Press release
Power Electronics Market 2024; Growth Forecast & Industry Share Report
Power Electronics Market
The EV sector has emerged as a major growth avenue for power electronics market. Electric vehicles adopt power electronics massively to convert DC to AC. In this regard, it would also seem appropriate to state that environmental regulations driving electric vehicle sector will have a commendable influence on the growth of power electronics market.
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The extensive popularity of this business space can be attributed to its massive deployment across the automotive, industrial, consumer electronics, defense, aerospace, renewable energy systems, and ICT sectors. Furthermore, the competitive spectrum of power electronics market has been witnessing the unveiling of exceptional and innovative products equipped with emerging technologies, specifically developed for particular end-use disciplines. The upcoming market players have been vying with the existing leading firms to build a robust presence in the industry.
The financial benefits provided by the expansion of power electronics market can be comprehensively validated through the instance of CFL and LED lamps. In the US, lighting uses around 20% of the grid energy. As CFLs replaced incandescent lamps, energy efficiency in lighting increased fourfold. With the emergence of LED lamps, that have five times longer life span than CFLs, energy consumption was found to have been halved. As electric power grids are replaced with intelligent, state-of-the-art-grids, savings of 20% on global energy demand has been anticipated with 15%-20% savings in the form of energy waste elimination.
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Segmentation of the power electronics market by module products is anticipated to experience substantial growth. As the demand for smartphone and handheld, battery devices is anticipated to increase, the demand for these systems is projected to be propelled as a consequence. The demand for the discrete products segment is projected to experience high growth during the forecast timeframe. An increasing number of appliances use auto jumper cables, in which this component is a pre-requisite for the prevention of sparks and electric shocks for destroying the device or causing injury to human life.
Smart grids usage impacts the growth of the power electronics market. These systems have high penetration owing to their ability to utilize control systems and digital communications to monitor and control power flows to make the power grid efficient and cost-effective. The applications of power electronics industry in smart grids are in the form of thyristors, AC/DC and DC/DC converters, and LED systems.
Table of Contents:
Chapter 4. Power Electronics Market, By Product
4.1. Power electronics industry share by product, 2016 2024
4.2. Discrete
4.2.1. Market estimates and forecasts, 2013 - 2024
4.3. Module
4.3.1. Market estimates and forecasts, 2013 - 2024
4.4. IC
4.4.1. Market estimates and forecasts, 2013 - 2024
Chapter 5. Power Electronics Market, By Application
5.1. Power electronics industry share by application, 2016 2024
5.2. Automotive
5.2.1. Market estimates and forecasts, 2013 - 2024
5.3. Consumer electronics
5.3.1. Market estimates and forecasts, 2013 - 2024
5.4. ICT
5.4.1. Market estimates and forecasts, 2013 - 2024
5.5. Industrial
5.5.1. Market estimates and forecasts, 2013 - 2024
5.6. Aerospace defense
5.6.1. Market estimates and forecasts, 2013 – 2024
5.7. Others
5.7.1. Market estimates and forecasts, 2013 – 2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/power-electronics-market
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