According to the new market research report on the "Power Electronics Market
by Material, Device Type (Discrete, Module, and IC), Application,
Vertical (ICT, Consumer Electronics, Energy and Power, Industrial,
Automotive, and Aerospace & Defense), and Geography - Global
Forecast to 2023", The power electronics market is estimated
to grow from USD 39.03 Billion in 2018 to USD 51.01 Billion by 2023, at
a CAGR of 5.5% between 2018 and 2023.
Growing demand for energy-efficient battery-power
portable devices and upgrade of power infrastructure and focus toward
the use of renewable power sources are some of the driving factors for
the growth of the market.
ICs expected to hold a major share of the power electronics market during the forecast period
Power ICs are suitable for high-frequency range, high
power amplification, and microwave radiation applications. Currently,
the power ICs market for industrial, ICT, and aerospace & defense
verticals is fueled by various high-power and high-frequency
applications such as RF, high-frequency wireless communication, RADAR,
satellite communication, electronic warfare, radio communication, and
microwave radiation fields. Moreover, the increasing demand for ASICs
and PMICs for reducing power consumption propels the growth of the
market.
Market for transportation application to hold a major share of the power electronics market between 2018 and 2023
The growth of the market is attributed to the growing
use of electronic devices in the automotive vertical for charging
stations, car safety, authentication, mobile security, and others.
Moreover, large-scale production of HEVs and EVs and the rising demand
for electric vehicle charging stations are expected to make
transportation the largest revenue sector for the power electronics
industry in the near future. Moreover, governments’ mandate to develop
environmentally friendly vehicles is expected to create opportunities
for the power electronics market.
Automotive vertical expected to hold major share of the power electronics market between 2018 and 2023
Power electronics play a vital role in the automotive
segment as they help optimize the use of electrical energy. Increasing
concerns over environmental pollution and sustainable growth are
boosting the growth of the market for hybrid electric vehicles and
high-end automobiles. Power electronic components, including MOSFETs and
IGBTs, are used as a power electronic switch in vehicles to increase
the fuel efficiency of the vehicle.
APAC expected to hold major share of the power electronics market between 2018 and 2023
APAC has been the fastest-growing region in terms of
power electronic products and solutions compared to other regions. The
growth is attributed to the presence of large number of automotive and
consumer electronics manufacturers in APAC and growing demand for power
electronic devices in automotive and consumer applications. Moreover,
the growing demand of industrial and energy & power verticals for
power electronic devices helps the market to grow further in the region.
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) are some of the major players in
the power electronics market.
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