Power Electronics Market Product Overview and Scope, Emerging Technologies and Potential of Industry Till 2027
Power Electronics Market Overview:
A research team conducted extensive primary and secondary research for the Power Electronics market analysis. Secondary research was conducted to supplement existing data, segment the market, calculate total market size, and forecast market size and growth rate.
Power electronicsdevices are used in a wide array of applications, including power drive controllers, propellers, and protective assistance systems, fuel monitoring and control, air traffic control, guidance, interior illumination, navigation, and telecommunications. Signal processing for the modern radar system, aircraft, defense systems, unmanned aircraft vehicle systems, and missile controllers, for example, need for computing power that generates a lot of heat. Power electronics that are efficient assist to minimize heat and boost efficiency.
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Power Electronics Market Scope:
The developments in the electric vehicles industry are one of the major drivers of the power electronics market. Power electronics devices are used in multiple elements of contemporary automobiles, including the starter motor, windscreen wiper controller, adjustable front illumination, luminaires, and power transmission steering. Power electronics devices are predicted to play an important role in energy conservation in electric vehicles as the number of electric vehicles and hybrid electric vehicles grows. Vehicle power systems largely process and manage the energy flow in hybrid and plug-in electric cars, as well as the speed-torque generated by the motor.
The power electronics market key players are working on combining several functionalities in a single chip, resulting in a complicated design. Furthermore, developing and incorporating sophisticated devices necessitates specialized expertise, a solid approach, and a specific toolset, all of which raise the total price of the devices. As a result, the increased cost of the gadgets is projected to stymie the transition to the latest computing equipment. However, because of the many capabilities, mechanisms, and voltages, merging several Integrated circuits into a single device is a challenging operation that is likely to impede the growth of the power electronics market over the forecast period.
Power Electronics Market Segmentation:
In 2020, the consumer electronics vertical held the largest market share. During the forecast period, it is expected to grow at a CAGR of 6.7%.
The growing popularity of household gadgets such as smartphones, laptops, and wearable electronics, particularly in emerging markets, is expected to drive demand for power electronics. The increasing use of power electronics in household appliances is expected to contribute to the segment's growth in the power electronics market. Original Equipment Manufacturers in China and South Korea, such as Samsung and Huawei, are using Gallium Nitride power electronics products for high-wattage internal adapters for handsets and supplementary fast chargers.
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Power Electronics Market Key players:
- Hitachi (Japan)
- Infineon Technologies (Germany)
- STMicroelectronics (Switzerland)
- Mitsubishi Electric (Japan)
- Fuji Electric (Japan)
- NXP Semiconductors (Netherlands)
- Renesas Electronics (Japan)
- Toshiba (Japan)
- ABB (Switzerland)
- GaN Systems (Canada)
COVID-19 Impact on Power Electronics market:
The COVID-19 outbreak has had a significant impact on the Power Electronics market. Due to the global economic downturn and a labour shortage, the development of Power Electronics production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Power Electronics market in 2020. However, given the high demand for Power Electronics, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.
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