Power Electronics Market Is Driven By Increasing Use Of Power Electronics In Electric Vehicles, says 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.

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Power electronics has changed rapidly during the past years and the number of applications has been increasing, mainly due to developments of the semiconductor devices and the microprocessor technology. The major factor which drives the global power electronics market are rise in advancement of power electronics in electric vehicles and tremendous increase in the need for power management devices. Additionally, enhanced efficiency and improved durability of power electronics is also boosting the market growth. However, due to heating of machines by high temperature and leakage of current would affect the market acting as restraint. Government taking initiatives in HDVC and smart grid have possibilities to generate several growth opportunities for the market in the upcoming years.

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The global power electronics market is categorized into type, application, device, and geography. By type, the market is further segmented into power discrete, power module, and power IC. Power module occupies for around half of the market share in 2016. However, the power IC segment is expected to grow at the faster CAGR, dominating to its wide application in electrical appliances and consumer electronics. By application, the market is bifurcated into energy & power, industrial system, inverter & UPS, consumer electronics, and others. Energy & power dominated the application segment due to its higher adoption in smart grid and HVDC. The market by device is categorized into power diodes, thyristor, bipolar-junction transistor, insulated-gate bipolar transistor, and metal-oxide-semiconductor field-effect transistor. Power and energy dominated the application segment due to its higher adoption in HVDC and smart grid.

Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 54.2% in 2016, and is expected to continue its dominance during the forecast period. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 9.2% during the forecast period 2016-2024, driven by increasing demand for electric vehicle and rise in demand for consumer electronic applications. Europe accounted for the second largest market share of 21.6%.

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

Scope of Power Electronics Market
Type Segments
• Power Module
• Power IC
• Power Discrete
Device Segments
• Power Diodes
• Bipolar-Junction Transistor
• Thyristor
• Insulated-Gate Bipolar Transistor
• Metal-Oxide-Semiconductor Field-Effect Transistor
Application Segments
• Industrial System
• Energy & Power
• Inverter & UPS
• Consumer Electronics
• Others
Geographical Segments
• North America
o US
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Others
• Asia-Pacific
o India
o China
o Japan
o South Korea
o Others
• RoW
o South America
o Middle East
o Africa

About Variant Market Research

Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.

For further information, visit https://www.variantmarketresearch.com

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This release was published on openPR.