Global Power Electronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $27 billion by 2024 from $14 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9.2% and 8.8%, respectively, during the forecast period.

Various important factors such as, increased adoption of power electronics in electric vehicles, and exaggerated need for power management devices have supplemented the growth of power electronics market. Upgraded durability and higher efficiency of power electronics has increased its adoption across various geographies. However, current leakage at high temperature may hamper the market growth in the coming five to six years. The market is anticipated to unfold new business opportunities for the competitors, owing to government initiatives in smart grid and HVDC.

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The global power electronics market has been analyzed based on various segmentations which include, type, device, application, and geography. Power IC, power module, and power discrete are various classification of the market on the basis of type. The segmentations by device type include, power diodes, thyristor, bipolar-junction transistor, insulated-gate bipolar transistor, and metal-oxide-semiconductor field-effect transistor. The application segment is further classified into, energy & power, industrial system, inverter & UPS, consumer electronics, and others. Power module generated the maximum market share in 2016. However, the power IC segment is predictable to attain the fastest CAGR during the forecast period, driven by its increased adoption in consumer electronics. Energy & power accounted for maximum share in the application segment, driven by its higher adoption in smart grid and HVDC.

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Geographical splits of the market comprise, North America, Europe, Asia-Pacific, and Rest of the World (Row). Asia-Pacific accounted for more than half of the market share in 2016, and is expected to continue its dominance during the forecast period. Additionally, the region is anticipated to attain the fastest CAGR during the forecast period, 2016 – 2024. Improvement in power transmission and use of renewable energy have boosted the market in the region. In the same year, Europe accounted for the second largest market share of 21.6%.

Major players in the power electronics market include Mitsubishi Electric Corp., Fuji Electric Co. Ltd., Toshiba Corporation, Rockwell Automation, Inc., Micro semi Corporation, ABB Group, Infineon Technologies AG, STMicroelectronics, Texas Instruments, Inc., and Renesas Electronics Corporation, among others.

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