Power electronics play a vital role in the electrified vehicle applications that provide compact & high-efficient solutions to the power conversion. It is a circuitry device that transfers power from source to load in an efficient, compact, and robust manner for ensuring convenient utilization. It is usually used to control the adaptation of electric power from one form to another using transistors, diodes, and thrusters. Operations at high current or high voltage can be proficiently executed by utilizing power electronics devices, as they reveal faster switching rate at higher efficiency. Furthermore, it controls unidirectional as well as bidirectional flow of energy. Power electronics devices are likely to serve as the future key technologies that help to enhance the system efficiency and performance in automotive & energy saving applications. It enables the power management in order to increase energy conservation in various applications such as electric automobiles, consumer electronics, automotive, and industrial systems.
As per analysis, “Global Power Electronics Market” the key companies operating in the global power electronics market include Maxim Integrated Products Inc., Renesas Electronics Corporation, Apple Inc., BMW Group Co. Inc., Microsemi Corporation, ON Semiconductors Inc., Infineon Technologies, Texas Instruments Inc. and among others.
Based on device type, power electronics market can be segregated as power module, power discrete, power IC and others. Power module is further sub-segmented as standard & power integrated module (IGBT module and MOSFET module), intelligent power module and others. Power discrete segment is further sub-segmented as transistors (FET, BJT and IGBT), diode and thyristor. Based on material type, market can be segregated as silicon carbide, silicon and gallium nitride. In addition, based on application, market can be segregated as consumer electronics, automotive & transportation, industrial (energy & power), ICT, aerospace & defense, and others.
The power electronics market is driven by surge in adoption of power electronics in the manufacturing of electric vehicles, followed by growth in focus on the use of renewable power sources, rise in need for power management devices and increase in demand from consumer electronics. However, complex design & integration process may impact the market. Moreover, growth in industrialization in developing economies and increase in use of Gallium nitride (GaN) & silicon carbide (SiC) products in various applications are leading opportunities for market. Furthermore, ever-changing demand for more compact & efficient devices at low prices is a major challenge for global market.
Based on geography, the Asia-Pacific is the leading region in global power electronics market owing to rise in opportunities in automotive, ICT, consumer electronics, and industrial applications across the region. The North-America and Europe regions are estimated to exhibit higher CAGR due to rise in demand for industrial and energy & power verticals for power electronic devices over the forecast period. It is projected that future of the global power electronics market will be bright as a result of growth in demand for power electronic apparatus in automotive & consumer applications during the forecast period.
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Global Power Electronics Market Growth Rate
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