BANGALORE, India, Aug. 8, 2023 /PRNewswire/ -- The Power Electronics market is segmented by Type - Power IC, Power Module, Power Discrete, by Application - Consumer Electronics, Energy & Power, Industrial System, Inverter & UPS, Automotive. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Electronics & Electrical Category.
The global Power Electronics market is projected to reach USD 43460 million in 2029, increasing from USD 34010 million in 2022, with a CAGR of 3.1% during the period of 2023 to 2029.
Major Factors Driving The Growth Of Power Electronics Market are
Increasing usage of and emphasis on the production of renewable energy in semiconductor devices is expected to drive the growth of the Power Electronics Market
Rising transportation industries and the automobile sector along with the growing industries involved in electricity production and rising demand in developing nations will further fuel the Power Electronics Market.
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TRENDS INFLUENCING THE GROWTH OF POWER ELECTRONICS MARKET
Currently, a number of nations are switching from the use of fossil fuels like coal and gas to generate power to renewable energy sources. As a result, new installations of renewable energy sources have been growing steadily while non-renewable energy sources have been declining at the same time. Power electronics are crucial in the transition of electrical energy patterns to more energy-efficient renewable energy sources. AC and DC electrical power is converted and controlled by power electronics. As wind and solar energy systems are the most potential renewable energy sources for generating electricity, power electronics-based power converters are also frequently used in these renewable energy systems. Solar panels, wind turbines, fuel cells, batteries, capacitors, and other power equipment are examples of these renewable systems.
In hybrid and plug-in Electric Vehicles (EVs), vehicle power electronic components process and regulate the flow of electrical energy. They also regulate the torque and speed of an engine. Inverters, DC/DC converters, and chargers (for plug-in electric vehicles) are a few of these parts. These electronics are frequently employed in EVs since the electric motors in these vehicles need high-power electric energy to rotate them. In powertrain systems, power components like MOSFETs and IGBT are employed as power electronic switches, which helps to reduce the overall size. Due to these benefits, the market is anticipated to expand at a noteworthy rate throughout the forecast period.
Wide bandgap semiconductor semiconductors like GaN and SiC have altered the Power Electronics Market's topography. Wide bandgap semiconductor materials enable the construction of power electronic components that are more efficient, faster, more reliable, and smaller than silicon-based counterparts. Higher efficiency not only reduces power losses but also makes it possible to use smaller systems, which lowers costs with faster switching speeds compared to silicon-based solutions. With the use of these characteristics, a variety of power applications can minimize weight, volume, and life cycle costs. Additionally, the usage of SiC and GaN has improved the performance of already-developed semiconductor technologies like MOSFETs and isolated gate bipolar transistors (IGBTs).
Because of their benefits like streamlined circuits, backward and forwards backing capabilities, compact designs, and the capacity to withstand high voltage and current, power electronics are in high demand across a variety of industries, including consumer electronics, automotive & transportation, industrial, and others. Numerous products and gadgets, including battery chargers, AC adapters, fans, fluorescent lamp ballasts, audio amplifiers, and others, are increasingly using these circuits.
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POWER ELECTRONICS MARKET SHARE ANALYSIS
Due to the growing acceptance of power electronic devices in renewable energy systems, such as solar power plants and wind turbines, the energy sector is predicted to gain a sizeable industry share throughout the projection period. To handle low, high, and variable power requirements, such systems can integrate power electronics.
Due to the rising need for such electronics in EVs, rapid charging stations, and battery systems, the automotive sector will also experience considerable growth throughout the forecast period. In order to decrease the total size, silicon-based components are also employed as power electronic switches in automobile powertrain, electrical, and electronic systems, such as power MOSFETs and IGBTs. Power electrical devices will be a popular product in the automotive industry as a result of these qualities.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Infineon Technologies
- Mitsubishi Electric Corp
- Toshiba Corporation
- STMicroelectronics
- Fuji Electric
- Rockwell Automation
- Microchip Technology Corporation
- Texas Instruments
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SIMILAR REPORTS
- Anodizing Power Supplies Market
- Industrial Electronics Market
- Electrowinning Rectifier Market
- Electric Vehicle Power Electronics Market
- Thermal Interface Materials for Power Electronics Market
- SiC Based Power Electronics and Inverter Market
- Power Semiconductor Market was valued at USD 46070 million in 2022 and is anticipated to reach USD 66420 million by 2029, witnessing a CAGR of 5.3% during the forecast period 2023-2029.
- Compound Semiconductor Materials Market is projected to grow from USD 1094.2 million in 2023 to USD 1340.4 million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period.
- The global Silicon Carbide Epitaxial Wafer market was valued at USD 227.8 million in 2022 and is anticipated to reach USD 1667.4 million by 2029, witnessing a CAGR of 32.5% during the forecast period 2023-2029.
- Semiconductor Manufacturing Equipment Market size is projected to reach USD 53200 million by 2027, from USD 39510 million in 2020, at a CAGR of 3.9% during 2021-2027.
- Connector Market was valued at USD 62.3 billion in 2020, and is projected to reach USD 114.7 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030.
- Automotive Semiconductor Market size is projected to reach USD 42140 million by 2028, from USD 31430 million in 2021, at a CAGR of 3.8% during 2022-2028.
- Application Container Market size is projected to reach USD 6304.5 million by 2027, from USD 1228.9 million in 2020, at a CAGR of 25.8% during 2021-2027.
- GaN and SiC Power Semiconductors Market was valued at USD 1407.9 million in 2022 and is anticipated to reach USD 8713.7 million by 2029, witnessing a CAGR of 35.5% during the forecast period 2023-2029.
- Compound Semiconductor Market size was valued at USD 38.25 billion in 2021 and is forecast to be a readjusted size of USD 55.42 billion by 2028 with a CAGR of 5.48% during the forecast period 2022-2028
- Global Insulated Gate Bipolar Transistor Market Research Report 2023
- The global Wide Band Gap Semiconductor market is projected to grow from USD 744.7 million in 2023 to USD 1509.6 million by 2029, at a Compound Annual Growth Rate (CAGR) of 12.5% during the forecast period.
- The global RF Energy Transistors market was valued at USD 1098 million in 2022 and is anticipated to reach USD 1761.3 million by 2029, witnessing a CAGR of 6.9% during the forecast period 2023-2029.
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