The power electronics market was valued at USD 36.93 Billion in 2017 and is expected to reach USD 51.01 Billion by 2023, at a CAGR of 5.5% during the forecast period. The base year considered for the study is 2017, and the forecast period considered is 2018–2023. This report provides a detailed analysis of the market based on device type, material, application, vertical, and region. The report forecasts the market size, in terms of value, for various segments with regard to 4 main regions—North America, Europe, APAC, and RoW. It strategically profiles the key players and comprehensively analyzes their market rankings and core competencies, along with detailing the competitive landscape for the market leaders.
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Nowadays, the requirement for portable devices is increasing with the evolution of digitalization, Internet of Things (IoT), smart city, and cloud computing. The increasing demand for portable devices, which are energy-efficient and powered by batteries, is driving the growth of the market for power management ICs.
Batteries installed in portable devices, such as mobile phones, laptop, tablets, and portable media players, have a limited power capacity. Hence, a power management device is required in these portable devices to manage power supply of batteries. Power management integrated circuits (ICs) are being used extensively in an electronic device to ensure effective and efficient utilization of power, e.g., power consumption should be minimum in standby mode.
The value chain of the power electronics market comprises raw material suppliers, manufacturers, investors, and distributors. Players operating in the market include Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi, (Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).
Asia Pacific is projected to be the largest market for power electronics during the forecast period
The power electronics market in Asia Pacific is projected to grow at the highest CAGR from 2018 to 2023. The region is also expected to be the largest market for power electronics during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of a large number of manufacturers of consumer electronics and automotive in the region and increased demand for power electronic devices from the automotive, consumer electronics, and energy and power verticals of Asia Pacific.
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