Press release -
Power Electronics Market Size by Device Type, Material, Application, End-User 2021
Power Electronics Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Power Electronics Market place for the forecast 2021– 2027.
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Scope of The Report:
Power electronics can be defined as the application of solid-state electronics to the control and conversion of electric power from one from to another form using inductors, capacitors, semiconductor devices. Power electronics convert alternating current into direct current and vice versa. These devices used as switches, or as amplifiers. Power electronics passes any amount of current with no voltage drop in any condition such as switch is either opened or closed it withstands an applied voltage and passes no current. Semiconductor devices utilized as switches this optimal property thus most power electronic applications depend on switching devices on and off, which makes proficient. The current and voltage at the device terminals follow a load line, and the power dissipation inside the device is large compared with the power delivered to the load.
Power electronics is used in battery chargers, audio amplifiers, AC adapter, fluorescent lamp ballasts, and DC motor drives used to operate pumps, fans, and manufacturing machinery, up to giga watt-scale high voltage direct current power transmission systems used to interconnect electrical grids. First power electronics invented in 1902 by Peter Cooper Hewitt, it was used to convert alternating current into direct current.
Power Electronics Companies
The major players added in the global Power Electronics market forecast are,
- Fuji Electric Co. Ltd.
- Mitsubishi Electric Corporation
- NXP Semiconductor N.V.
- ON Semiconductor Corporation
- Texas Instruments Incorporated
- STMicroelectronics N.V.
- Infineon Technologies AG
- Toshiba Electronic Devices & Storage Corporation
Rising Importance for Renewable Energy, Increasing Current Density and Improving Energy Efficiency, and Growing Use of Power Electronics in Aerospace and Defense are Some Factors Anticipated to Drive the Market Growth
The major factor driving growth of power electronics market is growing importance of using renewable energy. The energy saving, in industries like data center and energy storage and growing commercialization of 5G technology will offer a massive opportunity to electronic power companies, especially in distribution centers and in communication applications. In addition, many market players are focusing on improving the increasing current density, improving energy efficiency, and achieving low noise operations. For example, Infineon developed solutions newly launched 600 V CoolMOS S7 product family leads the way for power density and energy efficiency for applications where MOSFETs are switched at a low frequency. Furthermore, rising use of power electronics in the aerospace and defense sector for reducing size, weight, power, and cost, while at the same time increasing command, communications, intelligence, and surveillance capabilities are also empowering the growthy of global power electronics market.
For instance; in January 2020, Solid State Devices Inc. launched the SFC35N120 1200-volt silicon carbide power MOSFETs for high-reliability aerospace and defense power electronics applications, like PFC boost converters and high-voltage DC-DC converters.
However, a high initial cost, deposition of GaN on silica materials which in turn very difficult to reach in high voltage ranges may hamper the global power electronics market. In spite of that, rise in demand for plug-in electric vehicles and innovation in power metal–oxide–semiconductor field effect transistor are anticipated to offer lucrative opportunities for the expansion of the power electronics industry during the forecast period.
Key Market Segments:
By Device Type:
- Power Discrete
- Power Module
- Power IC
- Silicon Carbide
- Gallium Nitride
- Power Management
- Consumer electronics
- Military & defense
- Energy & Power
Market by Regional Analysis
North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa
Asia Pacific is Anticipated to Witness a Fastest Growth in the Global Power Electronics Market
Asia pacific is expected to witness a fastest growth in the global power electronics market due to major investors as many of the countries and growing investment in in the semiconductor industry. In 2019, countries, like India and South Korea, witnessed the growing demand for Schottky barrier diodes, MOSFETs, and other SiC discrete. Favourable government initiatives are also supporting the renewable energy industry in China. For instance; in July 2020, Finance Ministry, Republic of China, announced the expansion of budget for renewable power subsidies to USD 13 billion, which is 7.5% more than the previous year’s budget. The proposed budget will subsidize wind and solar renewable energy providers for new plant expansion and research & development activities.
North America is predicted to witness the significant development in the global power electronics market within the forecast period due to technological advancements and increased use of electric vehicle and industrial applications in this region. For example; Canada is the largest EV market, with over 40,000 sales in 2018. Annual EV sales growth rate for Canada over 2014-2019 increased each year. 320,000 new EVs were sold in the U.S. in 2019. General, plug-in hybrid electric vehicles (PHEVs) accounted for 27% of the 2019 market, while battery electric vehicles (BEVs) accounted for about 73%.
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