Power electronics market is expected to grow at a CAGR of 5.5% between 2018 and 2023
The power electronics market is expected to grow from USD 39.03 billion in 2018 to USD 51.01 billion by 2023, at a CAGR of 5.5% between 2018 and 2023. Growing demand for energy-efficient battery-powered portable devices and upgrade of power infrastructure are the major drivers for the power electronics market growth, while complex design and integration process for advanced technological devices restrain the growth of the power electronics market.
Power electronics market for discrete devices expected to grow at the highest CAGR during the forecast period
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.
Market for automotive vertical expected to grow at the highest CAGR during the forecast period
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.
Power electronics market in APAC is expected to grow at the highest CAGR during the forecast period
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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions.
The breakup of the profiles of primary participants has been given below:
- By Company Type: Tier 1-20%, Tier 2-55%, and Tier 3-25%
- By Designation: C-Level Executives-50%, Directors-25%, and Others-25%
- By Region: North America-60%, Europe-20%, APAC-10%, and RoW-10%
Major players in the power electronics market are Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (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).
The report defines, describes, and forecasts the power electronics market based on device type, material, application, vertical, and geography. It provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the power electronics market. It also analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches carried out by the key players to grow in the market.
Reasons To Buy the Report:
- Illustrative segmentation, analysis, and forecast pertaining to the power electronics market based on device type, material, application, vertical, and geography have been conducted to provide an overall view of the power electronics market.
- Major drivers, restraints, opportunities, and challenges affecting the power electronics market growth have been detailed in this report.
- A detailed competitive landscape of the key players in the market, along with their revenues, has been included.