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Global Power Electronics Market Is Projected to Boost, Driven by Upsurge in Adoption of Power Electronics in Electric Vehicles

08-14-2017 12:24 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Variant Market Research

Variant Market Research

Variant Market Research

Global Power Electronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $27 billion by 2024 from $14 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9.2% and 8.8%, respectively, during the forecast period.

Various important factors such as, increased adoption of power electronics in electric vehicles, and exaggerated need for power management devices have supplemented the growth of power electronics market. Upgraded durability and higher efficiency of power electronics has increased its adoption across various geographies. However, current leakage at high temperature may hamper the market growth in the coming five to six years. The market is anticipated to unfold new business opportunities for the competitors, owing to government initiatives in smart grid and HVDC.

Browse Complete Report @ https://www.variantmarketresearch.com/report-categories/semiconductor-electronics/power-electronics-market

The global power electronics market has been analyzed based on various segmentations which include, type, device, application, and geography. Power IC, power module, and power discrete are various classification of the market on the basis of type. The segmentations by device type include, power diodes, thyristor, bipolar-junction transistor, insulated-gate bipolar transistor, and metal-oxide-semiconductor field-effect transistor. The application segment is further classified into, energy & power, industrial system, inverter & UPS, consumer electronics, and others. Power module generated the maximum market share in 2016. However, the power IC segment is predictable to attain the fastest CAGR during the forecast period, driven by its increased adoption in consumer electronics. Energy & power accounted for maximum share in the application segment, driven by its higher adoption in smart grid and HVDC.

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Geographical splits of the market comprise, North America, Europe, Asia-Pacific, and Rest of the World (Row). Asia-Pacific accounted for more than half of the market share in 2016, and is expected to continue its dominance during the forecast period. Additionally, the region is anticipated to attain the fastest CAGR during the forecast period, 2016 – 2024. Improvement in power transmission and use of renewable energy have boosted the market in the region. In the same year, Europe accounted for the second largest market share of 21.6%.

Major players in the power electronics market include Mitsubishi Electric Corp., Fuji Electric Co. Ltd., Toshiba Corporation, Rockwell Automation, Inc., Micro semi Corporation, ABB Group, Infineon Technologies AG, STMicroelectronics, Texas Instruments, Inc., and Renesas Electronics Corporation, among others.

About Us:
Variant Market Research LLP was delineated in 2015 and to launch our business and website it grabbed more than a year. Our head office is based in Pune and we also have branch in San Francisco, California, the U.S. The long time was generally used to build up a talented team of experienced professionals and analysts, to generate client satisfying exact market analysis data. The company aims to be a specialist in delivering reports on various domains with precise analysis, keeping a virtuous relationship with our consumers. Our vision says, "We would like to grow with you, making your paths simpler yet solidest" and our mission is to "Implementing our analytical, technical and marketing skills to set a new goal for our consumers, dedicatedly helping them take their next strategic moves."

The Co-founders of Variant Market Research: M/S Shweta Shubham and Mr. Yogesh Godse are keen to provide services across aforementioned domains helping them to take their strategic moves regarding their business and providing them the growth opportunities. The Co-founders say, "We believe in providing the future solutions for your business, exploring the current market trends and suggesting you the future strategies and forecast of a particular market that could keep your company ahead in the competitive market rivalry." We hold expertise in our designated areas of research and consulting with a team of experts from each of the dedicated areas covered under our research. Destined by the dedicated team of analysts and experts, we are envisioned to provide you our best in order to plan your next strategic move and take your company's future ahead with our support and your esteemed cooperation.

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