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 in different 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 to be 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.
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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.
Material Insights
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 and 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.
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Device Insights
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.
Application Insights
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.
Regional Insights
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.
Competitive Insights
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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