Pune, India -- (SBWIRE) -- 10/30/2018 -- Market Highlights:

The growing advancement in electronics industry has shown positive impact on the growth of electronic devices such as electrical power system and solid state electronic devices. Power electronics is the growing application used to study and control the flow of electric power. It serves wide application areas such as domestic & theatre lightning, industrial process specifically in chemical, paper and steel industries, generation & transmission control and power supplies for laboratories among others. According to Market Research Future Analysis, industrial and automotive sector are expected to drive the market of power electronics in the coming years due to high demand of power modules used in industrial motor drives and solar photovoltaic inverters. Also, the increasing development of hybrid and electric vehicles are expected to boost the market growth of power electronics in automotive sector.

The major growth driver of Power Electronics Market includes rising demand for high-power electronics, increasing adoption of renewable energy sources such as electric vehicles, and growing ICT and telecommunication sector among others. However, high initial cost and time-consuming manufacturing process are the major factors which are hindering the growth of Power Electronics Market

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Major Key Players

Some of the prominent players in the global power electronics market are Infineon Technologies AG (Germany), Texas Instruments, Inc. (U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V. (Switzerland), Maxim Integrated Products, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Qualcomm, Inc. (U.S), Vishay Intertechnology, Inc. (U.S.), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan) among others.

According to MRFR, the global power electronics market is expected to grow at a CAGR of approximately 3% during the forecast period 2017-2023.

Latest Industry News

- The US Department of Energy (DOE) recently announced nine winners of up to US $20 mn in total funding set aside for projects looking to advance early-stage solar power electronics technologies.
- Mitsubishi Electric Corp. has announced its plans to invest more than ¥30 billion in order to increase the output of its factory automation system products. They are considering plans to build a new plant close to their existing facility in Owariasashi, Aichi Prefecture. They are also planning to rebuild an existing plant in Nagoya in order to strengthen production capacity.

Regional Analysis:

The global power electronics market is studied in Asia Pacific, North America, Europe, and Rest of the World. It has been observed that Asia Pacific is estimated to account for the largest share of the market during the forecast period. The growth of the market in Asia Pacific is attributed to technological advancements and increased focus towards the use of renewable power sources across various industry verticals.

Segmentation

The worldwide market of power electronics has been segmented into three distinct portions. All of the three and sub-divisions are listed as below:
By verticals – Consumer electronics, aerospace & defense, IT & telecommunication, automotive and power. The automotive sub-segment is anticipated to govern the market during the projection span. Higher acceptance and usage of energy efficient hybrid electronic cars are a major reason for its lead.
By materials – Gallium nitride, silicon, sapphire and silicon carbide. Silicon grabbed the maximum number of shares back in 2015 and its dominance is expected to continue during this forecast period as well. The versatility of silicon gives it an edge over the others.

By device type – Power module, power discrete and power IC. The power IC segment is estimated to be the fastest growing the in device type division. The main reason for this is the increased usage of power IC for a number of purposes.

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Intended Audience:

- Technology Investors
- Research/Consultancy firms
- Technology Solution Providers
- Government Bodies
- Regulatory agencies
- Technology Solution vendors
- System integrators
- National regulatory authorities
- Venture capitalists
- Investment houses

About Market Research Future
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