The global power electronics market is anticipated to register a CAGR of 8.9% from 2016-2022 to attain a market size of around $25 billion by 2022.
Power electronics is a circuitry device that transfers power from a source to a load in an efficient, compact, and robust manner to ensure convenient utilization. This device is used to control the conversion of electric power from one form to another using diodes, transistors, and thyristors. Operations at high voltage or high current can be efficiently executed by utilizing power electronics devices, as they deliver faster switching rate at higher efficiency. In addition, power electronics control both unidirectional as well as bidirectional flow of energy, depending upon the usage, and the regenerated energy can be sent back to the utility.
Power electronics has gained popularity among various applications, such as energy control systems, high voltage direct current (HVDC), motor drives, industry systems, inverters, and consumer electronics, owing to its high efficiency, low power consumption, and improved durability. Moreover, it supports high input impedance and improved parallel current sharing, which increases its adoption in the industry. However, performance issues associated with the use of power electronics, such as current leakage and breakdown, hamper the market growth. Government initiatives to establish HVDC and smart grid and increase in demand for IGBT and MOSFET are expected to provide lucrative opportunities for growth in the future.
The global power electronics market is segmented based on device, type, application, and geography. The device segment is divided into power diodes, metal-oxide-semiconductor field-effect transistor (MOSFET), bipolar-junction transistor (BJT), insulated-gate bipolar transistor (IGBT), and thyristor. Based on type, the market is classified into power IC, power modules, and power discrete. Based on application, the market is segmented into consumer electronics, energy & power, industrial system, inverter & UPS, automotive, others. The market is analyzed on the basis of four regions, namely North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key companies profiled in the report include Infineon Technologies AG, Mitsubishi Electric Corp., Toshiba Corporation, ABB Group, STMicroelectronics, Fuji Electric Co. Ltd., Rockwell Automation, Inc., Renesas Electronics Corporation, Microsemi Corporation, and Texas Instruments, Inc.
POTENTIAL BENEFITS FOR STAKEHOLDERS
The global power electronics market is segmented on the basis of device, type, application, and geography.
Other players in the value chain, include (profiles not included in the report):
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