The global power electronics market is
expected to reach USD 39.22 billion by 2025, according to a new report by Grand
View Research, Inc. Increased focus on the usage of renewable energy sources
has been one of the major factors driving the market. In addition, the
development of power infrastructure, coupled with the increasing demand for
battery-powered portable devices, has led to the increased adoption of power
electronic devices and products across various industry verticals such as
power, automotive, communication, aerospace & defense, consumer
electronics, and other sectors.
Power electronic devices
use switching electronic circuits to regulate the flow of energy. They are also
used in alteration of electric power, which is usually performed by the
semiconductor devices such as diodes, transistors, and thyristors. Power
electronic devices are useful in connecting renewable energy resources with
power grids and transportation of energy. They have applications in electric
trains, motor drives, and lighting equipment and play a key role by enabling
heat sinking and soft starting of the motors.
The power electronics
market is extensively consolidated, in terms of applications and materials that
are used to produce power electronic devices. The advancements and exhaustive
research & development activities in the power devices have enabled the
evolution of power electronics. The market possesses significant potential for
growth and is dynamic and adaptive in nature. A few highlighting features of
the power electronic devices are durability against coarse environmental
conditions, extended life (suitable for rugged industrial applications), and
better efficiency & reliability.
The power electronics
industry has been undergoing continuous developments and up gradations, since
its emergence. Several factors, such as the rapid inception of renewable energy
sources and rising adoption of electric vehicles & radio communication, are
influencing market growth. The adoption of power electronic devices in healthcare
systems & instruments and the automotive industry is expected to drive the
market over the forecast period.
The Asia Pacific market
is expected to grow at the fastest CAGR of 2.0% from 2017 to 2025, owing to the
emergence of manufacturing hubs across the continent. Countries, such as China,
India, South Korea and Singapore, are expanding their domestic manufacturing
activities across various industry verticals, such as consumer electronics,
telecommunication, military & defense, and automotive, to strengthen their
economies. In addition to this, prominent industry players are investing and
establishing production & distribution units to capture the regional
markets. All the above-mentioned factors are further providing additional
impetus to power electronics market.
However, the power
electronics market is facing challenges such as high initial expenditures and
deposition of Gallium Nitride (GaN), Gallium Arsenide (GaAs), and Silicon
Carbide (SiC) on the silicon materials which is a quite tedious and complex
procedure, especially to reach while in high voltage ranges. Expensive &
time-consuming processes and complexity issues involved in manufacturing power
devices are anticipated to restrain the market growth.
Browse full report by Grand View
Research :
Further key findings from the report suggest:
·
The global power electronics market was
valued at USD 31.48 billion in 2015 and is expected to grow at a CAGR of 2.2%
from 2017 to 2025
·
The silicon segment emerged as the largest
material segment in 2015 and is estimated to generate USD 28.0 billion by 2025
·
The Integrated Circuit (IC) segment is
projected to exhibit the fastest growth rate over the forecast period
·
The industry is projected to witness
substantial growth, in the Asia Pacific region, over the next decade, owing to
the developments in major and emerging economies (across the ICT, automotive,
and consumer electronic sectors) such as China, Japan, South Korea, and India.
The regional market is expected to grow at a CAGR of 2.8% from 2017 to 2025.
·
The key players, such as Texas Instruments,
Inc., Renesas Electronics Corp, Mitsubishi Electric Corp., Fuji Electric Co.,
Ltd., and Infineon Technologies AG, dominated the global power electronics
market and accounted for 60% of the total revenue in 2015
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/electronic-devices
Grand View Research has
segmented the global power electronics market based on materials, devices,
applications, and regions:
Material Outlook (Revenue, USD Billion, 2014 - 2025)
·
Silicon
·
Sapphire
·
Silicon Carbide (SiC)
·
Gallium Nitride (GaN)
·
Others
Device Outlook (Revenue, USD Billion, 2014 - 2025)
·
Discrete
·
Module
·
IC
Application Outlook (Revenue, USD Billion, 2014 - 2025)
·
ICT
·
Consumer Electronics
·
Power
·
Industrial
·
Automotive
·
Aerospace & Defense
·
Others
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
·
North America
o U.S.
o Canada
o Mexico
·
Europe
o Germany
o UK
o France
·
Asia Pacific
o China
o Japan
o India
·
South America
o Brazil
·
Middle East & Africa
Access
press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-power-electronics-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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