The power electronics market is growing with a significant rate due to flourishing supply chain, increasing demand for multiple function portable devices, and use of power electronics in applications, such as hybrid electric vehicles. A few market entry barriers, increasing demand for renewable energy and smart grids, and innovation and development by new SMEs and existing players are also driving the growth of the power electronics market. Power MOSFET and power IGBT are gaining more attention, and their applications are growing in the automotive and power and energy sectors. They are providing ample opportunities for the growth of the power electronics market in the coming years. However, economic uncertainty is causing demand fluctuations for the power electronics industry. Asia-Pacific leads the global power electronics market, due to high demand from countries such as Korea, China, Taiwan, and Japan.
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Since power electronics is used across several industry verticals, which makes it one of the most vibrant sectors. Power electronics is the extended form of solid state electronics, and it converts data and communications into a business of efficient power handling. Power electronics has various advantages in different domains, such as long life of battery in mobile phone, making electrical distribution and generation achievable through the sources ranging from solar cell to nuclear reactor, and making hybrid cars feasible. Power electronics in a system helps to determine the efficiency and performance of that particular system. By applying control voltage or current, power semiconductors can be switched from insulating to a conducting condition. This characteristic allows the semiconductor device to be inserted into an electric circuit and switch the power on or off rapidly. There is high competition in the power electronics market, as the small manufacturers find niche market in the new fields of power electronics such as solar energy, wind turbine, and smart grid applications.
The power electronics market can be categorized on the basis of wafer technology, devices, applications, and end users. On the basis of wafer technology, the power electronics market can be categorized as high end solution, middle end solution and low end solution. High end solution includes silicon carbide and gallium nitride. The Middle end solution includes silicon and silicon carbide, whereas the low end solution includes silicon and sapphire. On the basis of devices, the power electronics market can be categorized as power IC, power discrete, and power modules. Power IC includes power management IC and application specific IC; power discrete includes diodes and transistors; and power module includes power integrated module and intelligent power module.
The power electronics market can also be categorized on the basis of end users as ICT sector, industrial sector, power sector, consumer electronics sector, medical sector, automotive, aerospace and defense sector. On the basis of applications, the power electronics market can be categorized as satellite communication, radar, switching systems, wireless applications, inverter, LED, converters, rail transportation, HVAC, renewable energy systems, electric vehicle charging, and combat vehicles.
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Some of the competitors in the global power electronics market are Microsemi Corporation, STMicroelectronics NV, Taiwan Semiconductor Manufacturing Company Limited, NXP Semiconductors N.V., Texas Instruments Inc., Vishay Intertechnology Inc., Solicore Inc., Renesas Electronics Corporation, Freescale Semiconductor Inc., Fairchild Semiconductor International Inc., Rockwell Automation Inc., ABB Ltd., and Gan Systems Inc.
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