Worldwide Power Electronics Industry to 2027 – Swift Production of Electric Vehicles is Driving Growth – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Power Electronics Market By Application, By Device type, By Material, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The global power electronics market size is expected to reach $46.81 billion by 2027, rising at a market growth of 4.4% CAGR during the forecast period.
Key Market Players
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Texas Instruments, Inc.
- Toshiba Corporation
- Renesas Electronics Corporation
- ON Semiconductor Corporation
- STMicroelectronics N.V.
- Mitsubishi Electric Corporation
- Fuji Electric Co. Ltd. (Furukawa Group)
- ABB Group
Power electronics is one of the applications of solid-state electronics, in which electric power is transformed from one state to another, and regulated efficiently and effectively. It is utilized across a broad range of devices in the industrial, automotive & transportation, consumer electronics, renewable energy, and defense & aerospace sectors.
Several power electronics vendors have high inclination towards the renewable energy market. The energy-saving trend in industries such as energy storage & data center, and the growing commercialization of 5G technology is expected to provide lucrative opportunities to the key market players, particularly in distribution centers and in communication applications.
In addition, some growth factors of the industry are the trend of electric and autonomous vehicles in the automotive industry and the growing production of electric vehicles. Also, silicon carbide devices are majorly used in the onboard battery chargers of electric taxis, buses, Lorries, and passenger cars.
Factors like the increasing construction of hyper-scale data centers and the rise in demand for data center power solutions in such facilities is expected to spur the growth of the power electronics market over the forecast period. These power electronics devices provide more electrical stability, high performance, and maximum energy consumption.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted various sectors of the business domain. Various restrictions like social distancing, lockdown, travel ban across borders have severely disrupted the supply chain around the world. In addition, the lack of workforce and the temporary ban on the manufacturing units in the initial phase of the pandemic have negatively impacted the demand and supply of power electronics in the market.
Moreover, companies operating in this market are taking initiatives to cope up with the effects of the pandemic along with, preparing themselves for such future incidents. Many governments are helping manufacturers to resume their operations and expand production capabilities by relaxing stringent mandates and regulations, which is expected to accelerate the demand and growth of the power electronics market during the forecast period.
Market Growth Factors:
Swift production of the electric vehicles
An electric motor vehicle has a wide range of components, which use power electronics like windshield wiper control, ignition switch, interior lighting, adaptive front lighting, and electric power steering. The increase in the number of electric vehicles and plug-in hybrid electric vehicles is expected to augment the demand for power electronics, thereby boosting the market growth. The growing awareness among the people regarding environmental impact and emissions regulations that are framed by the governments in developed nations, particularly across Europe, to minimize emissions from vehicles is expected to boost the demand for electric vehicles.
Rising technological advancements in insulated-gate bipolar transistors (IGBT)
There are several products included in power electronics viz. bipolar junction transistors (BJTs), rectifiers, thyristors, insulated-gate bipolar transistors (IGBTs), and metal-oxide-semiconductor field-effect transistor (MOSFETs). The power discrete devices like IGBTs, BJTs, and MOSFETs help in decreasing the power consumption and reducing noise operations for numerous industrial appliances. Along with that, the rising adoption of power electronics devices in power inverters, industrial motor drives, electrical power grids, and DC-DC converters is expected to further support the growth of the power electronics market over the forecast period.
Marketing Restraining Factor:
Complicated design and integration procedure and high cost
Numerous key players of the power electronics market are increasing their focus on integrating different functionalities into one chip, which makes its designing more complicated. In addition, it is difficult to design and integrate power electronic devices as they need robust methodology, special skillsets, and a dedicated toolset that is expected to further add up to the overall cost of these devices. Therefore, the high cost attached to these devices is estimated to hinder the shifting process of end-users toward advanced technological devices.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis – Global
Chapter 4. Global Power Electronics Market by Application
Chapter 5. Global Power Electronics Market by Device Type
Chapter 6. Global Power Electronics Market by Material
Chapter 7. Global Power Electronics Market by Region
Chapter 8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/7vbx71
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