Power Electronics Market: A Sector Booming Worldwide

Power Electronics Market is expected to garner $25 billion by 2022, registering a CAGR of 8.9% during the forecast period 2016-2022.Power electronics is a solid-state circuitry device that converts and controls electric power from the source to the load in an efficient and convenient manner. It is used to control the fluctuated power from one device to other power devices such as diodes, transistors, and thyristors.

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Insulated gate bipolar transistor (IGBT) is the most widely used device in the industry. Presently, rise in demand for higher efficiency, faster switching, and minimal power loss are some of the key driving factors of the market. Moreover, aggrandized need for power management devices is expected to provide lucrative opportunities to market players. IGBT device is the leading segment in the global power electronics market, and is expected to maintain this trend throughout the forecast period. However, metaloxidesemiconductor field-effect transistor (MOSFET) segment is expected to witness significant growth in the future, as this transistor is compact and cost-effective.

Power electronic devices are integrated in electronic applications to enable power management and reduce power leakage. Moreover, they offer numerous benefits, such as high efficiency, low system complexity, and reduced system maintenance. Power module represents almost 48-50% of the total power electronics market, owing to its resilience and high efficiency. In addition, substantial demand for electric vehicles and trend of customer shift towards advanced power semiconductor to achieve better efficiency are expected to fuel its adoption in the energy & power, inverter & UPS, and other industry sectors.

Asia-Pacific region was the major revenue contributor in 2014, and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in number of electric vehicles and industry systems utilizing power electronics. Moreover, advancements in consumer electronics, inverters, and UPS would boost the growth of the power electronics market, especially in Asian countries such as China, Japan, South Korea, and India.

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Key findings of the study:

In 2014, IGBT segment dominated the global power electronics market in terms of revenue, and is projected to grow at a CAGR of 10.5% during the forecast period.

Power IC segment is projected to grow at a CAGR of 10.4% during the analysis period.

Automotive segment is expected to exhibit the fastest growth during the forecast period, owing to increase in applications of power management devices in e-bikes and e-cars.

China is the major shareholder in the Asia-Pacific power electronics market, accounting for about 34% share.

The key players operating in the power electronics market have adopted new product launch as their preferred strategy to expand their market foothold. The major players profiled in this report include Infineon Technologies AG, Mitsubishi Electric Corp., Toshiba Corporation, ABB Group, STMicroelectronics, Fuji Electric Co. Ltd., Rockwell Automation, Inc., Renesas Electronics Corporation, Microsemi Corporation, and Texas Instruments.

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