The global power electronics market size is projected to grow from USD 35.1 billion in 2020 to USD 44.2 billion by 2025, at a CAGR of 4.7%. The increasing focus on the use of renewable power sources across the globe, growing adoption of power electronics in the manufacturing of electric vehicles, and increasing use of power electronics in consumer electronics are the major factors driving the growth of the market. The increasing use of GaN & SiC products in various applications and growing industrialization in developing economies are projected to create lucrative opportunities for the players operating in the market during the forecast period. Implementation of several regulations by the governments of various countries to deal with the COVID-19 pandemic (such as the complete shutdown of manufacturing facilities; limited production with limited manpower) and decrease in demand for end-products are expected to affect the growth of the power electronics market in 2020.
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The Automotive & Transportation vertical to grow at highest CAGR during the forecast period
The automotive vertical is expected to dominate this market in the coming years owing to the increasing focus on hybrid electric vehicles (HEVs) and EVs and increasing demand for cars and other passenger vehicles in developing regions. Also, increasing concerns regarding environmental pollution and sustainable growth have increased government support in several countries to boost the production of electric vehicles, supported by incentives. This is expected to develop and expand the charging infrastructure and provide opportunities for the market. China is one of the largest markets for electric vehicles, and it has scaled up the production by implementing new policies and subsidies aimed at automobiles, particularly new energy vehicles. In May 2020, the government announced the extension of NEV subsidies and tax policies by about 2 years, along with high capital investment for battery charging infrastructure by about USD 38 million. Such efforts are expected to boost the automobile market of the country and drive the market for power electronics.
APAC is expected to grow at the highest CAGR during the forecast period
APAC is likely to grow at the highest CAGR for the global power electronics industry from 2020–2025. APAC is expected to continue to hold the largest market size and expected to be the fastest-growing region in the power electronics market owing to the rapid development of consumer electronics products, which drives power IC market. Consumer electronics, industrial, and automotive are among important verticals in the APAC market
Renewable energy generation is one of the key revenue pockets for the market in APAC. Governments in multiple countries of the region are motivating the shift towards renewable energy generation, mainly photovoltaics or solar, in the form of various offers and subsidies. Fast-track adoption of electric vehicles across the region is also a prime factor driving the power electronics market growth. Various countries in APAC have set targets to increase the adoption of electric vehicles to reduce pollution levels. For instance, China raised its 2025 sales target for electrified cars; the country wants about 25% of new cars sold by 2025 to be electrified. The Japanese government has aimed to have all new cars sold in Japan to be electric or hybrid vehicles by 2050. Likewise, the Korean Government is aiming to achieve electrification of 33% of new vehicles by 2030. All these factors expected to drive the growth of the power electronics market in APAC.
Key Market Players
Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US) are some of the key players operating in the power electronics market.
Infineon Technologies is the leading player across the semiconductor solutions market. Set up in 1999 in Munich, Germany, the company’s product offerings include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon offers a wide range of power electronic products, such as MOSFETs, IGBTs, Linear Voltage Regulators, DC-DC converters, Diodes & Thyristors, and Intelligent power modules, which serve a wide range of applications, including switch-mode power supplies (SMPS), computing, motor control and drives, consumer, mobile devices, lighting solutions, and automobiles. . The company focuses on technology leadership by focusing on advanced products to expand its abilities and strengthen its core businesses. As a part of this, the company started conducting research studies on new materials for power semiconductors at an early stage, which led to higher adoption of SiC and GaN in power electronics products. The company is one of the early entrants in the GaN and SiC power electronics market. The company also focuses on in-house manufacturing strategy to differentiate itself from its competitors in terms of cost and performance.
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