The global power electronics market is projected to reach $19,972.0 million by 2022, growing at a CAGR of 6.2% during 2016 - 2022.
The study reveals that the global power electronics market is likely to grow from $12.9 billion in 2015 to $20.0 billion by 2022. Power electronics is used in various industries such as automotive, power & energy, ICT, consumer electronics, and aerospace & defense; however, among these industries, the largest user of power electronics is consumer electronics industry.
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As per the research findings, among the various devices, power discrete has been the largest market. The power modules segment is expected to witness fastest growth in demand during the forecast period.
Geographically, Asia-Pacific has been the largest revenue contributor to the global power electronics market. China has been the largest market in Asia-Pacific, while the U.S.
led the North American market. Germany has been the major European market, whereas U.A.E. stood as the largest market in Rest of the World.
Power density is a prime factor in the PE industry, particularly in high-power applications. For instance, PE devices in electric rail traction drives, wind power generators, inverter systems, and solar power generators use PE devices to increase their operational efficiency.
Vendors in the market are investing in R&D to develop devices that work at higher power density levels. PE devices have several advantages, such as less driving power, simplified circuits, and optimum forward and reverse blocking capabilities, which can enable them to work in higher power densities.
Furthermore, compact PE device designs are the ideal choices for usage in high power densities.
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The increased penetration of PE devices in utility applications is also driving the market growth. It is expected that by 2030, up to 80% of the electricity produced will use power electronic devices.
These devices enhance the performance of electricity grid. This is complemented by the increased integration of renewable energy sources into the grid.
It is expected to empower consumers in the residential, industrial, and commercial sectors.
The global need to generate electrical energy from renewable energy sources is escalating rapidly. It is projected that global energy consumption will increase by over 60% by 2030, which is expected to boost the adoption of power electronics in renewable technologies such as those for solar and wind power.
These devices are used in wind turbine converters, grid converters, and inverters in solar panels to increase power efficiency and switching speed.
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