Power Electronics Market to Record an Impressive Growth By 2024

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Global Power Electronics Market: Overview

Converting and controlling the electric power to the load from the source is done by the solid state circuitry devices which are known as power electronics. These devices make sure that the delivery of power is effective, provides high security, flexibility, and reliability to the power system. They help in improving the switching speed and also facilitate the power management in order to prevent loss of power. Silicon, silicon carbide, gallium nitride, and sapphire are the materials that are commonly used for these devices. The regular types of devices are ICs, transistors, thyristors, diodes, and modules. These devices are used in several applications across industrial verticals such as information and communication technology, industrial, consumer electronics, automotive, aerospace and defense, and power.

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Global Power Electronics Market: Segmentation

The power electronics market is globally segmented into its material, device type, vertical, and regions. On the basis of material, the global market is segregated into silicon, gallium nitride, silicon carbide, sapphire, and others. Based on the device type, the market is categorized into discrete, IC, and module. Depending on the vertical, the market is divided into ICT, power and energy sector, automotive, consumer electronics, industrial, and aerospace & defense. Diversification of the power electronics market on the basis of regions includes Asia Pacific, North America, Europe, and Rest of the World.

Global Power Electronics Market: Growth Factors

The increasing awareness about the benefits of the power electronics is triggering its uptake across several applications. It is anticipated that in the coming years up to 80% of the total electricity that is produced will be using power electronic devices. The escalating demand for the battery-powered portable devices that are energy efficient also fuels the demand of global power electronics market. Furthermore, the increasing dependence on the renewable energy resources works in favor of the market growth. Other factors that contribute to the growth of the global market include increasing demand for energy harvesting technologies and improving power infrastructure. On the flip side, cumbersome integration process and high complexity of the sophisticated technology devices make their production time consuming, thus negatively affecting the growth of the global power electronics market. Another factor that hampers the market growth includes the high initial costs of power electronics.

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Global Power Electronics Market: Regional Analysis

In geographical terms, Asia Pacific region is the major revenue contributor to the growth of the global power electronics market. The fast development of manufacturing facilities coupled with the vigorous growth of the consumer goods sector supplements the growth of the market in the Asia Pacific region. Increasing initiatives that are taken by governments and the cost advantages are the factors that are boosting the domestic production of the power electronics devices. The growth of the market in the European region can be attributed to nations such as the UK and Germany.

Global Power Electronics Market: Competitive Players

Some of the key market players that are involved in the power electronics market include NXP Semiconductors N.V., STMicroelectronics N.V., Vishay Intertechnology Inc., Toshiba Corporation, Infineon Technologies AG, ON Semiconductor, Microsemi Corporation, Texas Instrumentation Inc., ABB Ltd.

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