The report "Power Electronics Market with COVID-19 Impact Analysis by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace), and Geography - Global Forecast to 2026", is projected to grow from USD 37.4 billion in 2021 to USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% during the forecast period. Owing to COVID-19, the power electronics market faced some headwinds for 2020–2021. The use of SiC and GaN has resulted in improvements in the existing semiconductor technologies, such as MOSFETs and IGBTs. Power electronics-based power converters continue to be used in renewable energy systems, which mainly include wind and solar energy systems.
Download PDF Brochure:- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=204729766
Impact of COVID-19 on current power electronics market size and forecast
The emergence of the COVID-19 pandemic, a deadly respiratory disease that originated in China, is now become a worldwide issue and has also affected the power electronics market. Many end-use verticals deploying power electronics have been affected by this crisis. As such, the market in 2020 experienced a 5% decline from 2019. Market players have witnessed supply chain disruptions for power electronics across both demand and supply sides. Several industry experts are of the opinion that the COVID-19 pandemic would start to subside by FY 2021. Considering the inputs from various industry experts belonging to the various stages of the value chain, such as OEMs, suppliers, integrators, end users, and distributors, and the financial release of various companies in the power electronics ecosystem, it is estimated that the market will experience a marginal decline during 2019–2020. For instance, companies such as Infineon Technologies (Germany) and STMicroelectronics (Switzerland) experienced good growth in 2020. On the other hand, companies such as Mitsubishi Electric (Japan) and Fuji Electric (Japan) remained relatively stagnant, while ON Semiconductor (US) experienced a decline in revenue. The growth rate, however, will recover from 2021 onward, and after that, it is expected to remain in the growth stage during the forecast period.
Power Electronics Market Dynamics
Driver: Rapid development of electric vehicles
A modern motor vehicle has several components that utilize power electronics, such as ignition switch, windshield wiper control, adaptive front lighting, interior lighting, and electric power steering. With the steady growth of electric vehicles and plug-in hybrid electric vehicles, power electronics are expected to play a significant role in energy management in electric vehicles. Vehicle power electronics primarily process and control the flow of electrical energy in hybrid and plug-in electric vehicles and also control the speed of the motor and the torque it produces. With increasing concerns over the environmental impact and emissions regulations, governments in developed countries, especially across Europe, have set aggressive targets to reduce emissions from vehicles. Therefore, automotive manufacturers are investing in the development of electric vehicles to avoid penalties related to emissions. To charge large-capacity batteries in fully electric vehicles, there is a need for 800V power chargers as most charging stations for electric cars currently operate at 400V. For instance, IONITY (a joint venture of BMW Group, Daimler, Ford Motor, and Volkswagen Group, along with Audi and Porsche) is mainly focusing on building powerful charging stations across Europe to overcome the issue of low-speed charging. Furthermore, power electronics in vehicles are expected to make advances in several key areas, including device packaging, innovative power module designs, and high-temperature capacitors to reduce inverter costs and volume and enable operation at higher temperatures.
Restraint Complex design and integration process
The players operating in the power electronics industry are focusing on integrating multiple functionalities in a single chip, which results in a complex design. Furthermore, the designing and integrating complex devices require special skillsets, robust methodology, and a particular toolset, which increase the overall cost of the devices. Consequently, the high cost of the devices is expected to hamper the switching process toward advanced technological devices. Subsequently, evolving technologies generate demand for more functionalities to be integrated into system-on-chips (SoCs), making devices smaller and more efficient. There is also a high requirement for reducing power consumption in SOCs across CPUs, GPUs, wearables, and mobile devices. However, integrating multiple ICs into a single device is a complex task because of different functionalities and operating modes and voltages, which is expected to restrain the growth of the power electronics market during the forecast period.
Consumer electronics vertical to register the highest share for power electronics market in 2021
Since the introduction of transistors, the power electronics market has been primarily driven by consumer technology. Therefore, the consumer electronics segment is expected to have the largest market share during the forecast period. The growing use of consumer electronic devices, such as smartphones, tablets, and smart wearables, especially in developing countries, is expected to drive the market for power electronics. The increasing adoption of power electronics in home appliances is also expected to contribute to the market size of the consumer electronics segment. China- and South Korea-based OEMs such as Oppo, Xiaomi, Vivo, Meizu, Samsung, and Huawei are adopting GaN-based power electronics for high power inbox chargers for phones as well as accessory fast chargers.
The globally integrated automotive industry is projected to experience the largest impact during the forecast period. Factory closures, supply chain disruptions, and the lack of buyer confidence have negatively impacted the demand for power electronics in the automotive segment. The consumer electronics industry has also been affected as a result of the slowdown in electronics production resulting from the decline in the automotive industry.
Market in APAC estimated to have the largest share during the forecast period
APAC is estimated to lead the power electronics market and register the highest CAGR during the forecast period. The market’s growth in APAC is attributed to the large presence of consumer electronics, ICT, industrial, and automotive verticals across China, Japan, and South Korea. The increasing need for power generation and government initiatives in various countries to promote renewable energy infrastructure are also driving the overall market in APAC. The increasing population in developing countries, such as China and India, leading to the increased deployment of communication infrastructure, is expected to boost the market growth for power electronics. The presence of several well-established power electronics players, such as Renesas Electronics, Mitsubishi Electric, Fuji Electric, ROHM, and Toshiba, contributes to the regional market’s growth. Emerging Chinese players, such as BYD, Huawei, CRRC, and Sungrow, are helping China in strengthening its domestic market for power electronics. These factors are expected to contribute to the growth of the power electronics market in APAC.
Major vendors in the power electronics market include 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), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
No comments:
Post a Comment