Increasing adoption of power electronics in electric vehicles and growing need for power management devices are major factors driving the growth of power electronics market. Power electronic devices have several advantages such as simplified circuits, and optimum forward and reverse blocking capabilities. Furthermore, compact power electronics designs are the ideal choice for applications involving high power densities.
Technology giants such as Infineon Technologies AG, Texas Instruments, Inc., ON Semiconductor Corp., STMicroelectronics N.V., Maxim Integrated Products, Inc., Fuji Electric Co., Ltd., NXP Semiconductors N.V., and Qualcomm are a few major players in the global power electronics market. Increasing deployment of smart grid applications and increasing demand for deployment of low carbon emission power systems are major factors driving the growth of the global power electronics market. Furthermore, growing focus towards the use of renewable power resources is boosting the growth of the market. Also, growing demand for enhancement of power infrastructure is set to drive the growth of the power electronics market.
The silicon material sub-segment is expected to hold the largest market share of the power electronics market over the forecast period owing to the increasing applicability of silicon in various power electronics devices and products. Also, the demand for power electronics market solutions is increasing due to the cost-effective features and increasing demand for energy-efficient battery-powered portable devices.
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Major Key Players
Infineon Technologies AG (Germany),
Texas Instruments, Inc. (U.S.),
ON Semiconductor Corp. (U.S.),
STMicroelectronics N.V. (Switzerland),
Maxim Integrated Products, Inc. (U.S.),
Qualcomm, Inc. (U.S),
Vishay Intertechnology, Inc. (U.S.),
Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan) among others.
The major growth driver of Power Electronics Market includes rising demand for high-power electronics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others.
The Asia Pacific region holds the largest share of the market across the globe followed by North America and Europe. China, Japan, and India are dominating the Asia Pacific market due to technological enhancements and rising trend of energy harvesting technologies in the region. Moreover, the region has well-established infrastructure, which can easily implement advanced technologies. . Additionally, the growing adoption of the internet of things and rise in demand for hybrid and electric vehicles are major factors driving the growth of the power electronics market in the region.
The global power electronics market is segmented by material, device type and vertical. Based on the material, the market is segmented into Silicon, Silicon Carbide, Gallium Nitride, Sapphire and others. Based on the device type, the market is segmented into power discrete, power module and power IC. Whereas, based on the vertical, the market is segmented into IT & telecommunication, consumer electronics, power, automotive, and aerospace & defense.
The global power electronics market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that Asia Pacific is estimated to account for the largest share of the market during the forecast period. The growth of the market in Asia Pacific is attributed to technological advancements and increased focus towards the use of renewable power sources across various industry verticals.
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