The global Power Electronics Market is
expected to reach USD 39.22 billion by 2025, according to a new report
by Grand View Research, Inc. Increased focus on the usage of renewable
energy sources has been one of the major factors driving the market. In
addition, the development of power infrastructure, coupled with the
increasing demand for battery-powered portable devices, has led to the
increased adoption of power electronic devices and products across
various industry verticals such as power, automotive, communication,
aerospace & defense, consumer electronics, and other sectors.
Power
electronic devices use switching electronic circuits to regulate the
flow of energy. They are also used in alteration of electric power,
which is usually performed by the semiconductor devices such as diodes,
transistors, and thyristors. Power electronic devices are useful in
connecting renewable energy resources with power grids and
transportation of energy. They have applications in electric trains,
motor drives, and lighting equipment and play a key role by enabling
heat sinking and soft starting of the motors.
The
power electronics market is extensively consolidated, in terms of
applications and materials that are used to produce power electronic
devices. The advancements and exhaustive research & development
activities in the power devices have enabled the evolution of power
electronics. The market possesses significant potential for growth and
is dynamic and adaptive in nature. A few highlighting features of the
power electronic devices are durability against coarse environmental
conditions, extended life (suitable for rugged industrial applications),
and better efficiency & reliability.
The
power electronics industry has been undergoing continuous developments
and up gradations, since its emergence. Several factors, such as the
rapid inception of renewable energy sources and rising adoption of
electric vehicles & radio communication, are influencing market
growth. The adoption of power electronic devices in healthcare systems
& instruments and the automotive industry is expected to drive the
market over the forecast period.
The
Asia Pacific market is expected to grow at the fastest CAGR of 2.0%
from 2017 to 2025, owing to the emergence of manufacturing hubs across
the continent. Countries, such as China, India, South Korea and
Singapore, are expanding their domestic manufacturing activities across
various industry verticals, such as consumer electronics,
telecommunication, military & defense, and automotive, to strengthen
their economies. In addition to this, prominent industry players are
investing and establishing production & distribution units to
capture the regional markets. All the above-mentioned factors are
further providing additional impetus to power electronics market.
However,
the power electronics market is facing challenges such as high initial
expenditures and deposition of Gallium Nitride (GaN), Gallium Arsenide
(GaAs), and Silicon Carbide (SiC) on the silicon materials which is a
quite tedious and complex procedure, especially to reach while in high
voltage ranges. Expensive & time-consuming processes and complexity
issues involved in manufacturing power devices are anticipated to
restrain the market growth.
All the Details about the Report: http://www.grandviewresearch.com/industry-analysis/power-electronics-market
Further key findings from the report suggest:
- The global power electronics market was valued at USD 31.48 billion in 2015 and is expected to grow at a CAGR of 2.2% from 2017 to 2025
- The silicon segment emerged as the largest material segment in 2015 and is estimated to generate USD 28.0 billion by 2025
- The Integrated Circuit (IC) segment is projected to exhibit the fastest growth rate over the forecast period
- The industry is projected to witness substantial growth, in the Asia Pacific region, over the next decade, owing to the developments in major and emerging economies (across the ICT, automotive, and consumer electronic sectors) such as China, Japan, South Korea, and India. The regional market is expected to grow at a CAGR of 2.8% from 2017 to 2025.
- The key players, such as Texas Instruments, Inc., Renesas Electronics Corp, Mitsubishi Electric Corp., Fuji Electric Co., Ltd., and Infineon Technologies AG, dominated the global power electronics market and accounted for 60% of the total revenue in 2015
Grand View Research has segmented the global power electronics market based on materials, devices, applications, and regions:
Material Outlook (Revenue, USD Billion, 2014 - 2025)
- Silicon
- Sapphire
- Silicon Carbide (SiC)
- Gallium Nitride (GaN)
- Others
Device Outlook (Revenue, USD Billion, 2014 - 2025)
- Discrete
- Module
- IC
Application Outlook (Revenue, USD Billion, 2014 - 2025)
- ICT
- Consumer Electronics
- Power
- Industrial
- Automotive
- Aerospace & Defense
- Others
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North America
- US.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- Japan
- India
- South America
- Brazil
- Middle East & Africa
Access Press Release of this Report: http://www.grandviewresearch.com/press-release/global-power-electronics-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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