ID: MRFR/SEM/0563-CR | November 2020 | Region: Global | 174 Pages
Power Electronics Market will exhibit a CAGR of 4.9% in the forecast period of 2022 to 2030 and is expected to reach USD 42 billion by 2030.
$42 Billion
4.9%
Asia-Pacific
2022-2030
The global Size of the power electronics market is predicted to reach a CAGR of 4.9% and a value of USD 42 Billion in the forecast period by 2030 driven by the increasing Power Electronics Market Growth is the growing demand for renewable energy.
Power electronics are used for hybrid and commercial vehicles to optimize costs and save power consumption and other related costs. The features also accelerate the mileage and power density. All these features further improve the battery performance. The growth factors drive the Power Electronics Market to emerge at the global level.
The environmentally friendly feature is the important reason behind its usage. The awareness among the public to use eco-friendly and economic products is accelerating the market’s demand. The power electronic devices are fitted in various devices for applications like efficient engine systems, defensive aid systems, flight controlling and many others. These applications are attracting potential customers.
The rise in portable energy usage helps reduce power consumption, and energy is acting as a driving factor for power electronic companies. The increase in mileage rate and enhancing longer battery life are emerging in its usage. The use of power electronics for defense purposes such as unmanned aerial vehicles, flight control, and military radars is elevating the sales rate of the market.
The emerging trends of electronic devices in the military and aerospace sectors create wide opportunities for the market. It improves the intelligence and surveillance process. The power electronics also solves the problem of weight, costs, power stability, size, etc. These factors are helping the Power Electronics Market reach its estimated value in the forecast period.
Due to the emergence of COVID-19 disease, several automotive and assembly plants remained shut. It began from China and simultaneously, the shutdown among various economies across the world. It caused a recession and halted the demand and manufacturing of the components. However, in the upcoming years, when the pandemic situation gets solved, the power devices industry will regain its growth.
The major driver for the increasing Power Electronics Market Growth is the growing demand for renewable energy. Also, the rising trend of using portable energy that helps to reduce power consumption, energy, and increase mileage and battery life among electronic vehicles. Also, the rising use of power in electronics for defense purposes such as flight control, unmanned aerial vehicle, military radars are driving the Power Electronics Market exponentially.
One of the main factors that will hinder the Power Electronics Market growth is the complicated process of integration for electronic devices. This will help to improve the market product durability. But, for complex integration, it is very important to have advanced technology. This factor will increase the overall costs and will slow the growth of the power electronics industry.
The growing trends of using electronic devices in the defense and aerospace sector will open new opportunities for the Power Electronics Market. It will help to improve the intelligence and surveillance process. Along with that, it will further solve the problem of power stability, weight, costs, size, etc. simultaneously. Hence, the power electronics for wind turbines market will escalate at a significant rate during the forecast period.
However, the major concerns regarding grid capacity for the integration of power devices can be challenging for the Power Electronics Market. Also, the increased production costs will hinder the overall growth in the forthcoming years.
It is estimated that the Power Electronics Market Size will have positive growth. The estimated Compound Annual Growth Rate (CAGR) of the market is 11%. As per MRFR analysis, the market value will further reach up to USD 65 Billion during the forecast period 2020-2026. Various drivers and opportunities will lead the market to a new level.
With the increase in the demand for electronic vehicles, the value of the power devices will rise simultaneously. Along with that, its positive factors such as portable devices, use of renewable energy will further influence the market to use sustainable solutions. Hence, the demand for eco-friendly solutions will promote overall market growth.
The Power electronics market is segmented into wafer materials, application, wafer size, component, and wafer type. On the basis of wafer size, the power device industry is further divided into
On the basis of wafer materials, the Power Electronics Market market is again classified into N-Type and P-Type.
Based upon components, the power electronics industry is bifurcated into Thyristor, Static Switches, Diodes, MOSFET, AC/DC Converter, and others. The Thyristor is further divided into Gate Turn-Off Transistor (GTO), MCT (MOS-Controlled Thyristor), and Silicon Controlled Rectifier (SCR).
