Power Electronics Market expected to grow strongly by 2024 With Key Players ENERCON, Infineon Technologies, Maxim Integrated, Mersen, BMW Group, Microsemi Corporation, NXP Semiconductors, ON Semiconductor, Renesas Electronics, SEMIKRON, STMicroelectronics
Power Electronics Market 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.
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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.
Governments are also pushing the provision of grants and VAT exemptions for electric vehicle owners to increase the adoption and decrease the total cost of ownership. For instance, the UK government offers consumers financial incentives in the form of grants and subsidies upwards of USD 5,944 for these vehicles. Also, ownership cost of fully-electric vehicles is reduced with owners of vehicles that cost less than USD 52,844 to be exempted from paying annual road taxes. The presence of such initiatives and plans is anticipated to drive the power electronics market.
The major players operating in the Power Electronics Market-
2. Fuji Electric: About | LinkedIn
3. GE Wind Energy
4. Infineon Technologies
5. Maxim Integrated
8. Microsemi Corporation
9. BMW Group
10. Mitsubishi Electric US, Inc.
11. NXP Semiconductors
12. ON Semiconductor
13. Renesas Electronics
16. Texas Instruments
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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.
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