Global Market Power Electronics is USD 46.9 Billion during the Forecast Period 2021-2027


Posted January 4, 2022 by industryno1

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The global power electronics market is expected to witness a CAGR of 4.5% during the forecast period. Power electronics are switching devices that efficiently, compactly, and robustly transmit power from a source to a load for convenient use. The conversion of electric power from one form to another is controlled by this gadget. The adoption of SiC and GaN has provided enhancement in semiconductor technologies like MOFSETs and IGTs. Power electronics-based power converters are highly adopted in renewable energy systems i.e., wind and solar energy systems. Power electronics will play a pivotal role in the energy management of EVs as there is a stable growth of electric vehicles and plug-in hybrid electric vehicles.

Factors attributing to the growth of power electronics is the surging demand across various end-user industries like automotive, energy & power, etc. due to the rising adoption of high voltage operating devices. The increased adoption in various applications like industrial motor drives, electric grid stabilization, and consumer electronics and initiatives by the government to improve smart manufacturing and research industries will bolster the growth in the market. Thus, the rising demand for high-power density, increased penetration in utility applications, rising demand for improving power cycling and thermal capacities will fuel the growth of the power electronics market.

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The emergence of the COVID-19 outbreak has affected the global economy and the power electronics market has also been affected by it as many industries verticals using power electronics were affected by the crisis. The industry players have witnessed disruption in the supply chain for power electronics from the supply and demand sides. However, the market is anticipated to bounce back and will recover from the crisis.

Based on material, the global power electronics market is divided into silicon, silicon carbide, sapphire, gallium nitride, and others. Sapphire is anticipated to be the fastest-growing segment during the forecast period 2021-2027 owing to its superior application in smartwatches, cell phone cover glasses, optical wafers, and LED lights.

Asia-Pacific is anticipated to witness significant growth as there is rising investment in the semiconductor industry owing to the increasing growth in gadgets like wearable devices and internet-linked connected appliances in the economies like India, Singapore, South Korea, and Taiwan. The industry players in the region are focused on EV automotive, consumer electronics, and the power and energy industry. The APAC offers tremendous opportunities as the region is the largest producer and consumer of electronic gadgets. Because the region is the world's greatest producer and consumer of electrical devices, the region offers a significant opportunity.

Some of the major players in the global Power Electronics market include NXP Semiconductors, TOSHIBA CORPORATION, Renesas Electronics Corporation, Texas Instruments Incorporated, Fuji Electric Co., Ltd., Infineon Technologies AG, Vishay Intertechnology, Inc., Mitsubishi Electric Corporation, STMicroelectronics, and ABB.
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Last Updated January 4, 2022