Power Electronic Devices Market Key Players, Trends, Competitive And Regional Forecast To 2023

Market Highlights

Power electronic devices are used to convert energy from one type to another, such as battery chargers, photovoltaic inverters or dischargers. Power electronics allow solar grid deployment and grid modernisation techniques, as 80 percent of energy could pass through power electronics devices by 2030. Innovations in power electronics are motivated with the need to reduce costs and increase the performance and lifespan. Additionally, these systems need capabilities through integrated control and performance tuning to enhance grid durability, efficiency, and protection.

Market Research Future (MRFR) reveals that the global power electronics market can achieve an approximate growth rate of 3% over the forecast period (2017-2023).

Market Boosters and Top Barriers

Technological advancement has given rise to the internet of things (IoT) as well as the semiconductor technology and nanotechnology fields, which are expected to benefit the power electronics market in the years ahead. AI-powered integrated circuits, SCADA technology, micro-electromechanical system (MEMS), and energy management systems are significant application areas of power electronics systems.

Developments in energy infrastructure, surge in energy-efficient portable electronics components, and generation of renewable energy are leading the market to greater heights across the globe. Several industry participants are striving to offer power electronics solutions across various industries like aerospace & defense, automotive, energy & power, consumer electronics, transportation, medical, and many others. In addition, to cater to the high demand for energy-efficient power architectures, companies such as Veeco Instruments Inc. now offer GaN-on-Si technology power devices that have better switching speed as well as circuit efficiency. 

Over the years, the power electronics manufacturers are spending massive funds on research and development (R&D) to develop top-quality products and also expand their market share. The intense competition in the market is giving rise to product innovation, which appeals to a wider base of consumers. These consumers are looking for power electronic devices that boast of product efficiency, which can only be achieved with intense R&D. As a result of these factors, the power electronics market is on its way to attaining immense momentum during the review period.

Segmentation:

The worldwide power electronics devices market is fragmented by the type, material, and vertical unit. The global market has been segmented, depending on the material, into Silicon Carbide, Sapphire, Silicon, Gallium Nitride, and several others. The global market for power electronics has been segmented by device type into power module, discrete power, and power IC. While the market is segmented into information technology and telecommunications, power, consumer electronics, automotive, and aviation and defense on the basis of the vertical. Due to the growing scope of silicone in different power power electronics devices and goods, the silicon material sub-segment is set to hold the largest share in the power electronics market during the forecast period. Owing to the cost-effective functionality and growing demand for power-efficient battery-powered devices, the need for power electronics technological solutions is also rising.

Regional Insight

The primary markets for power electronics across the globe are Asia Pacific (APAC), North America, Europe, and the rest of the world (RoW).

APAC has managed to seize the biggest portion of the global power electronics market, with North America and Europe following suit. The most lucrative markets in the region are India, Japan, and China, owing to technological enhancements coupled with the surging trend of energy harvesting technologies. The region is also known for having a well-established infrastructure, which boosts the implementation of advanced technologies. The mounting adoption rate of the internet of things along with the augmented demand for hybrid and electric vehicles induces market growth in the region.

North America’s strong financial position in the world has led to sizeable investments in power and electronics technologies. The region has had notable growth in recent years, with the United States (US) and Canada as the prominent markets. The recent surge in the electric vehicle market in the region has benefitted the power electronics market to a great extent. The region also houses numerous significant companies that form the power electronics market that invest massively in the development of sophisticated power electronics systems.

Europe can possibly achieve the fastest CAGR during the estimated period, on account of growing initiatives by government and intense efforts given by electric vehicle manufacturers. Amplified use of electric vehicles in the region also favors the market.

Top Market Players

Rockwell Automation (U.S.), Mitsubishi (Japan), Cree (U.S.), Toshiba (Japan), ABB (Switzerland), Fairchild (U.S.), Micro semi (U.S.), Renesas Electronics (Japan), STMicroelectronics (Switzerland), Infineon (Germany), are the renowned players in the worldwide power electronics market.

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