Global Power Electronics market size was valued at US$ 41.15 Bn in 2019 and is expected to reach US$ 53.78 Bn by 2027 to exhibit a CAGR of 5.5 % during the forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology.
The report also helps in understanding the global power electronics market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by Material, price, financial position, Material portfolio, growth strategies, and regional presence.
The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global power electronics market. Power electronics is a solid-state circuitry device that translates and controls electric power from the source to the load in an efficient and convenient manner. It is used to control the varied power from one device to other power devices such as diodes, transistors, and thyristors. Now, it is used in renewable resources and electric vehicles to expand switching speed and prevent power loss.
Increasing demand for energy-efficient battery-power portable devices, upgrade of power infrastructure and focus toward the use of renewable power sources, growing adoption of power electronics in electric vehicles and higher adoption of power electronics in energy & power, automotive, consumer electronics, and other industries are some of the driving factors behind the growth of the market.
Current leakage at high temperature, complex design, and integration process for advanced technological devices and high infrastructure deployment cost hamper the growth of the market. Manufacturers struggling to cope with regularly changing demand for more compressed and efficient devices at low prices is the major challenges of the power electronics market. Proactive government initiatives to establish high voltage direct current (HVDC), rising industrialization in developing economies and smart grid utilizing power devices for power conversation are expected to provide beneficial opportunities to the market. Power ICs is estimated to hold the largest share the market during the forecast period owing to the power ICs are suitable for high-frequency range, high power amplification, and microwave radiation applications. Presently, the power ICs market for industrial, ICT, and aerospace & defense verticals is powered by many high-power and high-frequency applications like RF, high-frequency wireless communication, RADAR, satellite communication, electronic warfare, radio communication, and microwave radiation arenas. Also, the growing demand for ASICs and PMICs for dropping power consumption drives the growth of the market.
Transportation application segment is projected to dominate during the forecast period because of the rising use of electronic devices in the automotive vertical for charging stations, car safety, authentication, mobile security, and others. Additionally, large-scale production of hybrid electric vehicles (HEV) and EVs and the increasing demand for electric vehicle charging stations are estimated to make transportation the largest revenue segment for the power electronics industry in coming years.
The automotive industry is expected to hold the largest market share during the forecast period because power electronics play a crucial role in the automotive segment as they help improve the use of electrical energy. Growing concerns over environmental pollution and sustainable progress are increasing the growth of the market for hybrid electric vehicles and high-end automobiles. Power electronic modules, including MOSFETs and IGBTs, are used as a power electronic switch in vehicles to raise the fuel efficiency of the vehicle.
Asia Pacific is expected to hold largest market share in the forecast period because of the existence of a large number of automotive and consumer electronics manufacturers in APAC and rising demand for power electronic apparatus in automotive and consumer applications. Also, the increasing demand for industrial and energy & power verticals for power electronic devices helps the market to raise more in the region.
Scope of Global Power Electronics market
Global Power Electronics market, by Material
• Silicon • Silicon Carbide • Gallium Nitride • Others
Global Power Electronics market, by Device Type
• Power Discrete • Power Modules • Power ICs
Global Power Electronics market, by Application
• Power Management • Drives • UPS • Rail Traction • Transportation • Renewable • Others
Global Power Electronics market, by Vertical
• ICT • Consumer Electronics • Energy & Power • Industrial • Automotive • Aerospace & Defense • Others
Global Power Electronics market, by Region
• North America • Europe • Asia-Pacific • Middle East & Africa • South America
Key Players operating in the Global Power Electronics market
Browse Full Report with Facts and Figures of Power Electronics Market Report at: https://www.maximizemarketresearch.com/market-report/global-power-electronics-market/25410/
Maximize Market Research provides B2B and B2C market research on 20,000 high growth emerging technologies & opportunities in Chemical, Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Vikas Godage
Organization: MAXIMIZE MARKET RESEARCH PVT. LTD.
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