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(IT-NEWSWIRE.COM, June 10, 2020 ) The growth of the power electronics market can be attributed to increasing demand for energy-efficient battery-powered portable devices, rising need to upgrade existing power infrastructure, and growing focus toward the use of renewable power sources. The report " Power Electronics Market by Device Type (Discrete, Modules, ICs), Material, Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, Aerospace & Defense), Region - Global Forecast to 2023", is projected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, at a CAGR of 5.5% between 2018 and 2023.
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Opportunity: Growing demand for HEVs and EVs
The increasing use of plug-in electric vehicles (PEVs) is creating significant opportunities for the power electronics market for transportation application. Moreover, an increasing number of charging stations across Europe is propelling the use of power electronic component markets, such as power IC market, power management integrated circuits market (PMICs), intelligent power module market (IPMs), IGBT market, MOSFET market and power integrated modules market (PIMs). The advent of electric vehicles (EVs) is one of the most important steps of environment conservation. These vehicles do not use any fuel and, thus, do not emit harmful gases. This factor has accelerated the growth of the electric vehicles market. As these vehicles completely rely on electrical power supply, the use of electronic devices is more in these vehicles. These devices are poised to have a greater impact on the market in the coming years.
Challenge: Manufacturers struggling to cope with frequently changing demand for more compact and efficient devices at low prices
Increasing demand for compact and portable devices creates significant opportunities; however, a major issue faced by manufacturers is to meet the ever-changing needs of consumers for more compact devices. To cater to the demand for compact, portable, and multifunctional devices, components and systems need to be miniaturized to lower production cost. For this purpose, manufacturers are actively investing in research and development to develop products and enhance their product offerings to stay competitive in the market. Thus, continuous demand for more compact devices can be a barrier, as it does not justify the return on investments due to the uncertainty associated with the life cycle of developed technologies or products.
Asia Pacific is projected to be the largest market for power electronics during the forecast period
The power electronics market in Asia Pacific is projected to grow at the highest CAGR from 2018 to 2023. The region is also expected to be the largest market for power electronics during the forecast period. The growth of the market in Asia Pacific can be attributed to the presence of a large number of manufacturers of consumer electronics and automotive in the region and increased demand for power electronic devices from the automotive, consumer electronics, and energy and power verticals of Asia Pacific.
Infineon Technologies (Germany), ON Semiconductor (US), Texas Instruments (US), STMicroelectronics(Switzerland), Fuji Electric (Japan), Mitsubishi Electric (Japan), Toshiba (Japan), Renesas Electronics (Japan), NXP Semiconductors (Netherlands), Maxim Integrated Products (US), Vishay Intertechnology (US), ABB (Switzerland), SEMIKRON (Germany), Analog Devices (US), Hitachi (Japan), Microsemi (US), ROHM Semiconductor (Japan), Microchip Technology (US), Littelfuse (US), and Danfoss (Denmark) are some of the major players operating in the power electronics market.
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