Power Electronics Market Estimated to Reach USD 59.40 Billion by 2026 with a CAGR of 6.64% - Report by Market Research Future (MRFR)
August 5, 2022
Automotive and Aerospace Industries are Largest End-Users of Power Electronics
/EIN News/ -- New York, US, Aug. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Power Electronics Market Analysis by Wafer Type, Application (Consumer Electronics, Automotive, IT & Telecommunications, Aerospace, Defense, Industrial, Transportation, Energy, Utilities, Others)- Forecast 2026” valuation is poised to reach USD 59.40 Billion by 2026, registering an 6.64% CAGR throughout the forecast period (2020–2026).
Power Electronics Market Overview
Over recent years, power electronics technology has evolved drastically, becoming crucial across major industries, such as automotive, aerospace, healthcare, and entertainment & media.
Power Electronics Market Report Scope:
|Market Size in 2026||USD 59.40 Billion|
|Growth Rate||6.64% CAGR during 2020 to 2026|
|Forecast Period||2020 to 2026|
|Key Vendors||Texas Instruments, Inc. (US), ON Semiconductor Corp. (US), Infineon Technologies AG (Germany), Maxim Integrated Products, Inc. (US), Fuji Electric Co., Ltd. (Japan), STMicroelectronics NV (Switzerland), Qualcomm, Inc. (US), Vishay Intertechnology, Inc. (US), NXP Semiconductors NV (The Netherland), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan)|
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The global power electronics market witnesses substantial revenue growth. Growing adoption of power electronics in electric vehicles (EVs) and increasing demand for power management devices drive the market growth. Besides, advantages of power electronics such as simplified circuits, optimum forwards, and reverse blocking capabilities boost the market demand. Also, growing developments of compact power electronic designs suitable for high power density applications escalate the market value.
Additionally, increasing deployments of smart grid applications and demand for implementation of low carbon emission power systems act as major tailwinds for the growth of the market. Furthermore, the growing focus on the use of renewable power resources boosts the power electronics market growth. Furthermore, the growing demand for the enhancement of power infrastructure positively impacts the growth of the power electronics market.
Conversely, the lack of expertise and budget constraints in upgrading existing systems are significant factors projected to restrict the market growth during the next few years. Nevertheless, expected technological advances would support market growth throughout the assessment period, bringing the required expertise and reducing costs of power electronics.
Power Electronics Market Segments
The report is segmented into device types, materials, verticals, and regions. The device type segment is sub-segmented into power discrete, power module, power ICs, and others. The material segment is sub-segmented into silicon, silicon carbide, gallium nitride, sapphire, and others. The vertical segment is sub-segmented into IT & telecommunication, power, consumer electronics, automotive, aerospace & defense, and others. The region segment comprises the Middle East & Africa, APAC, Americas, Europe, and the Rest-of-the-World.
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Power Electronics Market Regional Analysis
APAC is the largest market for power electronics globally. Factors such as the rising focus on renewable power sources across the industry verticals and technological advances drive the market growth. Besides, the availability of powerful and cost-competitive technologies is a key driving force behind the regional market growth. Moreover, the presence of many electronic devices manufacturing companies in the region fosters the growth of the power electronics market. Japan, China, South Korea, and India are the key market for power electronics in the region, substantially driving the market growth. APAC power electronics market is estimated to retain its dominance throughout the forecast period.
North America takes the second lead in the global power electronics market. This region is a hub for advanced semiconductor technologies and their early adoption in innovative applications. Also, the vast demand, particularly from the automotive and consumer electronics industry verticals, substantiates the regional market growth. The presence of several well-established infrastructures pushes market revenues, allowing the implementation of futuristic technologies.
The US and Canada account for major growth contributors to the regional market. Furthermore, the presence of notable electronics manufacturers, increasing demand for digital technologies, and growing technological advancements drive the market. The North American power electronics market will demonstrate colossal revenue generation in the upcoming years.
Europe is emerging as a profitable market for power electronics.
The massive uptake of power electronics across the region boosts the market shares. Additionally, the burgeoning electronics industry in the UK and Germany contribute to market revenues in the region. The European power electronics market is likely to generate a substantial revenue pocket through 2020-2026.
The highly competitive power electronics market appears fragmented, with several well-established players forming a competitive landscape. Leading players initiate strategic approaches, such as mergers & acquisitions, partnerships, collaborations, expansions, and innovations & technology launches. As these strategies boost their growth and expansion plans, industry players make substantial R&D investments to drive them. They strive to deliver reliable, leading-edge products and services, while developing adept technologies & products.
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For instance, on Jul 13, 2022, Renault Group announced a strategic partnership with Vitesco Technologies for the development and production of power electronics called - One Box to be used in electric and hybrid drives. Partners would jointly develop a unique technology that can combine the DC-DC converter, onboard charger, and inverter in a compact housing. Also, these companies aim to achieve maximum competitiveness in terms of performance and costs.
The volume of One Box is supposed to be 45% less than the components, which would offer space and comfort advantages. Renault Group is widely known for its expertise in power electronics worldwide. This partnership is also an important milestone for Vitesco Technologies to strengthen its growth in the electrification field and will position it as a key ally of Renault Group on power electronics.
In another instance, on Aug 12, 2020, II-VI Incorporated (the US - IIVI), a leader in compound semiconductors, announced the acquisition of all significant shares of Ascatron AB, a leading provider of silicon carbide (SiC) epitaxial wafers and devices for power electronics platform.
II-VI also announced that it would acquire all the special interests of the owners of the parent of INNOViON Corporation, a leader in ion implantation technology for silicon and compound semiconductor devices. Scheduled to close by the year-end, both transactions complement the technology licensed from General Electric to manufacture SiC devices and power electronics modules.
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Power Electronics Market Competitive Analysis
Dominant Key Players on Power Electronics Market Covered are:
- Texas Instruments Inc. (US)
- ON Semiconductor Corp. (US)
- Infineon Technologies AG (Germany)
- Maxim Integrated Products Inc. (US)
- Fuji Electric Co. Ltd. (Japan)
- STMicroelectronics NV (Switzerland)
- Qualcomm Inc. (US)
- Vishay Intertechnology Inc. (US)
- NXP Semiconductors NV (The Netherland)
- Renesas Electronics Corp. (Japan)
- Mitsubishi Electric Corp. (Japan)
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