Albany, NY -- (SBWIRE) -- 12/24/2018 -- Growth in electricity demand across the world is expected to boost demand for semiconductors for alternative energy technology market. Fossil fuel holds the major portion of the electricity generation mix. However, as fossil fuels are growing contributor to greenhouse gases, the governments are increasing their focus on policies and legislation to improve their energy efficiency. Demand for energy efficiency is expected to create new growth opportunities in the semiconductors market. Moreover, increasing oil prices are likely to act as a growth catalyst for the global semiconductor for alternative energy technology market. Growing consumer awareness and incentive schemes by the governments are likely to augment growth in the global semiconductor for alternative energy technology market.
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Semiconductors are the key components for optimized energy generation and connection to numerous renewable energy technologies including photovoltaic cells and wind-turbines. Technological advancement and development in high power semiconductors further boosts the global demand for semiconductors for alternative energy technologies. Improvements in the bipolar devices, with the introduction of Integrated Gate-Commuted Thyristor, are also anticipated to play a key role in growth of semiconductor for alternative energy technology market. The semiconductors are used for transmission of the power of the grid and conversion of the power in the plant.
Better power electronics is likely to reduce global electricity consumption through efficient electronic control of the growing number of IT Systems, Light, and Motors. The global semiconductors for alternative energy technologies market can be segmented by product, technology and geography. On the basis of technologies, the global market for semiconductors for alternative energy technologies can be given by Microcontroller (MCU), Analog Circuits, Advanced Mixed Signals, Digital Signal Processing, Advanced Power Conversion ICs, Optoelectronics, and Advanced Insulated-gate Bipolor Transistor (IGBT). On the basis of products, the global market for semiconductors for alternative energy technologies can be classified as semiconductors used in inverters which include Discrete, Digital Signal Processing (DSP), Microcontrollers, Silicon Carbide semiconductor, Metal-oxide-semiconductor field-effect transistor (MOSFET) and IGBTs. The market can also be classified on the basis of alternative energy technologies using semiconductors. The segmentation can be given as wind, solar, storage, fuel cells, nuclear, and geothermal.
The global semiconductor for alternative energy technology market is likely to grow at significant rates in the near future. Increasing demand for energy is expected to drive global demand for semiconductor for alternative energy technology. Furthermore, government support in the form of feed-in-tariffs and renewable portfolio standards are anticipated to propel growth in this market. Currently, Europe dominates the market owing to the growth in the renewable energy industry.
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North America is a key player in the semiconductor for alternative energy technology market. The same geographical trend is likely to continue over the forecast period. Asia Pacific is likely to be an emerging growth market for semiconductor for alternative energy technology. Investments in alternative energy technologies coupled with technological development and advancement are likely to provide ample opportunities of growth in this market. Solar and wind energy technologies are the growing market for semiconductors. These technologies are likely to grow at the highest rates in the future.
Some of the key players in the global semiconductors for alternative energy technologies market include ABB Limited, Solar Semiconductor Ltd., Solantro Semiconductor Corporation, Hemlock Semiconductor Group, Udhaya Semiconductors Limited (USL), and Wind Semiconductor Inc.