Major power electronics market players include Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, NXP Semiconductor N.V., ON Semiconductor Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION.
SELBYVILLE, Del., March 25, 2021 (Newswire.com) – According to the latest report “Power Electronics Market by Product (Discrete, Module), Application (Automotive, Consumer Electronics, Information & Communication Technology (ICT), Industrial, Energy), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of power electronics will cross $30 billion by 2027.
The market growth is attributed to the increasing adoption of power electronics modules in consumer electronics and smart home appliances. These modules are extensively incorporated into HVAC control systems, smart energy meters, robotic vacuums, air conditioners, smart TVs, and other smart appliances to prevent from electrocutions and increase the power efficiency of the devices. The power modules also help device manufacturers to achieve optimized system costs and provide low-noise features in smart home appliances. Adding to this, the rising integration of AI and IoT technologies into smart home technology products will further boost the market expansion during the forecast period.
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The industrial application segment held 25% of the power electronics market share in 2020 led by increasing acceptance of robotics and automation across manufacturing and process industries. The industrial robots are integrated with various parts such as motor drives, robot arms, servo motors, and controllers. These electrical parts require MOSFETs, IGBTs, and power modules to optimize power and improve the performance capabilities of motor drives for 24/7 operations. The proliferation of industrial robots is anticipated to foster industry growth during the forecast timeframe.
The Europe power electronics market size was over USD 4 billion in 2020 and is projected to register a 4.5% growth rate till 2027. The rising deployment of EV charging stations in European economies including Germany, the UK, France, Italy, and Spain will fuel the market demand. According to the Department for Transport, the Government of the UK, in January 2021, there were 20,775 public electric vehicle charging devices in the UK, of which, 3,880 were rapid charging devices. These batter-power establishments and rapid EV charging stations have high adoption of power electronics. The proliferation of EVs and EV charging stations in the UK are poised to impel industry value.
Some of the key players operating in the power electronics market include Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, NXP Semiconductor N.V., ON Semiconductor Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, among others. These companies are focusing on new product launches to stay competitive in the market.
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Some major findings of the power electronics market report include:
- Rising acceptance of electric vehicles across North America and the Asia Pacific will propel the market progression during the forecast period. The power electronics systems, such as power modules, MOSFETs, IGBTs, power management integrated circuits (PMICs), and power switches, are heavily integrated into automotive powertrain systems, battery management units (BMU), and motor drives.
- Increasing penetration of hyperscale and colocation datacenters across Latin America will bolster the industry expansion. The rising demand for datacenter power solutions, such as datacenter UPS, power distribution units (PDUs), cabling infrastructures, and power generators, will amplify the market value.
- Market leaders are emphasizing on new innovations in IGBT modules to reduced power consumption and achieve low noise operations. The integration of IoT technology into advanced IGBT power modules will further contribute to the power electronics market revenue.
- The COVID-19 pandemic has resulted in severe disruption in supply chain for semiconductor raw materials and components across the globe. The market participants are highly dependent on China for procuring raw materials and components for manufacturing power electronics devices. To fix the supply chain issues, companies are establishing new production facilities in their countries and other regions, adding new opportunities to regional raw material suppliers during the forecast timeline.
Table of Contents (ToC) of the report:
Chapter 3 Power Electronics Market Insights
3.1 Industry segmentation
3.2 Impact analysis of corona virus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Impact by region
3.2.3 Industry value chain
126.96.36.199 Research and development
3.2.4 Competitive landscape
188.8.131.52 Distribution network
184.108.40.206 Business growth
3.3 Industry ecosystem analysis
3.3.2 Distribution channel
3.3.4 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Miniaturization of power engineering electronics modules
3.4.2 Adoption of Silicon Carbide (SiC) materials
3.4.3 Embedding capacitors in IGBT modules
3.4.4 Module-level power electronics (MLPE) in solar module optimization
3.4.5 Radio-frequency power components
3.5 Regulatory landscape
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls and challenges
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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