Power Electronics Market Hit USD 45 Billion by 2024 | Leading Companies are ENERCON, Fuji Electric, Infineon Technologies, Mersen, Microsemi Corporation, NXP Semiconductors, ON Semiconductor, SEMIKRON, Texas Instruments, STMicroelectronics

Power Electronics Market size is set to exceed USD 45 billion by 2024. The high demand for alternative energy systems such as solar, wind, and geothermal over conventional power sources will drive the power electronics market. This is largely due to the increase in pollution rates that is resulting in reduced life expectancies and physical ailments among the general population. The high growth of industrialization in the Asia Pacific is causing cities such as Rawalpindi, Kolkata, Delhi, and Beijing to experience an increase in air pollution rates. To combat this situation, governments across the world are initiating stringent regulations restricting the emission of particulate matter above a certain specified range, aiding power electronics market growth. For instance, the SO2 emissions impacting the cement industries range from 50mg/cubic Nm in Germany to 400mg/cubic Nm in Egypt.

Get Sample Copy of This Report @ https://www.gminsights.com/request-sample/detail/1355

The rising demand for data centers and wireless technologies is fueling the growth of the ICT segment of the power electronics market. For instance, in data centers, cooling of the system consumes approximately 40% of the total electricity. By applying variable speed drives to pumps and air conditioning units, the speed of the systems can be adjusted to match the amount of cooling that is required providing massive energy and cost savings.

The economic boom in the Asia Pacific countries is contributing to the high growth of the power electronics market. The middle-class population is now able to purchase a larger amount of luxury goods and household systems. Furthermore, in industrial and manufacturing settings, these systems are essential components to combat issues pertaining to power losses and current fluctuations through the usage of power regulators, UPS, and inverters.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. ENERCON
2. Fuji Electric
3. Infineon Technologies
4. Mersen
5. Microsemi Corporation
6. NXP Semiconductors
7. ON Semiconductor
8. SEMIKRON
9. Texas Instruments
10. STMicroelectronics

Make an Inquiry for purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/1355

Automotive applications are anticipated to lead the industry during the forecast timeframe. The use of these components in powertrains, infotainment devices, and safety and security systems are anticipated to drive this demand. Furthermore, the high penetration of electric vehicles owing to government initiatives is anticipated to contribute to the high adoption of power electronics market.

The development of defense systems such as missiles, high altitude platforms, satellites, communication technologies, and combat land and air vehicles are driving the growth of the power electronics market. UAVs, for instance, are required to stay operational for prolonged periods of time without the provision of constant fueling and charging stations. To tackle this issue, these systems are either equipped with battery, powered storage units or solar panels, both of which requires DC-DC convertors and powertrains to function.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/power-electronics-market

Companies operating in the power electronics market include ENERCON, Fuji Electric Co. Ltd., Infineon Technologies, Mersen, Microsemi Corporation, NXP Semiconductor N.V., ON Semiconductor, Semikron Electronics GmbH & Co., Inc., Texas Instruments Incorporated, and STMicroelectronics N.V. Vendors are required to undertake strategic initiatives such as product innovations, and mergers and acquisitions to sustain growth in the power electronics marketplace. For instance, in February 2017, Infineon Technologies proposed the acquisition of Wolfspeed Power & RF arm from Cree Inc. for the expansion of their SiC-based power electronics. Additionally, the company has also announced the partnering with Smart Wires for the improvements of existing grids for renewables.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

This release was published on openPR.