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Power Electronics Market: Segmented: By Device Type [Power Discrete {Diode, Transistors (Bipolar Junction Transistor, Field Effect Transistor, Insulated Gate Bipolar Transistor), Thyristor}, Power Module {Intelligent Power Module, Standard & Power Integrated Module (MOSFET Module, IGBT Module), Other Modules)}, Power IC]; By Material (Silicon, Silicon Carbide, Gallium Nitride); By Application {ICT, Consumer Electronics, Industrial (Energy & Power), Automotive & Transportation, Aerospace & Defense, Others}; and Region- Analysis of Market Size, Share and Forecast To 2019-2030
Power Electronics Market to reach around USD 73,876 million by 2030 from USD 47,270 million in 2019 at a CAGR of 25.8% throughout the forecast period i.e. 2020-2030.
Power electronics play a vital role in electrified vehicle applications that offer compact and high-efficiency power conversion solutions. Power electronics is a circuitry system that effectively, compactly, and robustly transfers power from the source to the charge to ensure convenient utilization. Using diodes, transistors, and thyristors, this device is used to control the conversion of electric power from one form to the other. Using power electronics equipment, operations at high voltage or high current can be performed effectively, as they demonstrate faster switching speeds at higher output. Moreover, power electronics manage both bidirectional and unidirectional energy flow, depending on the use, and the regenerated energy can be returned for use. Power electronic devices are expected to serve as the key technologies of the future, which will be useful in increasing system efficiency and functioning in automotive and energy-saving applications.
Power Electronics Market is expected to project a CAGR of 25.8% during the forecast period, 2020-2030
The worldwide power electronics market is expected to grow on the back of the increasing demand for energy-efficient and battery-powered devices. The rising focus on the use of renewable sources of energy worldwide, the increasing adoption of power electronics in electric vehicle manufacturing, and the rise in the use of power electronics in consumer electronics are the main factors driving the growth of the power electronics market. However, the COVID-19 pandemic is projected to impact the industry due to supply chain disturbances, production, and distribution around the value chain.
Power modules market to grow at the highest CAGR of xx% during 2020-2030
Global Power Electronics Market is segmented by device type into Power Discrete [Diode, Transistors {Bipolar Junction Transistor (BJT), Field Effect Transistor (FET), Insulated Gate Bipolar Transistor (IGBT)}, Thyristor], Power Modules {Intelligent Power Module, Standard & Power Integrated Module (MOSFET Module, IGBT Module), Other Modules}, and Power IC. Among these, the power modules segment held the largest share of around xx% in the year 2019. Modules are used in a range of applications, including motor control and drives; hybrid-electric solutions for building, industrial and agricultural vehicles; solar energy systems solutions; Uninterruptible Power Supply (UPS); room air conditioners; and many others.
The Silicon Carbide and Gallium Nitride segments to grow at high rates at a CAGR of xx% during 2020-2030
The worldwide power electronics market is segmented by material type into Silicon, Silicon Carbide, and Gallium Nitride. Among these, the Silicon Carbide (SiC) and Gallium Nitride (GaN) segments held the largest share of about xx% and yy% respectively, in the year 2019. SiC is mainly used in EV inverters, which increases system efficiency by up to 80% and helps reduce the global carbon footprint. SiC components have improved reliability, improved performance, high operating temperature, reduced size and high voltage capabilities, and many other applications. GiN is mainly used in applications like PV, EV, UPS, wireless charging, and power supply. The rapid adoption of wireless chargers for mobile devices is expected to fuel the growth of the semiconductor devices segment based on gallium nitride.
An automotive segment to grow the fastest at a CAGR of xx% during 2020-2030
Global Power Electronics Market is segmented by application into ICT, Consumer Electronics, Industrial (Energy & Power), Automotive & Transportation, Aerospace & Defense, and Others. Among these, the automotive segment held the largest share of around xx% in the year 2019. Rising concern about environmental pollution and sustainable development has increased policy support for boosting electric vehicle production in many regions, backed by incentives. This will most likely build up and extend the charging infrastructure and deliver business opportunities.
The growth of the global power electronics market is fuelled by various factors, including the rapid use of renewable energy sources followed by the rise in electric car adoption and defense. ICT, telecommunications, self-monitoring, diagnostic systems, hospitals, and healthcare are the main fields that drive the power electronics market around the globe.
Global Power Electronics Market faces various challenges such as high initial costs, and Gallium Nitride deposition on silica materials which in turn is very difficult to reach in high voltage ranges. In addition, power electronics production is way too expensive and time-consuming, thus posing a constraint on the global electronics market.
Asia Pacific to be the fastest-growing region at a CAGR of xx% between 2020 and 2030
Global Power Electronics Market is segmented by region into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, Asia Pacific held the largest share of about xx% in the year 2019 in terms of consumption of power electronic products and solutions compared to other regions in the world, owing to the rising adoption of power electronics in consumer, industrial and automotive applications across the globe. China is the world’s largest producer and end-user of consumer electronics devices, including smartphones, tablets, and home appliances.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Power Electronics Market size was estimated at USD 47,270 million in 2020 and is expected to reach USD 73,876 million by 2030
Texas Instruments Inc., Developer Manufacturer Profiles, Renesas Electronics Corporation, Infineon Technologies, Microsemi Corporation, Maxim Integrated Products Inc., BMW Group Co. Inc., ON Semiconductors Inc.,Apple Inc.,Others
Power modules and The Silicon Carbide and Gallium Nitride segments are anticipated to hold the Power Electronics Market
Drivers The growth of the global power electronics market is fuelled by various factors, including the rapid use of renewable energy sources followed by the rise in electric car adoption and defense. ICT, telecommunications, self-monitoring, diagnostic systems, hospitals, and healthcare are the main fields that drive the power electronics market around the globe.
Power electronics play a vital role in electrified vehicle applications that offer compact and high-efficiency power conversion solutions. Power electronics is a circuitry system that effectively, compactly, and robustly transfers power from the source to the charge to ensure convenient utilization.
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