With 6.48% CAGR, Power Electronics Market to Hit US$ 39.9 Billion by 2027 | IMARC Group

IMARC Group has recently released a new research study titled "Power Electronics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the power electronics industry?

The global power electronics market reached a value of US$ 27.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.9 Billion by 2027, exhibiting at a CAGR of 6.48% during 2022-2027.

What is a power electronics?

Power electronics refer to machines that use different passive and active switches to modify and control electrical energy from the source. They comprise power semiconductor switches and motors and various control mechanisms to convert electrical energy from one form to another. They provide precise control over power density, efficiency, and reliability to generate electrical energy of desired specifications. They facilitate power management and enhance energy conservation in various electronic appliances. They are used in the aerospace industry to improve the function of space shuttle power supplies, aircraft power systems, cabin lighting, engine systems, flight control, avionics, and communications.

They also upgrade the performance of signal processing of military radars, weapon systems, missile controls, and unmanned aerial vehicle (UAV) payloads by reducing heat production. They enhance the output of various home appliances, such as fan regulators, induction cooktops, emergency lights, personal computers, vacuum cleaners, battery chargers, and uninterrupted power systems (UPS). Power electronics find application in the ignition switch, windshield wiper controls, adaptive front lights, electric power steering wheel, and interior lighting of modern cars. They control motors of rolling and textile mills, compressors, fans, elevators, rotary kilns, and forklifts employed in various industries. They are also utilized in converting low-power direct current (DC) electricity generated by solar panels into high-power alternating current (AC) electricity.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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What are the major market drivers in the power electronics market?

The rising demand for power electronics in manufacturing consumer electronic appliances, such as mixers, air-conditioners (ACs), fans, and light dimmers, represents one of the primary factors influencing the market positively. In addition, governments of various countries are encouraging the utilization of various renewable sources of energy, such as solar, wind, and hydropower, due to the rising environmental concerns around the world, which is contributing to the growth of the market.

Besides this, the increasing installation of photovoltaic (PV) panels in residential complexes to save electricity expenses is propelling the growth of the market. Additionally, the growing employment of wide bandgap semiconductor materials, such as gallium nitride (GaN) and silicon carbide (SiC), in designing efficient, compact, and reliable power electronic components is offering a favorable market outlook. Apart from this, the increasing adoption of electric vehicles (EVs) to decrease fuel expenditure and prevent air pollution is supporting the growth of the market. Moreover, the rising integration of intelligent power modules (IPM) in inverters, refrigerators, fan motors, washing machines, and dishwashers to decrease the risks of device failure is bolstering the growth of the market.

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Device:

Power Discrete
Diode
Transistors
Thyristor
Power Modules
Intelligent Power Module
Power Integrated Module
Power ICs
Power Management Integrated Circuit
Application-Specific Integrated Circuit

Breakup by Material:

Silicon
Sapphire
Silicon Carbide
Gallium Nitride
Others

Breakup by Application:

Power Management
UPS
Renewable
Others

Breakup by Voltage:

Low Voltage
Medium Voltage
High Voltage

Breakup by End User Industry:

Automotive
Military and Aerospace
Energy and Power
IT and Telecommunication
Consumer Electronics
Others

By Geography:

North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

List of Major Key Players:

ABB Ltd
Analog Devices Inc
Fuji Electric Co. Ltd
Infineon Technologies AG
Microchip Technology Inc
Mitsubishi Electric Corporation
NXP Semiconductors N.V
Renesas Electronics Corporation
ROHM Co. Ltd
STMicroelectronics
Texas Instruments Incorporated
Toshiba Corporation
Vishay Intertechnology Inc

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This release was published on openPR.