With preference for electronic items over electric items rising, the market for Power Electronics is on the rise. Today more Power electronic devices have become a key component of are being used in electric vehicles. Growing need for efficient power management and advantages of power electronics is leading are making people wish to replacement of traditional electronic devices with power electronic devices. Growing as an application, power electronics is useful for studying and controlling the flow of electric power.
Market Research Future (MRFR) has prepared a report that projects that the global power electronics market will witness a CAGR of 3% during the forecast period (2017-2023). About the Power Electronics Market that predicts faster growth for the Power Electronics Market at a faster Compound Annual Growth Rate (CAGR) of 3% for the period of 2017 – 2023. Automotive and industrial sectors are expected to drive the power electronics market in the near future due to because the growing demand for power modules used solar photovoltaic inverters and industrial motor drives is high. Increasing development of electric and hybrid vehicles are are also expected to boost the growth of power electronics market in automotive sector.
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Major Key Players
Texas Instruments, Inc. (U.S.),
ON Semiconductor Corp. (U.S.),
Maxim Integrated Products, Inc. (U.S.),
Qualcomm, Inc. (U.S),
Vishay Intertechnology, Inc. (U.S.),
Infineon Technologies AG (Germany),
STMicroelectronics N.V. (Switzerland),
Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan) among others.
The major growth driver of Power Electronics Market includes rising demand for high-power electronics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others.
Latest Industry News
• The US Department of Energy (DOE) recently announced nine winners of up to US $20 mn in total funding set aside for projects looking to advance early-stage solar power electronics technologies.
• Mitsubishi Electric Corp. has announced its plans to invest more than ¥30 billion in order to increase the output of its factory automation system products. They are considering plans to build a new plant close to their existing facility in Owariasashi, Aichi Prefecture. They are also planning to rebuild an existing plant in Nagoya in order to strengthen production capacity.
The global power electronics market has been segmented by material, components, device type and vertical. On the basis of material, global power electronics market has been segmented into Sapphire, Silicon, Silicon Carbide, Gallium Nitride and others. Sub-segments in the device type segmentation of global power electronics market are power discrete, power module and power IC. Vertical based segmentation segments the market into aerospace & defense, automotive, consumer electronics, IT & telecommunication and power. Component based segmentation AC/DC Converter, Diodes, MOSFET, Power ICs, Switches and Thyristor.
Segmentation by Region comprises of Asia Pacific, North America, Europe, Middle East & Africa (MEA) and Rest of the World. Asia Pacific region holds the largest share of global power electronics market where dominating countries are China, Japan and India. After Asia Pacific, North America and Europe are second and third biggest sub segments in this regional segmentation. In North America, the primary share of power electronics market is USA, Canada and Mexico. In Europe, biggest power electronics market is in Germany, France, Italy, Spain and UK. Among the regions not covered under any regional segment, Latin America is the primary market for power electronics.
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The advantages are optimum forward and reverse blocking capabilities, along with simplified circuits. It is always preferable to use compact power electronics designs for applications involving high power densities. Primary reasons for the growth of global power electronics market are increasing demand for deployment of low carbon emission power systems and increasing deployment of smart grid applications. Initiatives to use renewable power resources are also boosting the growth of power electronics market. And with the growing demand for power infrastructure enhancement, power electronics market is only set to grow furthermore. Power Electronics Market growth is driven by various reasons like increasing adoption of renewable energy sources, rising demand for high-power electronics, and growing Information and Communications Technology (ICT) and telecommunication sector.
- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Technology Solution vendors
- System integrators
- National regulatory authorities
- Venture capitalists
- Investment houses
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