The trends of smart vehicles that run on electricity have taken flight. Since the time of their introduction, this phenomenon has caught the attention of market players and end users alike. Furthermore, the growth of this market has led to development of a number smaller industries that get a chance to establish themselves on the bigger platform. The global market for power electronics is a shining example of this fact. It has successfully made a mark on the global map in a very short span of time. In the forthcoming forecast period of 2017-2023, this market is expected to expand further.
At present, the world needs to cut down on its natural fuel resource consumption. And due to this fact, it is being asserted that the global market for power electronics will grow by leaps and bounds in the forthcoming years. This market is estimated to tread forward at the CAGR of around 3% and it is anticipated to generate revenue of around USD 43 billion.
Increased acceptance of power electronics in electric vehicles and higher demand for power management devices can be termed as two major factors that happen to drive the growth of this market.
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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.
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.
The worldwide market of power electronics has been segmented into three distinct portions. All of the three and sub-divisions are listed as below:
By verticals – Consumer electronics, aerospace & defense, IT & telecommunication, automotive and power. The automotive sub-segment is anticipated to govern the market during the projection span. Higher acceptance and usage of energy efficient hybrid electronic cars are a major reason for its lead.
By materials – Gallium nitride, silicon, sapphire and silicon carbide. Silicon grabbed the maximum number of shares back in 2015 and its dominance is expected to continue during this forecast period as well. The versatility of silicon gives it an edge over the others.
By device type – Power module, power discrete and power IC. The power IC segment is estimated to be the fastest growing the in device type division. The main reason for this is the increased usage of power IC for a number of purposes.
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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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