Based upon application, the power electronics industry is divided into Defense and Aerospace, Telecommunications and IT, Utilities and Energy, Automotive, Transportation, Industrial, Consumer Electronics, and others.
Based upon wafer type, the power electronics industry is sub-segmented into Gallium Nitride, SiC, Silicon, and others.
On the basis of geography, the Power Electronics Market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. According to the MRFR analysis, it is evaluated that the Asia-Pacific region will hold the largest Power Electronics Market Share in the forecast period. It is estimated that this region will have record an estimated CAGR of 10%. It is mainly due to the growing demand of electronics devices. The market will record huge revenue with the increased use of renewable energy. There are several positive government policies towards promoting renewable options such as solar panels, windmills, etc.
Also, the adoption of electronic vehicles due to the growing awareness about the environment to reduce carbon emissions is escalating the market. Countries like Japan, China, India, Korea, etc. are moving forward to improve to use renewable energy extensively. These countries are focusing to increase the sales of electric vehicles by 25% by the year 2030.
However, the region is also having a significant development of data centers. For example, the Government of India is focusing upon enhancing the policies for the development of the electronics market in India in the forecast period. Also, the Chinese government announced an increase in the renewable power budget up to USD 13 billion. All the above factors will further escalate the Power Electronics Market demand for products such as converters, wind turbines, PV modules, generators, battery systems, etc.
These chipmakers are increasing their SiC production capacity and opening new plants to respond to the situation. Besides, government financial incentives like the CHIPS+ Act encourage companies to invest in power semiconductors in industrial and automotive applications.
There are several key players in the global power electronic devices and applications industry. These power electronics companies use different strategies such as acquisitions, market analysis, partnerships, collaborations, new ventures, product launches, and many more. The list of the major power electronics companies is listed below-
In April 2022, Concerning the future, National Renewable Energy Laboratory (NREL) researchers are transforming clean energy mobility, which is beyond light-duty electric vehicles (EVs), by the implementation of advanced power electronics systems. It can control electricity flow for propelling large and advanced electric machines. The machines are used in planes, trains, and heavy-duty transportation. With the support of the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) programs, NREL is focusing on new research projects in grid storage, sustainable aviation, and energy-efficient computing.
The overview of the Power Electronics Market Report is as follows-
The report score is to provide information about the impact of electronics in the industry. It highlights the strengths and potential of the market in the upcoming years. The report also covers information about restraints, challenges. Apart from that, it provides substantial information about the key players and their recent developments. The information provided in this report is collected from both primary and secondary sources.
Report Attribute/Metric | Details |
---|---|
Market Size | USD 42 Billion |
CAGR | 4.9% (2022-2030) |
Base Year | 2020 |
Forecast Period | 2022-2030 |
Historical Data | 2019 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Wafer Type, Wafer Material, Wafer Size, Application |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Alpha & Omega Semiconductor (AOS) Europe, AMS AG, Analog Devices Inc, Dialog Semiconductor, Diodes Incorporated, Semiconductor Component Industries LLC, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., STMicroelectronics, Texas Instruments, Toshiba Electronic Devices & Storage Corporation, Vishay Intertechnology Inc., and Allegro Semiconductors |
Key Market Opportunities | 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. |
Key Market Drivers |
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The global power electronics market is expected to record a substantial market valuation of up to USD 42 Billion by 2030.
The global power electronics market is projected to register a moderate 4.9% CAGR in the forecast period.
The major market players operating in the global power electronics market are Qualcomm, Inc., Renesas Electronics Corp., Vishay Intertechnology, Inc, and Mitsubishi Electric Corp. among others.
The silicon material segment is slated to expand as the fastest-growing segment.
The increasing deployment of smart grid applications and focus on renewable power resources are expected to drive the power electronics market during the forecast period.