Outlook on the Power Electronics Global Market to 2031
DUBLIN–(BUSINESS WIRE)–The “Power Electronics Market By Device Type, By Material, By Application, By End Use: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to this report the power electronics market was valued at $26.6 billion in 2021, and is estimated to reach $43.7 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
A power module is a set of power components integrated into power semiconductor devices. Power devices can attain extremely low resistance and high-frequency switching. These properties are exploited in high-efficiency power supplies, electric vehicles (EVs), hybrid electric vehicles (HEVs), photovoltaic inverters, and RF switching. These devices are applicable in power supplies for servers, IT equipment, high-efficiency & stable power supplies, and EV & HEV devices. This is attributed to the fact that these devices facilitate the control and conversion of electrical power effectively and efficiently.
The prominent factors that drive the power electronics market growth include an increase in demand for power electronics components across various industry verticals, an increase in the adoption of SiC power devices, the surge in the need for power management devices, and a rise in adoption of power electronics components in electric vehicles. Moreover, the surge in demand for SiC-based photovoltaic cells in developing countries, including China, Brazil, and India, fuels the growth of the global market.
However, the complex integration process for advanced electronics devices restrains the growth of the market, globally, due to their complex design requires robust methodology, skillsets, and different toolsets for integration, which also raises the cost of the devices. This high cost of devices restraints users to switch to new innovative technology devices. Moreover, the rise in demand for plug-in electric vehicles (PEVs) and innovation in power metal-oxide-semiconductor field-effect transistor (MOSFET) is anticipated to provide lucrative opportunities for expansion of the power electronics market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the power electronics market analysis from 2021 to 2031 to identify the prevailing power electronics market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the power electronics market segmentation assists to determine the prevailing power electronics industry opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the power electronics industry players.
- The report includes the analysis of the regional as well as global power electronics market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Device Type
- Power Discrete
- Power Module
- Power IC
By Material
- Silicon Carbide
- Gallium Nitride
- Sapphire
- Others
By Application
- Power Management
- UPS
- Renewable
- Others
By End Use
- Telecommunication
- Industrial
- Automotive
- Consumer Electronics
- Military and defense
- Energy and Power
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ABB, Ltd
- Fuji Electric Co, Ltd.
- Infineon Technologies AG
- Microsemi Corporation
- Mitsubishi Electric Corporation
- Renesas Electronics Corporation
- Rockwell Automation, Inc.
- STMicroelectronics N.V.
- Texas Instruments Incorporated
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/qjyf2o
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