LONDON, Feb. 13, 2023 /PRNewswire/ — The Global Power Electronics Market was worth USD 22.58 billion in 2020 and is poised to amass a valuation of USD 35.72 billion by 2027, registering a CAGR of 5.9% over the forecast duration of 2022-2029.
Power electronics is an electrical engineering discipline dealing with the design, regulation, and transformation of a particular electric power into another. Power devices such as transistors, diodes, and thyristors, among others are predominantly used to convert AC power to DC power and the same way around. Power electronics-based entities are utilized in renewable energy systems, UPS, motor drives, electric vehicles, and power supplies, just to name a few.
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Global Power Electronics Market Outlook (2022-2029)
The increasing demand for the adoption of renewable energy sources and the booming electric vehicle industry are primarily augmenting the outlook of this business vertical.
Alongside, rising industrial automation trends, growing expenditure power of the masses, and elevating demand for consumer electronics are adding momentum to the progression of this marketplace.
Moreover, growing need for continuous and efficient power supply another crucial growth stimulant for this industry sphere.
Besides, surging focus of industry players to develop high end power electronics solutions along with widespread industrialization are aiding the expansion for this market vertical.
On the contrary, chances of technical issues across these entities along with their complexed design are slowing down the progression of the business sphere.
The Global Power Electronics Industry witnessed a sharp decline in the wake of the COVID-19 pandemic outbreak. Governments across numerous nations imposed stringent regulations to prevent the rapid spread of the virus. Manufacturing facilities were closed down for an indefinite and all non-emergency based industrial activities were stalled. This decreased the demand for power electronic devices from end use sector. Apart from that, the dearth of semiconductor raw materials caused by the massive supply chain disruptions further hindered the remuneration scope of this market.
The prime players characterizing the competitive terrain of Global Power Electronics Market are Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, NXP Semiconductor N.V., ON Semiconductor Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, and Toshiba Electronic Devices & Storage Corporation and others.
By Device Type:
Military & defense
Energy & Power
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Which is the top performing region in the Global Power Electronics Market?
Asia Pacific is slated to account for a substantial revenue share over the stipulated timeline. This is attributable to the growing power needs of the masses, rising EV adoption, widespread population expansion, and prompt technological advancements in the field.
How is North America faring in this industry?
North America is reckoned to amass notable gains over 2022-2029 owing to stringent emission regulations, booming consumer electronics industry, rising disposable income levels, along with growing R&D investments in the field.
Which is the leading device type segment in this business sphere?
The power discrete segment is presently leading the market in terms of volume share. This is ascribed to the surging utilization of transistors, diodes, and thyristors in electric circuitry.
Which is the fastest growing material segment in this marketplace?
The silicon carbide segment has emerged as one of the fastest growing segments in this industry sphere owing to the cost effectiveness of these materials which in turn is increasing their adoption across various applications.
Which is the most dominant end user segment in this industry?
The automotive segment is slated to garner significant returns over the projected timeline. This is credited to the implementation of stringent emission regulations, growing prices of crude oil, and rising adoption of electric vehicles.
Comparing the historical outlook and ongoing trends of this market
This business sphere has been showcasing exponential growth trends over the forecast duration due to a wide array of factors.
Rapid urbanization, prompt population expansion, and widespread industrialization are leading to a steep rise in pollution levels across the globe. Apart from that, these factors have also led to the depletion of fossil fuel and other non-renewable energy resources. To mitigate these issues, there has been a shifting inclination of the masses towards the adoption of renewable energy sources. Also, government bodies are implementing stringent regulations to minimize the rising emission levels. The growing popularity of renewable energy sources including solar and wind power has escalated the demand for power electronics devices like inverters which can efficiently convert DC power into AC power which in turn can be used across residential and commercial complexes. These factors are positively swaying the dynamics of this industry vertical.
There has been rapid evolution in the electric vehicles industry. Due to growing environmental cognizance among the masses and rigid vehicular emission-based regulations, people are keen on adopting eco-friendly transportation solutions. This has increased the demand for power electronics entities like battery management systems and batteries which power electric vehicles.
On Special Requirement Power Electronics Market Report is also available for below region:
Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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