The global power electronics market is anticipated to register a CAGR of 8.9% from 2016-2022 to attain a market size of around $25 billion by 2022.
Power electronics is a circuitry device that transfers power from a source to a load in an efficient, compact, and robust manner to ensure convenient utilization. This device is used to control the conversion of electric power from one form to another using diodes, transistors, and thyristors.
Operations at high voltage or high current can be efficiently executed by utilizing power electronics devices, as they deliver faster switching rate at higher efficiency. In addition, power electronics control both unidirectional as well as bidirectional flow of energy, depending upon the usage, and the regenerated energy can be sent back to the utility.
Power electronics has gained popularity among various applications, such as energy control systems, high voltage direct current (HVDC), motor drives, industry systems, inverters, and consumer electronics, owing to its high efficiency, low power consumption, and improved durability. Moreover, it supports high input impedance and improved parallel current sharing, which increases its adoption in the industry.
However, performance issues associated with the use of power electronics, such as current leakage and breakdown, hamper the market growth. Government initiatives to establish HVDC and smart grid and increase in demand for IGBT and MOSFET are expected to provide lucrative opportunities for growth in the future.
The global power electronics market is segmented based on device, type, application, and geography. The device segment is divided into power diodes, metal-oxide-semiconductor field-effect transistor (MOSFET), bipolar-junction transistor (BJT), insulated-gate bipolar transistor (IGBT), and thyristor. Based on type, the market is classified into power IC, power modules, and power discrete.
Based on application, the market is segmented into consumer electronics, energy & power, industrial system, inverter & UPS, automotive, others. The market is analyzed on the basis of four regions, namely North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key companies profiled in the report include Infineon Technologies AG, Mitsubishi Electric Corp., Toshiba Corporation, ABB Group, STMicroelectronics, Fuji Electric Co. Ltd., Rockwell Automation, Inc., Renesas Electronics Corporation, Microsemi Corporation, and Texas Instruments, Inc.
POTENTIAL BENEFITS FOR STAKEHOLDERS
Comprehensive analysis of the current trends and future estimations of the global power electronics market is provided in the report.
The report provides a competitive scenario of the market along with growth trends, structure, driving factors, scope, opportunities, and challenges.
The report includes a detailed analysis of the key segments to provide insights on the market dynamics.
Porter’s Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. The Census Bureau reports the recovery of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for power electronics market.