With 4.4% CAGR, Power Electronics Market Growth to Surpass USD 46.3 billion

The power electronics market is projected to grow from USD 37.4 billion in 2021 to USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% during the forecast period. Several countries are shifting from electricity generation using fossil fuels like coal and gas to renewable energy sources. This has led to the continuous growth of new installations for renewable energy sources and a simultaneous decline for non-renewable ones. Power electronics play a key role in shifting electrical energy patterns to renewable energy with higher energy efficiency. Power electronics are also expected to play a significant role in energy management in electric vehicles. Vehicle power electronics primarily process and control the flow of electrical energy in hybrid and plug-in electric vehicles. Automotive manufacturers are investing in the development of electric vehicles to avoid penalties related to emissions.

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Power IC segment to account for the largest share of the power electronics market in 2021

Power integrated circuits (ICs) hold the largest share of the power electronics market. Power IC is used for the functioning of power management in various applications. Power IC is used in various devices such as smartphones, tablets, smartwatches, TVs, and SSD for power management applications. Power ICs combine multiple functions into a single device to reduce the component numbers and board space needed to easily and cost-effectively manage power in devices for IoT, consumer, medical, industrial, automotive, and many other applications. Hence, the market for power ICs is expected to hold the largest share of the market throughout the forecast period.

Silicon-based power electronics to dominate power electronics market during the forecast period

As silicon is a widely available material used to manufacture a large number of power electronics, it has the highest market share. Silicon is a well-known and recurrent semiconductor material for manufacturing power electronic devices for low- and medium-voltage power semiconductor applications. Many power semiconductor devices, such as discrete, module, and ICs for various applications, are manufactured using silicon. Devices manufactured from silicon are used for power rectification, power factor correction, and power amplification. Silicon is mainly used in diodes and transistors for high-frequency switching applications.

Consumer electronics vertical to register the highest share for power electronics market in 2021

Consumer electronics is one of the major verticals of the power electronics market as every electronic appliance requires power supply (AC/DC) and power management for the efficient utilization of electrical energy. Power electronic devices are used in consumer electronic products such as refrigerators, air conditioners, washing machines, TVs, induction cookers, dishwashers, and other smart home/connected devices. Smart devices include smartphones, tablets, wearables, IoT devices, connected devices, adapters/chargers, routers/modems, gaming consoles, consumer drones, and battery-operated personal devices. Power electronics in consumer electronics products help minimize power consumption, thereby reducing overall carbon footprint, thereby increasing efficiency. Any consumer product that requires electrical power from a battery needs a power management solution to convert electrical energy. Hence, there is a high demand for power electronics in the consumer electronics vertical.

At the Consumer Electronics Show (CES) 2020, GaN Systems showcased the most recent technology innovations addressing smaller size, higher functionality, autonomy, and cost-saving solutions for power adapters, robots, drones, handheld electronics, and electric vehicles.

Market in APAC estimated to have the largest share during the forecast period

Asia Pacific or APAC is the fastest-growing region in the power electronics market owing to heavy investments in infrastructure, consumer electronics, and smart grid projects. Mitsubishi Electric (Japan) and Fuji Electric (Japan) are some of the key market players in this region. The fast adoption of electric vehicles in China and Japan is also a key factor driving the market growth. China is currently investing in power electronics manufacturing to become more self-reliant while Japan already has established players for power electronics. One of the main factors driving the market growth in China is the increased investment in the development and manufacturing of power electronic wafers to reduce the dependence on overseas manufacturers. The country is also investing in R&D for the development of an insulated-gate bipolar transistor (IGBT), which is one of the most difficult components to manufacture in power electronics.

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Major vendors in the power electronics market include Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

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This release was published on openPR.