Power Electronics Market Size, Historical Analysis, Emerging Technologies, Global Trends and Industry Set For Rapid Growth with Great CAGR by Forecast 2023

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Updated on Nov 18, 2019

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Market Highlights

The growing advancement in electronics industry has shown positive impact on the growth of electronic devices such as electrical power system and solid-state electronic devices. Power electronics is the growing application used to study and control the flow of electric power. It serves wide application areas such as domestic & theatre lightning, industrial process specifically in chemical, paper and steel industries, generation & transmission control and power supplies for laboratories among others. According to Market Research Future Analysis, industrial and automotive sector are expected to drive the market of power electronics in the coming years due to high demand of power modules used in industrial motor drives and solar photovoltaic inverters. Also, the increasing development of hybrid and electric vehicles are expected to boost the market growth of power electronics in automotive sector.

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. However, high initial cost and time-consuming manufacturing process are the major factors which are hindering the growth of Power Electronics Market

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Major Key players

Fairchild (U.S.)
Infineon (Germany)
Mitsubishi (Japan)
STMicroelectronics (Switzerland)
Toshiba (Japan)
ABB (Switzerland)
Cree (U.S.)
Micro semi (U.S.)
Renesas Electronics (Japan)
Rockwell Automation (U.S.)

The Power Electronics Market can be classified into 3 key segments as follows:

Segmentation by Components: Diodes, Thyristor, MOSFET, AC/DC Converter, Switches, Power ICs.

Segmentation by End-User: Information, communication & Technology, Industrial, Consumer Electronics, Automotive, Aerospace & Defense, among others.

Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.

Regional Analysis:

The global Power Electronics (BIM) market is estimated to grow at a promising rate in upcoming years. Asia Pacific has dominated the power electronics market in 2016. Asia Pacific has a strong market of manufacturing electronics products and services which has supported this region in generating highest market value for 2016. Followed by Europe and North America. Europe is expected to be the fastest growing region due to increasing initiatives by government and offering funding for electric vehicle manufacturers and increasing adoption of electric vehicle by consumers.

Power Electronics Global Market- Competitive Analysis

Power Electronics market appears to be competitive in the coming years owning to the presence of numerous large players active in regional market. Fairchild, Infineon, Mitsubishi, STMicroelectronics, Toshiba Group, ABB Ltd., and Cree are some of the companies leading the Power Electronics market globally. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.

Industry News

January 2018 – STMicroelectronics, a global leader in semiconductor market has launched an advanced MEMS silicon micro speaker after collaborating with USound, an emerging audio company. These speakers are expected to be compact in size and would consume low power then the traditional speakers.

January 2018 – Infineon Technologies, an emerging semiconductor company, has developed flexible high-performance chip sets for wireless charging applications to serve automotive and consumer sector demands such as automotive in-cabin wireless charging which also caters automotive safety & security issues, and recharging consumer devices without managing the complicated thermal process.

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