Power Electronics Market Overview:
The trend 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 a 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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Major Key Players
Infineon Technologies AG (Germany),
Texas Instruments, Inc. (U.S.),
ON Semiconductor Corp. (U.S.),
STMicroelectronics N.V. (Switzerland),
Maxim Integrated Products, Inc. (U.S.),
Qualcomm, Inc. (U.S),
Vishay Intertechnology, Inc. (U.S.),
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 global power electronics market is segmented by material, device type and vertical. Based on the material, the market is segmented into Silicon, Silicon Carbide, Gallium Nitride, Sapphire and others. Based on the device type, the market is segmented into power discrete, power module and power IC. Whereas, based on the vertical, the market is segmented into IT & telecommunication, consumer electronics, power, automotive, and aerospace & defense.
The global power electronics market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that Asia Pacific is estimated to account for the largest share of the market during the forecast period. The growth of the market in Asia Pacific is attributed to technological advancements and increased focus towards the use of renewable power sources across various industry verticals.
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- 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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