Power Electronics Market Highlights
The global power electronics market spans across North America, Europe, Asia-Pacific, the rest of the world.
The growing trend of renewable energy resources and portable energy systems is largely impacting the growth of the global power electronics market during the forecast period. However, complexities in designing and integrating technically advanced devices are expected to impact market growth. Power electronics devices are also used in electric and hybrid vehicles to optimize overall system cost, maximize power savings, extend mileage, minimize power losses, increase power density, and improve battery efficiency. This has created opportunities for manufacturers of power electronic components.
The geographic analysis of the power electronics market has been done for North America, Europe, Asia-Pacific, the rest of the world. Asia-Pacific has dominated the power electronics market in 2019 and is expected to reach USD 24.22 billion in 2026, with the highest CAGR of 7.78%. The regions of North America and Europe are also expected to witness significant growth over the forecast period.
In North America, the US accounted for the largest market share in 2018. Advancements in technology and the increasing demand for consumer electronics such as mobile phones, computers, and others are some of the major factors, which are driving the growth of the power electronics market in the region. Europe is expected to register steady growth in the power electronics market during the forecast period owing to the rising adoption of smartphones, increasing availability of smart devices, and other IoT-based systems. The region, by country, has been segmented into the UK, Germany, France, and the rest of Europe. Asia-Pacific dominates the power electronics market based on the region due to growing markets of consumer electronics and wearable products in China, India, Japan, South Korea, Singapore, Taiwan, and other countries in the region.
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Global Power Electronics Market – Competitive Analysis
Highly competitive, the power electronics market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They are committed to deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
These companies focus on developing their product portfolios with the latest technologies and following organic and inorganic growth approaches, engaging in product development. The market competition is likely to intensify due to new product launches and the new entrants in the market.
Global Power Electronics Market – Regional Analysis
The Asia Pacific region dominates the global power electronics market. The largest market share attributes to the rising technological advances and focuses on using renewable power sources across the industry verticals. Besides, the availability of potent technologies at affordable costs is a key driving force behind the regional market growth. Moreover, the presence of many electronic devices manufacturing companies in the region fosters the growth of the market. China, Japan, and India are the key market for power electronics in the region, substantially driving the market growth. APAC power electronics market is estimated to retain its dominance throughout the forecast period.
North America accounts for the second-largest share in the global power electronics market. The region is a hub for advanced semiconductors technologies and their early adoption of innovative applications. Also, the huge demand, particularly from the automotive and consumer electronics industry verticals, substantiates the growth of the regional market. The presence of a well-established infrastructure push market progress, allowing implementations of futuristic technologies.
The US and Canada account for major growth contributors to the regional market. Furthermore, the presence of notable electronics manufacturers, increasing demand for digital technologies, and growing technological advancements drive the market. The North American power electronics market is to demonstrate a considerable revenue generation during the upcoming years.
The Europe, power electronics market, is emerging as a lucrative market globally. The region perceives a massive uptake of power electronics. The burgeoning electronics industry in the UK and Germany contribute to the market growth in the region majorly. The European power electronics market is anticipated to generate a substantial revenue pocket through 2018-2023.
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Global Power Electronics Market: Segmentation
The global power electronics market has been segmented based on component, wafer type, wafer material, wafer size, application, and region. Based on component, the global market has been segmented into diodes, thyristor, MOSFET, AC/DC converter, static switches, and others. By wafer type, the market has been segmented into Silicon, GaN, SiC, and others. Based on wafer material, the market has been bifurcated into N-type and P-type. By wafer size, the market has been segmented into 150mm, 200mm, 300mm, and 450mm and above. Based on application, the global power electronics market has been segmented into consumer electronics, IT & telecommunications, automotive, aerospace & defense, industrial, energy & utilities, transportation, and others.
The key players of the global power electronics market are Alpha & Omega Semiconductor (AOS) Europe, AMS AG, Analog Devices Inc, Dialog Semiconductor, Diodes Incorporated, Semiconductor Component Industries LLC, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., STMicroelectronics, Texas Instruments, Toshiba Electronic Devices & Storage Corporation, Vishay Intertechnology Inc., and Allegro Semiconductors, among others.
Players leading the power electronics market include Texas Instruments, Inc. (US), Infineon Technologies AG (Germany), ON Semiconductor Corp. (US), Maxim Integrated Products, Inc. (US), STMicroelectronics NV (Switzerland), Fuji Electric Co., Ltd. (Japan), Qualcomm, Inc. (US), NXP Semiconductors NV (The Netherland), Vishay Intertechnology, Inc. (US), Mitsubishi Electric Corp. (Japan), and Renesas Electronics Corp. (Japan), among others.
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