This study intends to analyse multiple facets of the global power electronics market. The insights offered in this report are expected to aid in market growth examination over the forecast period.
Greater Demand for Energy-efficient Devices to Fuel Growth Prospects of Power Electronics Market
Power electronics is a branch of electrical engineering that is concerned with the application of electronics for the control and conversion of electric power to support a host of needs or requirements. This industry is presently being augmented by the increasing demand for energy-efficient devices that can function using sustainable resources. As non-renewable resources progressively run dry, this demand for suitable and sustainable energy solutions is only expected to increase. As highlighted by various nations around the globe as well as regulatory or watchdog authorities, the impacts of climate change are intensifying. Additionally, the need to better utilize natural resources to mitigate these adverse environmental impacts is one of many major factors fuelling the growth of global power electronics market. These electronics are employed across a wide range of end-use industries including ICT, consumer electronics, power, industrial, automotive, and aerospace and defense.
Most notably, the demand for electric vehicles has surged in recent years. The growing need for power management devices and the increasing adoption of power electronics in these EVs are expected to significantly contribute to the further growth of the global power electronics market in the coming years. The inclusion of Advanced Driving Assisted Systems (ADAS) in vehicles is also expected to aid in market expansion. These devices are also extensively used in various aerospace and defense applications as well as in space exploration activities. The annual budgets for either of these sectors in various nations continue to increase at a dizzying pace, and this is another element that is anticipated to have a profound influence on the revenue growth trajectory of the global power electronics industry over the forecast timeline.
Aerospace and Defence Sector to Account for a Majority Share in Power Electronics Market
The top 5 countries with the highest military expenditures are the United States (US$801 Bn), China (US$293 Bn), India (US$76.6 Bn), the United Kingdom (US$68.4 Bn), and Russia (US$65.9 Bn). The need for players in this sector to reduce the size, weight, and costs incurred, while simultaneously bettering communications, surveillance, intelligence, and command capabilities, is a major factor that is anticipated to cause these entities to invest greater sums toward the development of suitable solutions, positively impacting the growth of the global power electronics market. Moreover, the entry of private aerospace companies such as Blue Origin, SpaceX, and Virgin Galactic, is also expected to create a greater demand for semiconductor devices and other power electronic components.
Asia Pacific to Retain Dominant Position in Global Power Electronics Market
North America’s power electronics market is slated to index the highest CAGR over the forecast timeline owing to the continued growth of the electronics industry, and the steady surge in the sales of EVs, the market has been dominated by Asia Pacific. Most notably, across China, i.e., one of the largest consumers of power electronics, and the largest manufacturer of consumer electronics such as wearable devices, tablets, laptops, and smartphones. The semiconductor industry in this region is primarily driven by operations in Taiwan, China, South Korea, and Japan. These countries constitute about 65% of the global discrete semiconductor market, followed by contributions made by Vietnam, Thailand, Singapore, and Malaysia. This region has also observed an increasing development of data centres. For example, the Government of India, according to the Ministry of Electronics and Information Technology (MEITY), is making progress on policies concerning the setting up of a manufacturing base for semiconductors and power electronics in the country. Moreover, an ongoing technology boom being experienced in this region is slated to have an immense impact on the economies of this region. Exponential growth in IoT-connected wearable devices space is also expected to further contribute toward the position the region’s power electronics market from a regional standpoint.
Power Electronics Market: Competitive Landscape
Major players in the power electronics market include ABB Ltd., Fuji Electric Co. Ltd., Infineon Technologies AG, NXP Semiconductors N.V., Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rockwell Automation Inc., STMicroelectronics N.V., Texas Instruments Incorporated, and Toshiba Corporation, to name a few. As a means of gaining a competitive edge, various industry players are more focused on new launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
The Global Power Electronics Market is Segmented as Follows:
Key Elements Included In The Study: Global Power Electronics Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology