Variant Market Research anticipated that the global power electronics 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. There are the several driving factors of the market such as enhanced durability & efficiency, increasing adoption in electric vehicles and need for power management devices. However, current leakage at high temperature may restrain the growth of the market. Furthermore, government initiatives in smart grids and HVDC are the major opportunities of the market.
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Key segments of the global power electronics market are type, device, application, and geography. Power IC, power discrete and power module are the key sub segments of the type segment. In 2016, Power module sub segment has highest market share and power IC is expected to dominate the segment during the forecast period 2016-2024. Moreover, application segment has been segmented into inverter & UPS, energy & power, consumer electronics, industrial system and others.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global power electronics market. In 2016, Asia-Pacific region accounted for the highest market share of 54.2%, owning to, growth in power transmission and renewable energy. Additionally, Asia-Pacific is also predicted to grow at the highest CAGR of 9.2% during 2016-2024, driven by rapid industrialization across the emerging economies.
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The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the power electronics market are Fuji Electric Co. Ltd., Mitsubishi Electric Corp., STMicroelectronics, ABB Group, Infineon Technologies AG, Rockwell Automation, Inc., Toshiba Corporation, Microsemi Corporation, Texas Instruments, Inc., and Renesas Electronics Corporation, among others.
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