Power Electronics Market Overview:
Power Electronics Market is expected to garner $25 billion by 2022, registering a CAGR of 8.9% during the forecast period 2016-2022.
Power electronics is a solid-state circuitry device that converts and controls electric power from the source to the load in an efficient and convenient manner. It is used to control the fluctuated power from one device to other power devices such as diodes, transistors, and thyristors. It enables power management to enhance energy conservation in various applications such as industrial systems, consumer electronic, and electric vehicles. In addition, power electronics can control the flow of energy in unidirectional as well as bidirectional manner, depending upon the usage. Currently, it is used in renewable resources and electric vehicles to improve switching speed and prevent power loss.
Increasing adoption of power electronics in electric vehicles and aggrandized need for power management devices have led to higher adoption of power electronics in energy & power, automotive, consumer electronics, and other industries. Therefore, the global power electronics market is expected to witness moderate growth in the near future, owing to high-speed switching rate and optimized power loss. However, current leakage at high temperature and high infrastructure deployment cost hamper the market growth. Proactive government initiatives to establish high voltage direct current (HVDC) and smart grid utilizing power devices for power conversation are expected to provide lucrative opportunities to the market.
The global power electronics market is segmented on the basis of device, type, application, and geography. Based on device, the market is segmented into power diode, MOSFET, BJT, IGBT, and thyristor. In 2015, IGBT segment dominated the global market in terms of revenue contribution, and is expected to maintain this trend throughout the forecast period, owing to enhanced efficiency and ease-of-control at high voltages.
Based on type, the power module segment dominated the global market in terms of revenue contribution, and is expected to maintain this trend throughout the forecast period. However, the power IC segment is expected to witness rapid growth due to increase in demand for consumer electronic applications utilizing integrated chips for lower-current applications.
Based on application, the automotive segment offers lucrative scope to industry players, and are expected to exhibit higher growth as compared to the other segments. The global power electronics market is segmented on the basis of geographical region into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest revenue share in the global market, owing to improvement in power transmission and use of renewable energy.
Global Power Electronics Market Segmentation
Power Electronics: Applications
Comprehensive competitive analyses and profiles of major market players, including Infineon Technologies AG, Mitsubishi Electric Corp., Toshiba Corporation, ABB Group, STMicroelectronics, Fuji Electric Co. Ltd., Rockwell Automation, Inc., Renesas Electronics Corporation, Microsemi Corporation, and Texas Instruments, Inc. are provided in this report. Currently, the players in the power electronics market have adopted growth strategies such as product launch and acquisition. Companies, such as Infineon Technology AG and Mitsubishi Electric Corp., have launched new power modules to expand their customer base and increase their market shares.
Global Power Electronics Market: Top Impacting Factors
Increasing Adoption of Power Electronics in Electric Vehicles
Increasing concerns regarding vehicular emissions and depletion of non-renewable energy resources have enforced government organizations to invest for improving the infrastructure of electric vehicles such as BEV, HEV & PHEV, and EVSE. Power electronics plays a crucial role in electric vehicles to control vehicles at high voltages and enhance efficiency. Currently, the U.S. has the largest consumer base of electric cars, owing to stringent emission rules in the region. In 2015, about 400,000 electric cars were in stock in the U.S.
Government Initiatives to Establish HVDC and Smart Grid
Conventional grid networks have been replaced by smart grids, as they are reliable, provide flexible network topology, have better load adjustment capacity, and enable real-time troubleshooting. Power electronics is used for facilitate ease-of-control at high voltage, as it enables higher frequency with enhanced efficiency. In addition, it is a type of solid-state electronics, which can control and convert electric power with optimized power loss; hence, it is used in smart grids.
The study provides an in-depth analysis of the global power electronic market to elucidate the prominent investment pockets.
Current trends and future estimations have been outlined to determine the overall attractiveness, and single out profitable trends to gain a stronger foothold in the market.
The report provides information regarding key drivers, restraints, and opportunities along with their impact analyses.
The market is analyzed based on various regions, namely, North America, Europe, Asia-Pacific, and LAMEA.
Value chain analysis of the market enables better understanding of the roles of intermediaries in the production processes.
Global Power Electronics Market Segmentation
Metal-Oxide-Semiconductor Field-Effect Transistor (MOSFET)
Bipolar-Junction Transistor (BJT)
Insulated-Gate Bipolar Transistor (IGBT)
Thyristor (SCR, GTO, and MCT)
Energy & Power
Inverter & UPS
Others (Medical Devices & Traction)
Rest of the Europe
Rest of Asia-Pacific