The power electronics market is expected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, growing at a CAGR of 5.5% between 2018 and 2023. 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.
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Power electronics market is expected to grow at a CAGR of 5.5% between 2018 and 2023
The market is expected 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. Growing demand for energy-efficient battery-powered portable devices and upgrade of power infrastructure are the major drivers for the market growth, while complex design and integration process for advanced technological devices restrain the growth of the power electronics market.
The power electronics market is very dynamic and the involvement of a proper supply chain has helped the industry to reach new heights. Due to the improvements in the effective supply chain and distribution, the power electronics industry has grabbed the attention of the power device manufacturer, power discrete manufacturer, and the power modules manufacturer, so as to generate more and more revenue with the help of high quality materials and components.
Asia Pacific is projected to be the largest market for power electronics during the forecast period
The power electronics market in Asia Pacific is projected to grow at the highest CAGR from 2018 to 2023. The region is also expected to be the largest market for power electronics during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of a large number of manufacturers of consumer electronics and automotive in the region and increased demand for power electronic devices from the automotive, consumer electronics, and energy and power verticals of Asia Pacific.
Infineon Technologies (Germany), ON Semiconductor (US), Texas Instruments (US), STMicroelectronics(Switzerland), Fuji Electric (Japan), Mitsubishi Electric (Japan), Toshiba (Japan), Renesas Electronics (Japan), NXP Semiconductors (Netherlands), Maxim Integrated Products (US), Vishay Intertechnology (US), ABB (Switzerland), SEMIKRON (Germany), Analog Devices (US), Hitachi (Japan), Microsemi (US), ROHM Semiconductor (Japan), Microchip Technology (US), Littelfuse (US), and Danfoss (Denmark) are some of the major players operating in the power electronics market.
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USA : 1-888-600-6441
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