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Power Electronics Market size is expected to exceed USD 45 billion by 2024. Battery-powered portable devices are witnessing a high demand with the increasing need for energy-efficient solutions. The rising awareness regarding ozone depletion and air pollution is the key factor for the wide adoption of such solutions. Several government initiatives for power consumption are encouraging manufacturers to develop renewable power sources. For instance, National Mission on Power Electronics Technology (NaMPET) is a program started by the Ministry of Electronics and Information technology (MeitY) to make India a dominant player in the power electronics industry.The discrete power electronics market is anticipated to exhibit substantial growth during the forecast timespan as components such as transistors, diodes, and thyristors find increasing applications in every day electronics and consumer systems. Diodes, for instance, have varied use cases as blocking devices in solar charging systems for the prevention of a storage unit such as the battery from discharging through the solar panel.
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The rising demand for data centers and wireless technologies is fueling the growth of the ICT segment of the power electronics market. For instance, in data centers, cooling of the system consumes approximately 40% of the total electricity. By applying variable speed drives to pumps and air conditioning units, the speed of the systems can be adjusted to match the amount of cooling that is required providing massive energy and cost savings.
Applications of these components in the automotive sector are expected to witness a high growth in the power electronics market. Several technological advancements and the need for power-efficiency in vehicles are encouraging manufacturers to integrate energy-efficient solutions in their offerings. These solutions are provided by the component developers according to the needs and requirements of the customers. Several applications of these devices in the automobile sector are automotive power generation, switched mode power supply, DC to DC converters, onboard charger, and traction inverter. Such applications of the devices are driving the industrial growth.
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The European market is anticipated to witness a high growth in the power electronics market. Technological adoption in the automobile sector and the dominant presence of Germany in the automobile industry are the major factors for the growth of this region. Several major automobile players, such as Volkswagen, Audi, Ferrari, Mercedes Benz, and Aston Martin, are developing new technologies, which are using these components to provide efficiency and reliability in the performance of the vehicles. The presence of such strong players in the region is driving the demand for these components in the power electronics industry.
The key players operating in the power electronics market are Fuji Electric Co., Ltd., Microsemi Corporation, STMicroelectronics N.V, ENERCON, Infineon Technologies, Mersen, NXP Semiconductor N.V., SEMIKRON Elektronik GmbH & Co., ON Semiconductor, and Texas Instruments Inc. These players are competing based on the requirements of the customers from different industrial sectors such as automobiles and consumer electronics.
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Table of Contents (ToC) of the report:
Chapter 4. Power Electronics Market, By Product
4.1. Power electronics market share by product, 2016 2024
4.2. Discrete
4.2.1. Market estimates and forecasts, 2013 - 2024
4.3. Module
4.3.1. Market estimates and forecasts, 2013 - 2024
4.4. IC
4.4.1. Market estimates and forecasts, 2013 - 2024
Chapter 5. Power Electronics Market, By Application
5.1. Power electronics industry share by application, 2016 2024
5.2. Automotive
5.2.1. Market estimates and forecasts, 2013 - 2024
5.3. Consumer electronics
5.3.1. Market estimates and forecasts, 2013 - 2024
5.4. ICT
5.4.1. Market estimates and forecasts, 2013 - 2024
5.5. Industrial
5.5.1. Market estimates and forecasts, 2013 - 2024
5.6. Aerospace defense
5.6.1. Market estimates and forecasts, 2013 – 2024
5.7. Others
5.7.1. Market estimates and forecasts, 2013 – 2024
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