The power electronics market is expected to grow from
USD 39.03 Billion in 2018 to USD 51.01 Billion by 2023, growing at a
CAGR of 5.5% between 2018 and 2023.
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The growth of this market can be
attributed to the upgrade of power infrastructure and growing demand for
energy-efficient battery-power portable devices. In developing regions,
existing power supply resources are being increasingly utilized because
of the growing power consumption. The demand for the enhancement of
power infrastructure and concerns regarding the use of renewable power
supplies are increasing globally. Governments across the globe are
increasingly investing in renewable energy sources, such as solar and
wind, and are constantly working toward formulating better
feed-in-tariff policies to provide photovoltaic projects with the
convenience of grid connections.
The power electronics market has been segmented on
the basis of device type into discrete, modules, and ICs. The power ICs
led the power electronics market in 2017. Power ICs including PMICs and
ASICs are primarily used in high-frequency range, high power
amplification, and microwave radiation applications.
On the basis of application, the power electronics
market has been segmented into power management, drive, UPS, rail
traction, transportation, renewable, and others. The power electronics
market for the transportation application is expected to grow at the
highest CAGR between 2018 and 2023 owing to increasing production of
HEVs and EVs and rising demand for electric vehicle charging stations
across the globe.
The power electronics market is segmented on the
basis of vertical into ICT, consumer electronics, energy and power,
industrial, automotive, aerospace and defense, and others. The
automotive vertical is expected to grow at the highest CAGR during the
forecast period owing to the increasing focus on hybrid electric
vehicles (HEVs) and EVs and increasing demand for cars and other
passenger vehicles across the globe.
APAC led the overall power electronics market and
accounted for the largest market share, followed by Europe. The power
electronics market in APAC is expected to grow rapidly during the
forecast period. The key drivers for the growth of this market in APAC
include growing demand for power electronic devices in automotive and
consumer applications and the presence of many manufacturing units in
APAC. Moreover, the growing demand of industrial and energy & power
verticals for power electronic devices helps the market to grow further
in the region.
Complex design and integration process for advanced
technological devices is restraining the growth of the power electronics
market. The power electronics industry is focusing more on the
integration of multiple functionalities into a single chip, which
results in complex designing. Designing and integration of complex
devices require special skillsets, robust methodology, and toolset for
integration, which increase the cost of the devices; thus, high cost
restrains users to switch to advanced technological devices.; hence,
complex design and integration process for advanced technological
devices is considered a restraining factor for the growth of the power
electronics market.
Major players in the power electronics market are
Infineon Technologies (Germany), Texas Instruments (US), On
Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi
Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan),
Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay
Intertechnology (US), Maxim Integrated Products (US), SEMIKRON
(Germany), ABB (Switzerland), Hitachi (Japan), Analog Devices (US), ROHM
Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip
Technology (US), and Danfoss (Denmark).
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