Pune, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report predicts that “The Power Electronics Market, which was worth USD 39.66 billion in 2022, will reach a valuation of USD 54.69 billion by 2030, with a projected compound annual growth rate (CAGR) of 4.1% during the forecast period from 2023 to 2030.”
Market Overview
Power electronics is a specialized branch of electrical engineering that focuses on the conversion and control of electrical power. It deals with the design, analysis, and application of electronic circuits and devices for the efficient conversion, conditioning, and control of electrical energy. Power electronics plays a crucial role in modern technology, influencing a wide range of applications, from renewable energy systems to consumer electronics. Power electronic devices are crucial for regulating voltage levels in electrical systems. They are used in voltage stabilizers and uninterruptible power supplies (UPS) to ensure a consistent and stable power supply to sensitive equipment.
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Market Analysis
The power electronics market has been experiencing significant growth in recent years, driven by several key factors. The global shift towards clean and sustainable energy sources has been a major driver for the market. Power converters and inverters are essential components in renewable energy systems such as solar panels and wind turbines, enabling the conversion of DC power generated into usable AC power. The increasing demand for electric vehicles is boosting the market. Power electronic components are vital for EVs, including battery chargers, motor drives, and inverters. As governments worldwide push for electric mobility to reduce emissions, this segment is expected to grow exponentially. The proliferation of electronic devices and gadgets continues to drive demand for power electronics, particularly for efficient and compact power supplies and voltage regulators used in smartphones, laptops, and home appliances.
Power Electronics Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 54.69 billion |
| Market Size by 2030 | USD 39.66 billion |
| CAGR | CAGR of 4.1% From 2023-2030 |
| Key Segments | By Type (Gallium Nitride, Silicon Carbide, Silicon, Others) By Component (Thyristor, GTO, SCR, Static Switches, MCT, AC/DC Converter, MOSFET, Others) By Wafer Size (450mm, 200mm, 300mm, 150mm) By Application (Defense And Aerospace, Utilities And Energy, Transportation, Consumer Electronics, Telecommunications And IT, Automotive, Industrial, Others) By Device (Discrete, IC, Module) |
| Key Market Players | Denso Corp, Hitachi, Bosch, Nidec, Mitsubishi, ZF Friedrichshafen, Magna, Mahle, Brose, Vitescho, Renesas and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Power Electronics Market Study
- In the ever-evolving landscape of power electronics, one segment that has emerged as a frontrunner is Gallium Nitride (GaN). Gallium Nitride is a wide-bandgap semiconductor material that is revolutionizing the power electronics industry. Its unique properties, such as high electron mobility and excellent thermal conductivity, make it a standout choice for various applications, particularly in high-frequency and high-power devices.
- In the dynamic realm of consumer electronics, the power electronics segment stands out as a dominant force, driving innovation and shaping the way we interact with technology. Consumer electronics encompass a wide range of products, from smartphones and laptops to gaming consoles and wearables, all of which rely heavily on efficient power management.
Recent Developments
- Mitsubishi Electric, a global leader in electrical and electronic equipment, has taken a significant stride towards advancing the production of SiC (Silicon Carbide) power electronics through a strategic collaboration with Coherent, a prominent player in laser technology and photonics. This collaboration marks a pivotal moment in the semiconductor industry, as it brings together the expertise of two industry giants with the shared goal of scaling up the manufacturing of SiC power electronics.
- The announcement of the U.S. Silicon Power Group's substantial investment of $121.73 million in India marks a significant milestone in the country's tech and manufacturing landscape. This investment not only reflects India's growing importance as a global technology hub but also underscores the deepening economic ties between the United States and India.
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Market Dynamics Analysis
The power electronics market is currently experiencing a dynamic landscape shaped by a myriad of drivers, restraints, challenges, and potential threats. One of the primary drivers propelling this industry forward is the growing demand for energy-efficient solutions in various sectors, including automotive, industrial, and consumer electronics, as governments worldwide implement stringent energy efficiency regulations. Additionally, the rapid expansion of renewable energy sources such as solar and wind power necessitates advanced power electronics to efficiently integrate these sources into the grid. However, despite these opportunities, the market faces restraints in the form of supply chain disruptions and semiconductor shortages, which have caused production delays and increased component costs. Furthermore, the complexity of designing and manufacturing power electronic devices poses significant technical challenges. Threats to the market include intellectual property disputes and cybersecurity concerns as the digitization of power electronics systems increases their vulnerability to cyberattacks. To succeed in this dynamic market, industry players must navigate these dynamics effectively, investing in innovation, and resilient supply chains while addressing potential threats to ensure sustainable growth and competitiveness.
Key Regional Developments
In North America, there is a growing focus on electric vehicles (EVs) and renewable energy sources, driving the demand for power electronics components like inverters and converters. The United States, in particular, is investing heavily in research and development of advanced power electronics for grid modernization and electrification of transportation. Europe is a leader in power electronics market, with countries like Germany and Denmark pushing for increased integration of wind and solar power. Asia-Pacific is a manufacturing hub for power electronics components and systems, with countries like China, Japan, and South Korea dominating production.
Impact of Recession
The impact of an ongoing recession on the power electronics market is a mixed bag. While certain segments may experience a temporary decline in demand and supply chain challenges, others may benefit from changing priorities, government initiatives, and opportunities for innovation. Adaptability and strategic planning will be essential for companies operating in this industry to navigate the challenges and seize the opportunities that arise during economic downturns.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Power Electronics Market Segmentation, by Wafer type
8.1 Gallium Nitride
8.2 Silicon Carbide
8.3 Silicon
8.4 Others
9. Global Power Electronics Market Segmentation, by Component
9.1 Introduction
9.2 Thyristor
9.3 Gate Turn-Off Transistor (GTO)
9.4 Silicon Controlled rectifier (SCR)
9.5 Static Switches
9.6 MCT (MOS-Controlled Thyristor)
9.7 AC/DC Converter
9.8 MOSFET
9.9 Others
10. Global Power Electronics Market Segmentation, Wafer size
10.1 Introduction
10.2 450mm
103 200mm
10.4 300mm
10.5 150mm
11. Global Power Electronics Market Segmentation, By application
11.1 Introduction
11.2 Defense and Aerospace
11.3 Utilities and Energy
11.4 Transportation
11.5 Consumer Electronics
11.6 Telecommunications and IT
11.7 Automotive
11.8 Industrial
11.9 Others
12. Global Power Electronics Market Segmentation, By Device
12.1 Introduction
12.2 Discrete
12.3 IC
12.4 Module
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 NXP Semiconductors
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Alpha & Omega Semiconductor
14.3 Analog Devices Inc
14.4 Infineon Technologies AG
14.5 Renesas Electronics Corporation
14.6 Infineon Technologies
14.8 STMicroelectronics
14.9 Vishay Intertechnology
14.10 Texas Instruments
14.11 AMS AG
14.12 Diodes Incorporated
14.13 Toshiba Electronic Devices & Storage Corporation
14.14 ON Semiconductor
14.15 Mitsubishi Electric
14.16 Fuji Electric
14.17 ABB
14.18 Other
15. Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
Browse Adjacent Markets: Semiconductor Industry Research or Information & Communication Technology Industry Research Reports & Consulting
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