According to the latest report by IMARC Group, titled " Power Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global power electronics market reached a value of US$ 27.8 Billion in 2021. Power electronics represent a branch of electrical engineering that involves the study, analysis, and designing of solid-state circuits. It relies on inductors, capacitors, and various other semiconductor switching devices, including metal-oxide-semiconductor field-effect transistors (MOSFET) and insulated-gate bipolar transistors (IGBT) for converting electricity and effectively regulating its flow. Power electronics assist in managing energy and promoting the conservation of power in consumer electronics, while offering reliability and ensuring minimal maintenance. Based on these properties, it is extensively employed in television (TV) sets, battery chargers, and personal computers (PCs).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Power Electronics Market Trends:
The power electronics market is primarily being driven by the widespread product adoption across the automotive sector for manufacturing various components of modern vehicles, including windshield wiper control, adaptive front lighting, electric power steering, and ignition switch. This is further supported by the increasing demand for smart and luxurious automobiles that are integrated with advanced infotainment systems. In line with this, rising environmental concerns, along with the inflating prices of conventional energy solutions have prompted governments of various countries to undertake initiatives promoting the uptake of electric vehicles (EVs) and plug-in hybrid vehicles (HVs), which is acting as another major growth-inducing factor. Additionally, the extensive deployment of power electronics in light dimmers, air conditioners (ACs), induction cooking, uninterrupted power systems (UPS), and vacuum cleaners is contributing to the market growth. Moreover, the increasing utilization of power electronics in landing gears, defensive aid systems (DAS), navigation, avionics, and cabin lighting systems of military aircrafts, is propelling the market growth. Other factors, such as significant investments in research and development (R&D) activities, frequent mergers and acquisitions (M&A) amongst key players, and the escalating need for continuous supply power and advance control systems in satellites, space shuttles, missiles, and unmanned aerial vehicles (UAVs) are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 39.9 Billion by 2027, growing at a CAGR of 6.48% during 2022-2027.
- Based on the device, the market has been divided into power discrete (diode, transistors and thyristor), power modules (intelligent power and power integrated module), and power ICs (power management and application-specific integrated circuit).
- On the basis of the material, the market has been segregated into silicon, sapphire, silicon carbide, gallium nitride, and others.
- Based on the application, the market has been segmented into power management, UPS, renewable, and others.
- On the basis of the voltage, the market has been categorized into low, medium, and high voltage.
- Based on the end use industry, the market has been classified into automotive, military and aerospace, energy and power, IT and telecommunication, consumer electronics, and others.
- On a regional basis, the market has been divided into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, along with the profiles of the key players being ABB Ltd., Analog Devices Inc., Fuji Electric Co. Ltd., Infineon Technologies AG, Microchip Technology Inc., Mitsubishi Electric Corporation, NXP Semiconductors N.V., Renesas Electronics Corporation, ROHM Co. Ltd., STMicroelectronics, Texas Instruments Incorporated, Toshiba Corporation and Vishay Intertechnology Inc.
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