Power Electronics Market share, Applications, Segmentations & Forecast by 2024
The regional Analysis “Asia Pacific in the power electronics is expected to witness immense growth owing to the rise in electric vehicles, which use power electronic devices for energy. Moreover, the power electronics market growth in the region is accredited to the increase in power transmission, use of renewable energy and growing use of power electronics across the industrial sector. Technological developments in electronics, inverters, and UPS is boosting the regional power electronics market growth”, says that global power electronics market share is expected to grow due to the growing inclination of consumers towards energy harvesting technologies. Increasing demand for energy efficient portable battery powered devices and the rising emphasis on renewable power sources will further propel the industry growth.
Rising demand for high power density in various applications is a major driver in the power electronics market. This demand is attributed by the various benefits offered by them such as less driving factor and simplified circuits which helps them to run at high power ranges. Design of compact power electronics are the best choice to use in high power density products.
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Usage of these devices in power systems helps in providing high flexibility, reliability and security which in turn helps ensure effective and continuous delivery of power. These devices play an important role in the adaptation of advanced networks and enhancement of power infrastructure instead of the current electrical grids. Growing demand for network reliability, increasing incorporation of power electronics in electrical grids, judicious use of energy and emphasis on reduction of biological pollution from the government are anticipated to propel the power electronics market growth over the forecast period.
Growing implementation of these devices in renewable energy solutions is generating several growth opportunities to the power electronics market. Need for generation of electricity by using renewable energy sources is mounting speedily. It is anticipated that energy usage will rise during the forecast period thereby leading to a surge in the industry demand. Renewable sources are used in inverters for solar panels, in grid converters and in wind turbine converters. They are used for switching speed and power efficiency.
The power electronics market based on materials can be classified into silicon (Si), silicon carbide (SiC), gallium nitride (GaN) and sapphire. The major application of the solution would be in electric vehicles by using GaN semiconductor to replace electronics based on silicon, which are used as battery chargers and inverters. GaN semiconductors convert the battery power to help drive the electric cars. Silicon based electronic devices are used to restrain the power which limits the power handling capacity of the car.
The GaN semiconductors are cost affordable, easy to drive and improve the output power of electric cars, making them energy efficient and lighter. Owing to these factors, the demand for GaN based semiconductors devices is increasing thus indirectly boosting the power electronics market. Presently, the U.S. is a leading consumer for electric cars. This is owing to strict emission rules made by the government in the region.
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Power electronics market based on devices is classified into BJT, IGBT, MOSFET, power diode and thyristor. The IGBT devices dominate the industry and are likely to continue the trend over the forecast period. These devices are widely used across the industry due to the features such as enhanced efficiency, faster switching, minimal power loss and ease of usage at high voltages. In addition, increased requirement for power electronics devices is likely to offer several opportunities to the players operating in the power electronics market.
The key players in the power electronics market include ABB, Azzurro Semiconductors AG Cree Incorporated, Fairchild Infineon, Infineon Technologies, Microsemi, Mitsubishi, NTT Advanced Technology Corporation, Renesas Electronics, Rockwell Automation, STMicroelectronics, Texas Instruments and Toshiba Corporation. Industry players are investing in R&D to develop the devices, which run on high power density levels. For the manufacturers, R&D is an important factor as advanced innovations can help the manufactures gain competitive advantages over other players. The power electronics market participants are focussing on frequent mergers and acquisitions. For instance, In July 2016, Infineon Technologies has announced the acquisition of a division of Cree Incorporated. It will help the company to develop compound semiconductor thus supporting the high growth in renewables, cellular infrastructure and electro-mobility.
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