Dublin, Jan. 17, 2022 (GLOBE NEWSWIRE) -- The "Global Power Electronics Market By Application, By Device type, By Material, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global power electronics market size is expected to reach $46.81 billion by 2027, rising at a market growth of 4.4% CAGR during the forecast period.
Power electronics is one of the applications of solid-state electronics, in which electric power is transformed from one state to another, and regulated efficiently and effectively. It is utilized across a broad range of devices in the industrial, automotive & transportation, consumer electronics, renewable energy, and defense & aerospace sectors.
Several power electronics vendors have high inclination towards the renewable energy market. The energy-saving trend in industries such as energy storage & data center, and the growing commercialization of 5G technology is expected to provide lucrative opportunities to the key market players, particularly in distribution centers and in communication applications.
In addition, some growth factors of the industry are the trend of electric and autonomous vehicles in the automotive industry and the growing production of electric vehicles. Also, silicon carbide devices are majorly used in the onboard battery chargers of electric taxis, buses, Lorries, and passenger cars.
Factors like the increasing construction of hyper-scale data centers and the rise in demand for data center power solutions in such facilities is expected to spur the growth of the power electronics market over the forecast period. These power electronics devices provide more electrical stability, high performance, and maximum energy consumption.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted various sectors of the business domain. Various restrictions like social distancing, lockdown, travel ban across borders have severely disrupted the supply chain around the world. In addition, the lack of workforce and the temporary ban on the manufacturing units in the initial phase of the pandemic have negatively impacted the demand and supply of power electronics in the market.
Moreover, companies operating in this market are taking initiatives to cope up with the effects of the pandemic along with, preparing themselves for such future incidents. Many governments are helping manufacturers to resume their operations and expand production capabilities by relaxing stringent mandates and regulations, which is expected to accelerate the demand and growth of the power electronics market during the forecast period.
Market Growth Factors:
Swift production of the electric vehicles
An electric motor vehicle has a wide range of components, which use power electronics like windshield wiper control, ignition switch, interior lighting, adaptive front lighting, and electric power steering. The increase in the number of electric vehicles and plug-in hybrid electric vehicles is expected to augment the demand for power electronics, thereby boosting the market growth. The growing awareness among the people regarding environmental impact and emissions regulations that are framed by the governments in developed nations, particularly across Europe, to minimize emissions from vehicles is expected to boost the demand for electric vehicles.
Rising technological advancements in insulated-gate bipolar transistors (IGBT)
There are several products included in power electronics viz. bipolar junction transistors (BJTs), rectifiers, thyristors, insulated-gate bipolar transistors (IGBTs), and metal-oxide-semiconductor field-effect transistor (MOSFETs). The power discrete devices like IGBTs, BJTs, and MOSFETs help in decreasing the power consumption and reducing noise operations for numerous industrial appliances. Along with that, the rising adoption of power electronics devices in power inverters, industrial motor drives, electrical power grids, and DC-DC converters is expected to further support the growth of the power electronics market over the forecast period.
Marketing Restraining Factor:
Complicated design and integration procedure and high cost
Numerous key players of the power electronics market are increasing their focus on integrating different functionalities into one chip, which makes its designing more complicated. In addition, it is difficult to design and integrate power electronic devices as they need robust methodology, special skillsets, and a dedicated toolset that is expected to further add up to the overall cost of these devices. Therefore, the high cost attached to these devices is estimated to hinder the shifting process of end-users toward advanced technological devices.
Device Type Outlook
The power electronics market is segmented into power discrete, power module, and power IC. In 2020, the power IC segment acquired the highest revenue share in the market and is estimated to maintain this trend over the forecast period. In addition, power ICs are utilized for battery charging, DC-to-DC conversion, and voltage scaling, which have numerous usages across different sectors.
The power electronics market is divided into silicon, silicon carbide, and gallium nitride. The silicon-based power electronics segment is anticipated to procure the largest share in the power electronics market over the forecast period.
The power electronic market is classified into consumer electronics, industrial, automotive & transportation, ICT, aerospace & defense, and others. Among these, consumer electronics is anticipated to acquire the highest revenue share in the power electronics market over the forecast period. The introduction of transistors has fueled the demand for power electronics in the consumer electronics market.
The power electronics market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region is projected to garner the largest revenue share and highest growth rate in the power electronics market during the forecast period. The presence of key market players across ICT, consumer electronics, industrial, and automotive verticals in countries like Japan, China, and South Korea is expected to unlock bright growth prospects for the regional power electronics market.
