The power electronics market is anticipated to witness a CAGR of 5.0% over the forecast period of (2020 - 2025). Advancement in the technology that enables the internet of things, semiconductor technology, and nanotechnology fields is expected to drive the market for power electronics in the coming years. AI-powered integrated circuits, energy management systems, SCADA technology, and micro-electromechanical system (MEMS) are all recent application areas of power electronics systems.
- Advancement in energy infrastructure, generation of renewable energy, and energy efficient portable electronics components are driving the market at a higher rate. Vendors in the market are keen to offer power electronics solutions in multiple industries such as automotive, aerospace & defense, consumer electronics, energy & power, medical, transportation, and many others.
- Moreover, to reciprocate demand for energy-efficient power architectures, vendors like Veeco Instruments Inc. provides GaN-on-Si technology power device with the higher switching speed and circuit efficiency.
Scope of the Report
Power electronics is the power management from one system to another through various components such as capacitors, inductors, and other semiconductor devices. The products and devices that are ready for the use for the end-users are covered in the study. Moreover, power electronics is the integration of energy, control systems, and electronic devices.
Key Market Trends
Surge in Demand for Power Electronics in Automotive Industry
- Integration of advanced driver assistance, safety, and convenience systems in almost all automotive vehicles will be the major factor boosting the demand for power electronics in the automotive sector. Also, the increase in the sale of electric and hybrid vehicles will considerably help the market to grow over the forecast period. Hybrid electric vehicles have already gathered a huge momentum globally, especially from the European and North American countries. This popularity of hybrid technology will help the growth of the power electronics market to a reasonable extent.
- The dominance of electrics and electronics in these vehicles will constitute the bulk of the share in the power electronics industry. Further, power electronics systems in electric vehicles and multiplexed bus systems with distributed power integrated circuits for control of lights, motors, and air conditioning, is also transforming the automotive sector.
Asia-Pacific Expected to Record Significant Growth Over the Forecast Period
- With the presence of many niche electronics OEMs and their suppliers in countries like China, Taiwan, South Korea, India, and Japan, the Asia-Pacific region is expected to experience the highest growth rate in the global power electronics market. With China surpassing every other country in renewable energy generation in the future, power electronics vendors are undergoing aggressive marketing strategies to capture the Chinese market in the coming years.
- However, North America and Europe’s strong financial position enables them to invest heavily in power and electronics technologies. Therefore, the regions have been witnessing a noticeable growth, in the power electronics market. Countries including the US, UK, Germany, and Italy are also significant investors in the global electric vehicle market. Moreover, the region enjoys the presence of several significant vendors in the power electronics market, who are investing greatly in the development of advanced power electronics systems.
The power electronics market is a fragmented one with presence of various global as well as regional players such as Texas Instruments Incorporated, ABB Ltd., Veeco Instruments Inc., Gresham Power Electronics, Scientech Technologies Pvt., XP Power Limited, ST Microelectronics NV, Renesas Electronics Corporation, Toshiba International Corporation, Fuji Electric Co., Ltd., and many others. Most of these players are involved in several strategic developments including mergers, acquisitions, new product launch and market expansion to gain a competitive edge in the global market.
- February 2018: NXP Semiconductors announced the launch of its new IoT-on-a-Chip, which significantly advances the future of edge computing. The scalable offering packs NXP’s ARM-based i.MX applications processor, Wi-Fi, and Bluetooth into a much smaller size, thereby offering a broad range of functionality, security, and connectivity to IoT devices.
- January 2018: Punch Powertrain NV acquired Apojee, to expand its R&D capability in the field of power electronics’ electric and hybrid transmissions technologies.
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