the market are concentrating on accomplishing ideal operational expenses, upgrading the system efficiency, enhancing precision in responses, boosting productivity with high funding in R&D, and merging with small players to support in the competitive Global Power Electronics Market.
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“The rising awareness towards the use of renewable sources of energy to reduce carbon emissions combined with various efforts made by governments to cut carbon can increase the demand for power electronic devices in the automotive industry and hence result in the growth of the Global Power Electronics Market. The renewable sources of power supply along with the development of smart grid will be the major drivers for the growth of the Global Power Electronics Market in the upcoming future.” 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, Competition, Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of portable power electronics in the Global Power Electronics Market and provides statistics and information on market structure, size, share and future growth. The report is intended 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 present in Global Power Electronics Market.
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