Global Power Electronics Market is solid-state circuit that control electric power in efficient manner. The emerging demand for energy-efficient, battery powered devices and use of electronics indifferent industries is likely to fuel market globally over a forecast period. In 2016, the market size of power electronics was valued at USD 32.33 globally. The growing trend of energy harvesting, usage of renewable energy sources are key reasons that are anticipated in growth of industry in coming period. The use of power electronics in electric vehicle is also considered important in market growth. Power electronics is a circuit that is used to control and conversion of electric power. A rectifier is a common device that is used in many consumer electronics devices such as computer, battery charger and television set.
At present, the power electronics has applications in electric cars and hybrid electric vehicles to avoid power loss. Electric trains, elevators also make use of power electronics that has ability to regulate energy flow into unidirectional and bidirectional depending on usage. The rapid adoption of new technology for efficient energy usage is major driver for power electronics market. Aerospace & defense, consumer electronics, automobile sector are areas where power electronics are used widely. Government initiatives to opt for renewable energy at all platforms, faster switching, rise in demand for higher efficiency are other additional factors that are expected to boost the market growth and is expected to create new opportunities.
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The global market is further subdivided on basis of material such as sapphire, silicon, gallium nitride and silicon carbide. In 2016, among above the silicon accounted highest market share, is expected to dominate over next seven years owing to the fact that silicon is key element in power electronics, and is used in almost every circuit. From 2017 to 2025, sapphire segment is expected to grow at highest CAGR providing great opportunities for manufacturer and supplier. Sapphire is used in devices such as LED lights, smart watches and optical wafers. There has been significant increase in demand of consumer electronics such as smart watches, smartphone and home appliances which will have positive impact on sapphire segment as its applicability is increasing across different products.
The industry is further segmented on the basis of devices such as integrated circuits (IC) devices, discrete devices and modules devices. In 2016, the largest market share belonged to discrete devices and is predicted to remain same till 2025. These devices make use of diodes, thyristors and transistors and large adoptions of diode, thyristors and transistors resulted in large market share. The use of power IC’s in radio frequency (RF), high frequency wireless communication, RADAR and satellite communications expected to drive market. Technological advancement has resulted in development of various power devices that has different applications. The segment will witness growth due to its application in electric cars, electro electric-powered aircrafts and Smart grid application that allow utilities control power flow.
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ICT, automobile, consumer electronics, industrial, aerospace & defense are functional areas where power electronics are used widely. In 2016, the power segment dominated in terms of market size. Automobile sector will witness fastest growth at CAGR of 2.8% in given period. Application in Hybrid electric vehicles (HEV), electric cars and awareness about growing pollution in environment will have positive impact in industry growth. The development of various alternatives and use of renewable energy so as to conserve natural resources such as fossil fuels is paving the way for use of power electronics devices in automobile sector.
In 2016, the Asia Pacific region dominated in terms of market share which was about 40% and it is expected to continue its domination till 2025. This will create huge opportunities in different sectors mainly automobile and ICT. Government initiatives, low cost and operational benefits in emerging economies like India, Singapore, South Korea and china are attracting key players in market to set up their manufacturing unit. The region has emerged has a promising manufacturing hub for electronics and is boosting manufacturing activities in region. The above factors mentioned is expected to drive market in Asia pacific region.
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Some Major players in industry are Texas Instruments, Inc., Infineon Technologies AG, Mitsubishi Electric Corp, Qualcomm Inc. and Fuji Electric Co. The key players in developed and developing economies practice different strategic initiatives such as new product development, mergers and acquisitions to reach their customers and increase their market share.
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