Power electronics market research report categorizes the power electronics market on the basis of device type, material, application, vertical, and region.
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The power electronics market is expected to grow from USD 39.03 Billion in 2018 to USD 51.01 Billion by 2023, growing at a CAGR of 5.5% between 2018 and 2023. Major players in the Power Electronics Market are Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), ST Microelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Inter technology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi(Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).
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The power electronics market has been segmented on the basis of device type into discrete, modules, and ICs.The power ICs led the power electronics market in 2017.
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Power ICs including PMICs and ASICs are primarily used in high-frequency range, high power amplification, and microwave radiation applications.
The power electronics market is segmented on the basis of vertical into ICT, consumer electronics, energy and power, industrial, automotive, aerospace and defense, and others. The automotive vertical is expected to grow at the highest CAGR during the forecast period owing to the increasing focus on hybrid electric vehicles (HEVs) and EVs and increasing demand for cars and other passenger vehicles across the globe.
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Key Target Audience:
- Component manufacturers and distributors
- Row material providers
- Power device distributors
- Power device manufacturers
- End-user verticals (ICT, consumer electronics, energy & power, industrial, automotive, aerospace & defense, and others)
- Analysts and strategic business planners
- Research organizations
- Associations, organizations, and alliances related to power electronics
This growth is attributed to the increasing use of power devices in automotive and industrial verticals. The market for power discrete in transportation applications is showing significant growth, as the production of hybrid and electric vehicles is growing at a high pace.
Moreover, to reduce power consumption, power discrete devices are used in majority of the verticals such as energy &power, ICT, consumer electronics, automotive, industrial, and others.
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The advent of electric vehicles (EVs) is one of the most important steps of environment conservation. These vehicles do not use any fuel and, thus, do not emit harmful gases.
This factor has accelerated the growth of the electric vehicles market. As these vehicles completely rely on electrical power supply, the use of electronic devices is more in these vehicles.
These devices are poised to have a greater impact on the power electronics market in the coming years.
The continuous demand for power in the industrial vertical plays a crucial role in the adoption of power electronics. The increasing demand for HVDC grids in China and India and the adoption of Greenfield projects for generating energy from renewable sources are expected to drive the growth of the power electronics market in APAC.
Moreover, the automobile vertical plays a vital role in the power electronics market as it is one of the fastest-growing verticals in APAC.