Power Electronics Market Growth Boost by Concern over Sustainable Growth and Environmental Pollution
Power electronics play a major role in the automotive industry as they help to enhance the use of electrical energy. Concern over sustainable growth and environmental pollution boost the growth of the power electronics market for hybrid electric vehicles and high-end automobiles. Rise in growth of power electronics market is also due to as the government orders to develop environmentally friendly vehicles.
Global power electronics market is expected to a notable CAGR of 7.12% during the forecast period. Moreover, the global power electronics market is expected to grow with high pace during the forecasting period due to the developments of the semiconductor devices and the microprocessor technology. Increasing awareness about depletion of fossil fuels, increasing CO2 and air pollution stimulates power electronics market.
The global power electronics market is segmented into product type such as discrete, module and IC. Among these segments, IC is expected to dominate the overall power electronics market. The advancements and research & development in power electronics devices have bolster the growth of power electronics market. Major drivers for the growth of power electronics market are high penetration of power electronics devices in utility applications and higher power density in electronics.
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In terms of regional platform, Asia Pacific countries such as China, India holds the largest market share of global power electronics in terms of revenue in 2017. It is estimated that 49% of China’s population owes smartphones which accelerate the market of power electronics in Asia Pacific.
North America is projected to be the fastest growing market for power electronics due to presence of large number of domestic consumer goods manufacturers.
Apart from this, Europe showcases lucrative growth over the forecast period i.e. 2017-2027.
Increasing demand for ICs in power electronics market
Integrated Circuit segment witness the fastest growth due to the demand for consumer electronic applications. They are the important components in LCD panels and laser diode drivers. Applications of integrated circuits in high frequency, high power systems such as RADAR, RF is making them essential component to defense and aerospace end users.
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It is estimated that in 2006, the analog power ICs establish about 39% of the USD 21 Billion power management market. There is high demand for ICs in both application expansion and production volume. ICs are widely use in aerospace & defense, microwave radiation and high frequency wireless communication.
The report titled “Power Electronics Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global power electronics market in terms of market segmentation by product type, by material type, by application type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the Global Power Electronics Market which includes company profiling of Infineon Technologies, Texas Instruments, On Semiconductor, STMicroelectronics, Mitsubishi Electric Corp., Fuji Electric, Renesas Electronics, Toshiba Corp., NXP Semiconductors, Vishay Intertechnology, Maxim Integrated Products, SEMIKRON, ABB Group, ROHM Semiconductor, Microchip Technology and Danfoss. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global power electronics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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