Power Electronics Market is Expected to Reach USD 48.3 Bn by 2027 - AllTheResearch

The increasing adoption of electric vehicles is projected to drive the growth of the power electronics market throughout the forecast period.

PLEASANTON CA, Nov. 02, 2021 (GLOBE NEWSWIRE) -- The Global Power Electronics Market is expected to grow from USD 35.5 Bn in 2020 to USD 48.3 Bn by 2027, at a CAGR of 4.5%.

The growing adoption of industrial automation and the increase in demand for electric vehicles are the primary factors driving the power electronics market's growth. The manufacturing sector is significantly integrating automated assembly lines, CNC machines, and industrial robots, which require power modules and ICs for high-power applications. Moreover, supportive government initiatives to enhance smart manufacturing and research industries will further expand the market demand for power electronics.

The increasing adoption of electric vehicles across the globe is an important factor that influences the growth of the power electronics market. Moreover, the growing  government initiatives have also supported the growth of power electronics industry, especially in emerging economies. For instance, according to the report by International Energy Agency, 2021, Consumer spending on electric car purchases increased to USD 120 billion in 2020. In addition, governments across the globe spent USD 14 billion to support electric car sales, up 25% from 2019, mostly from stronger incentives in Europe.

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Based on device type, the power electronics market is segmented into power discrete, power module, and power ICs. The power discrete segment held the largest market share in 2020. Power discrete devices, such as BJTs, IGBTs, and MOSFETs, provide reduced power consumption and low noise operations for various industrial appliances. The increasing adoption of these power electronics devices in electrical power grids, industrial motor drives, power inverters, and DC-DC convertors propels the market growth. For instance, in November 2020, Fuji Electric Co., Ltd. launched its seventh generation of x-series IGBT, which has applications in numerous power electronics devices, inclusive of HVAC, power convertors, propulsion motors, and variable speed drives. The new power electronic device operates at 1,700V/1,000A ratings for excessive power applications. The organisation has begun mass production in order to target the renewable energy and railway markets.

The complexity and the technical issues are some of the major restraining factors that limit market growth. Moreover, the concern regarding grid capacity for the integration of power devices is a significant challenge that might be hampering the market. Furthermore, the increasing trend of using electronic devices in the defense and aerospace sectors is expected to provide lucrative growth opportunities for the power electronics industry.

The key players operating in the power electronics market are:

  • Renesas Electronics Corporation
  • Alpha and Omega Semiconductor
  • Dialog Semiconductor
  • ams AG
  • Microchip Technology Inc.
  • Texas Instruments Incorporated
  • Infineon Technologies AG
  • STMicroelectronics
  • Diodes Incorporated
  • Vishay Intertechnology, Inc.
  • Maxim Integrated
  • Analog Devices, Inc.
  • Semiconductor Components Industries, LLC
  • Fuji Electric Co., Ltd.

Global Power Electronics Market by Region Outlook (Revenue, USD Million, 2021-2027)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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In terms of geography, North America dominated the power electronics market in 2020 and is projected to grow at a significant CAGR of 4.1% during the forecast period. The growth in the region is mainly attributed to the rapid development of 5G infrastructure. For instance, according to the report by GSMA, 2021, North America, especially the U.S., will have the highest rate of 5G adoption, due to the early launches and the propensity of the domestic consumer to rapidly adopt new technologies. By 2025, there will be around 202 million 5G connections in the region. Moreover, increasing industrial automation, as well as growing networks of charging stations in the region, drive the demand for the power electronics market.

The Global Power Electronics Industry Segmentation:

Global Power Electronics Market by Device Type Industry Outlook (Revenue, USD Million, 2021-2027)

  • Power Discrete
  • Power Module
  • Power ICs

Global Power Electronics Market by Material Industry Outlook (Revenue, USD Million, 2021-2027)

  • Silicon
  • Silicon Carbide
  • Gallium Carbide

Global Power Electronics Market by Voltage Industry Outlook (Revenue, USD Million, 2021-2027)

  • Low Voltage
  • Medium Voltage
  • High Voltage

Global Power Electronics Market by Industry Vertical Industry Outlook (Revenue, USD Million, 2021-2027)

  • ICT
  • Consumer Electronics
  • Industrial
  • Automotive & Transportation
  • Aerospace & Defense

Key Findings:

  • Based on the device type, the power discrete segment held the largest market share in 2020.
  • Based on the voltage, the high voltage segment is expected to have a significant market share during the forecast period.
  • Based on region, North America dominate the market during the forecast period.

Recent News:

  • In March 2021, Infineon Technologies launched its StrongIRFET 2 power MOSFETs in voltage levels of 80V and 100V. The product is optimized for excessive as well as low switching frequencies, helping a huge variety of applications and allowing high design flexibility. Some of its applications consist of SMPS, motor drives, battery-powered tools, battery management, UPS, and light electric-powered vehicles.
  • In February 2020, STMicroelectronics has launched highly integrated and flexible synchronous DC/DC converters for smart industrial applications. STMicroelectronics’ L6983 38V/3A synchronous DC/DC converters keep high performance at all loads with a maximum value of 95% and are highly integrated with synchronous MOSFETs on-chip to save external components and simplify the design.

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