The market is expected to be valued at USD 41.73
Billion by 2022, at a CAGR of 2.4% between 2016 and 2022. The major
factors driving the growth of the power electronics market include the
increasing demand for energy-efficient battery-powered portable devices,
rising trend of energy harvesting technologies, enhancement of power
infrastructure, and the growing focus toward using renewable power
sources.
This
report segments the market on the basis of material, device type,
vertical, and geography. The market for silicon accounted for the
largest share of the power electronics market based on material in 2015.
This growth could be attributed to the applicability of silicon in
various power electronics devices and products.
The
power integrated circuits (IC) is expected to witness a significant
growth during the forecast period. Power ICs are widely used for
high-frequency range, high power amplification, and microwave radiation
applications. Growth of the power ICs market in the industrial, ICT,
aerospace and defense verticals is driven by various high-power and
high-frequency applications such as radio frequency (RF), high-frequency
wireless communication, radio detection and ranging (RADAR), satellite
communication, and electronic warfare among others.
The
power vertical accounted for the largest share of the power electronics
market in 2015. Power electronics-based solutions are replacing the
traditional electricity generation, transmission, and distribution
systems at an increasing rate, which in turn is acting as a driving
factor for the growth of this vertical.
Asia-Pacific
(APAC) is expected to grow at the highest rate during the forecast
period in the power electronics market. This growth can be attributed to
the increasing demand for consumer goods and energy requirements in
emerging economies such as China and India. The APAC region has emerged
as a strong manufacturing hub with leading manufacturers of consumer
goods increasing their manufacturing activities in this region.
Complex
design and integration process for advanced technology devices and slow
adoption of new technologies by system integrators are the key
restraining factor for the growth of the power electronics market.
The key players in the power electronics market
include Infineon Technologies AG (Germany), Texas Instruments, Inc.
(U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V.
(Switzerland), Maxim Integrated Products, Inc. (U.S.), Fuji Electric
Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Qualcomm,
Inc. (U.S), Vishay Intertechnology, Inc. (U.S.), Renesas Electronics
Corp. (Japan), and Mitsubishi Electric Corp. (Japan).
These
players adopted various strategies such as new product launches,
mergers, acquisitions, and collaborations to grow in the power
electronics market.
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