The growth of the power electronics market can be attributed to increasing demand for energy-efficient battery-powered portable devices, rising need to upgrade existing power infrastructure, and growing focus toward the use of renewable power sources. The report " Power Electronics Market by Device Type (Discrete, Modules, ICs), Material, Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, Aerospace & Defense), Region - Global Forecast to 2023", is projected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, at a CAGR of 5.5% between 2018 and 2023.
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Growing demand for energy-efficient battery-powered portable devices
Nowadays, the requirement for portable devices is increasing with the evolution of digitalization, Internet of Things (IoT), smart city, and cloud computing. The increasing demand for portable devices, which are energy-efficient and powered by batteries, is driving the growth of the market for power management ICs.
Batteries installed in portable devices, such as mobile phones, laptop, tablets, and portable media players, have a limited power capacity. Hence, a power management device is required in these portable devices to manage power supply of batteries. Power management integrated circuits (ICs) are being used extensively in an electronic device to ensure effective and efficient utilization of power, e.g., power consumption should be minimum in standby mode.
The value chain of the power electronics market comprises raw material suppliers, manufacturers, investors, and distributors. Players operating in the market include 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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