Global Power Electronics Market and Response Market: Global Size, Competitive Analysis, Historical & Forecast Analysis, 2021-2028
The increasing focus on the use of renewable power sources across the globe, growing adoption of power electronics in the manufacturing of electric vehicles, and increasing use of power electronics in consumer electronics are the major factors driving the growth of the market. The increasing use of GaN & SiC products in various applications and growing industrialization in developing economies are projected to create lucrative opportunities for the players operating in the market during the forecast period.
The rising trend of renewable energy resources and portable energy systems is significantly impacting the development of the global power electronics industry during the assessment period. Power electronics devices are used in electric and hybrid vehicles to optimize overall system cost, increase power savings, extend mileage, mitigate power losses, increase power density, and improve battery performance. This has created opportunities for manufacturers of power electronic components.
Moreover, power electronics are capable of regulating the energy flow in unidirectional as well as bidirectional means, depending on the application and usage. At present, power electronics are extensively used in renewable energy resources and electric vehicles to enhance the switching speed while avoiding power losses.
The intensifying need for power management devices and the rising adoption of power electronics in electric automobiles are the key influencing factors paving the way for the notable adoption of power electronics across various verticals including automotive, consumer electronics, energy & power, aerospace & defense, and other industries.
As such, all these factors are expected to boost the overall market growth across the globe over the estimated duration. Additionally, initiatives and proactive promotions are undertaken by various government organizations at regional as well as international levels are further expected to create growth opportunities in the market.
Implementation of several regulations by the governments of various countries to deal with the COVID-19 pandemic (such as the complete shutdown of manufacturing facilities; limited production with limited manpower) and decrease in demand for end-products are expected to affect the growth of the power electronics market.
Renewable energy generation is one of the key revenue pockets for the market in APAC. Governments in multiple countries of the region are motivating the shift towards renewable energy generation, mainly photovoltaics or solar, in the form of various offers and subsidies. Fast-track adoption of electric vehicles across the region is also a prime factor driving the power electronics market growth. Various countries in APAC have set targets to increase the adoption of electric vehicles to reduce pollution levels. For instance, China raised its 2025 sales target for electrified cars; the country wants about 25% of new cars sold by 2025 to be electrified. The Japanese government has aimed to have all new cars sold in Japan to be electric or hybrid vehicles by 2050.
Global Power Electronics Market
Analysis of key manufacturers including Infineon Technologies, ON Semiconductor, STMicroelectronics, Mitsubishi Electric, Vishay Intertechnology, Fuji Electric, NXP Semiconductors, Renesas Electronics, Texas Instruments, Toshiba, ABB, GaN Systems, Littelfuse, Maxim Integrated, Microchip, ROHM,SEMIKRON, Transphorm, UnitedSiC, and Wolfspeed, A Cree Company. This section also presents strategies implemented by key participants such as product launch, expansion, and partnership with a detailed impact analysis.
Global Power Electronics Market Segmentation Analysis
This report segments the global power electronics market into device type, which is further segmented into power discrete, power module, and power IC. Based on material, it is further divided into silicon (Si), silicon carbide (SiC) and gallium nitride (GaN). In terms of voltage, they are segregated as low Voltage, medium voltage and high voltage. On the basis of vertical, they are divided as ICT, consumer electronics, industrial, automotive & transportation, aerospace & defense and others.
The report segments, Power Electronics Market into
By Device Type
Silicon Carbide (SiC)
Gallium Nitride (GaN)
Automotive & Transportation
Aerospace & Defense
News: STMicroelectronics Launched highly integrated and flexible synchronous DC/DC converters for smart industrial applications.
“In February 2020, STMicroelectronics has launched highly integrated and flexible synchronous DC/DC converters for smart industrial applications. STMicroelectronics’ L6983 38V/3A synchronous DC/DC converters maintain high efficiency at all loads with a maximum value of 95% and are highly integrated with synchronous MOSFETs on-chip to save external components and simplify the design.”
Global Power Electronics Market Regional Insights:
APAC is expected to grow at a significant rate for the global power electronics industry. APAC is expected to continue to hold the significant share of market and expected to be the fastest-growing region in the power electronics market owing to the rapid development of consumer electronics products, which drives power IC market. Consumer electronics, industrial, and automotive are among important verticals in the APAC market
News: Infineon Developed and launched new products, and expanded its portfolio.
“In March 2020, Infineon developed solutions for the highest efficiency and quality requirements. The newly launched 600 V CoolMOS S7 product family leads the way for power density and energy efficiency for applications where MOSFETs are switched at a low frequency.”