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.
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Key Market Dynamics in Power Electronics Market:-
Upgrade of power infrastructure and focus toward the use of renewable power sources
In the Americas and Europe, there is a drive regarding the upgrade of the existing power infrastructure. In developing regions, existing power supply resources are being increasingly utilized because of the growing power consumption. The demand for the enhancement of power infrastructure and concerns regarding the use of renewable power supplies are increasing globally. Governments across the globe are increasingly investing in renewable energy sources, such as solar and wind, and are constantly working toward formulating better feed-in-tariff policies to provide photovoltaic projects with the convenience of grid connections.
Germany, China, Japan, India, and the US are focusing on promoting the use of solar energy. For instance, the European Commission is setting a target of achieving 20% and 27% of the overall energy consumption from renewable sources by 2020 and 2030, respectively. To reach the target, EU countries are taking initiatives to increase the production of renewable energy. Moreover, increasing environmental concerns and grid capacity issues drive the demand for renewable energy sources, thus boosting the power electronics market growth.
Growing demand for energy-efficient battery-powered portable devices
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).
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