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.
Power electronics is an application of solid-state
electronics wherein electric power is converted from one form to
another. Currently, most of the electrical and electromechanical devices
are integrated with power circuits. Rising demand for hybrid electric
vehicles (HEVs) and electric vehicles (EVs) and ongoing
industrialization in emerging economies such as China and India are
expected to act as growth opportunities for the power electronics market
in the coming years.
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Among device types, ICs are expected to lead the power electronics market from 2018 to 2023
ICs in power electronics operate at high-frequency
ranges and carry out power amplification. They are also used in
microwave radiation applications. These ICs are used in ICT and
aerospace & defense verticals, among others for high-power and
high-frequency applications such as high-frequency wireless
communication, radars, satellite communication, electronic warfare,
radio communication, etc. Moreover, the increasing demand for
application-specific ICs (ASICs) and power management ICs (PMICs) that
consume less power is also fueling the growth of the ICs segment of the
power electronics market.
Based on application, the transportation segment is projected to lead the power electronics market during the forecast period
Power electronics plays an important role in the
transportation sector as it enables proper utilization of electrical
energy in automobiles. Increasing concern over environmental pollution
and sustainable growth are leading to a rise in demand for electric
vehicles and hybrid electric vehicles. This results in an increased
number of vehicle charging stations across the globe, thereby
contributing to the increase in demand for power electronics from the
transportation sector. Moreover, the growing use of electronic devices
in automobiles to ensure vehicle safety, carry out user authentication,
etc. is also contributing to the growth of the transportation segment of
the power electronics market. The mandates issued by governments of
different countries to develop environmental-friendly vehicles are also
expected to lead to the growth of this segment of the market.
Automotive vertical is projected to be the largest consumer of power electronics between 2018 and 2023
Power electronics plays a vital role in the
automotive segment as it enables the optimization of electrical energy
in automobiles. Increasing awareness across the globe regarding the use
of environment-friendly vehicles is leading to a rise in demand for
hybrid electric vehicles and high-end automobiles that use power
electronics. Moreover, increasing demand for metal-oxide-semiconductor
field-effect transistors (MOSFETs) and insulated gate bipolar
transistors (IGBTs), which are used as a power electronic switches in
vehicles to increase their fuel efficiency, is also contributing to the
growth of the automotive segment of the market.
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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