Cardinal Matrix - Power Electronics Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Texas Instruments, Inc. and ABB Group are the forerunners in the Power Electronics Market. Companies such as Renesas Electronics Corporation, ON Semiconductor Corporation, STMicroelectronics N.V. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NXP Semiconductors N.V., Infineon Technologies AG, Texas Instruments, Inc., Toshiba Corporation, Renesas Electronics Corporation, ON Semiconductor Corporation, STMicroelectronics N.V., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd. (Furukawa Group), and ABB Group.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
188.8.131.52 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions : 2017, Sep - 2021, Nov) Leading Players
Chapter 4. Global Power Electronics Market by Application
4.1 Global Consumer Electronics Market by Region
4.2 Global Automotive & Transportation Market by Region
4.3 Global Industrial Market by Region
4.4 Global ICT Market by Region
4.5 Global Aerospace & Defense Market by Region
4.6 Global Other Application Market by Region
Chapter 5. Global Power Electronics Market by Device Type
5.1 Global Power IC Market by Region
5.2 Global Power Module Market by Region
5.3 Global Power Discrete Market by Region
Chapter 6. Global Power Electronics Market by Material
6.1 Global Silicon Market by Region
6.2 Global Silicon Carbide Market by Region
6.3 Global Gallium Nitride Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Power Electronics Market by Region
Chapter 8. Company Profiles
8.1 NXP Semiconductors N.V.
8.1.1 Company Overview
8.1.2 Financial Analysis
8.1.3 Regional Analysis
8.1.4 Research & Development Expense
8.1.5 Recent strategies and developments:
184.108.40.206 Partnerships, Collaborations, and Agreements:
8.1.6 SWOT Analysis
8.2 Infineon Technologies AG
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Segmental and Regional Analysis
8.2.4 Research & Development Expense
8.2.5 Recent strategies and developments:
220.127.116.11 Partnerships, Collaborations, and Agreements:
18.104.22.168 Acquisitions and Mergers:
22.214.171.124 Product Launches and Product Expansions:
126.96.36.199 Geographical Expansions:
8.2.6 SWOT Analysis
8.3 Texas Instruments, Inc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.3.4 Research & Development Expense
8.3.5 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Acquisitions and Mergers:
220.127.116.11 Product Launches and Product Expansions:
18.104.22.168 Geographical Expansions:
8.3.6 SWOT Analysis
8.4 Toshiba Corporation
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Segmental and Regional Analysis
8.4.4 Research and Development Expense
8.4.5 Recent strategies and developments:
22.214.171.124 Product Launches and Product Expansions:
126.96.36.199 Geographical Expansions:
8.4.6 SWOT Analysis
8.5 Renesas Electronics Corporation
8.5.1 Company Overview
8.5.2 Financial Analysis
8.5.3 Segmental and Regional Analysis
8.5.4 Research & Development Expense
8.5.5 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Acquisition and Mergers:
220.127.116.11 Product Launches and Product Expansions:
8.6 ON Semiconductor Corporation
8.6.1 Company Overview
8.6.2 Financial Analysis
8.6.3 Segmental and Regional Analysis
8.6.4 Research & Development Expense
8.6.5 Recent strategies and developments:
18.104.22.168 Partnerships, Collaborations, and Agreements:
22.214.171.124 Acquisitions and Mergers:
126.96.36.199 Product Launches and Product Expansions:
8.7 STMicroelectronics N.V.
8.7.1 Company Overview
8.7.2 Financial Analysis
8.7.3 Segmental and Regional Analysis
8.7.4 Research & Development Expense
8.7.5 Recent strategies and developments:
188.8.131.52 Partnerships, Collaborations, and Agreements:
184.108.40.206 Acquisitions and Mergers:
220.127.116.11 Product Launches and Product Expansions:
8.7.6 SWOT Analysis
8.8 Mitsubishi Electric Corporation
8.8.1 Company Overview
8.8.2 Financial Analysis
8.8.3 Segmental and Regional Analysis
8.8.4 Research & Development Expense
8.8.5 Recent Strategies and Developments:
18.104.22.168 Acquisitions and Mergers:
22.214.171.124 Product Launches and Product Expansions:
8.8.6 SWOT Analysis
8.9 Fuji Electric Co. Ltd. (Furukawa Group)
8.9.1 Company Overview
8.9.2 Financial Analysis
8.9.3 Segmental and Regional Analysis
8.9.4 Research & Development Expense
8.9.5 Recent strategies and developments:
126.96.36.199 Acquisitions and Mergers:
188.8.131.52 Product Launches and Product Expansions:
8.1 ABB Group
8.10.1 Company Overview
8.10.2 Financial Analysis
8.10.3 Segmental and Regional Analysis
8.10.4 Research & Development Expense
8.10.5 Recent strategies and developments:
184.108.40.206 Acquisitions and Mergers:
220.127.116.11 Product Launches and Product Expansions:
18.104.22.168 Geographical Expansions:
8.10.6 SWOT Analysis
For more information about this report visit https://www.researchandmarkets.com/r/9gob38
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