Power Electronics Devices Market Review, Future Growth, Global Survey, In-depth Analysis, Share, Key Findings, Company Profiles, Development Strategy, Emerging Technologies, Trends and Forecast by 2023
(firmenpresse) - Market Highlights
The global power electronics market garners exponential traction. The market growth attributes to the increasing adoption of power electronics in electric vehicles and the growing demand for power management devices. Besides, several advantages of power electronics such as simplified circuits and optimum forward and reverse blocking capabilities create huge market demand. Moreover, compact power electronics designs suitable for high power densities applications escalate market growth.
According to Market Research Future (MRFR), the power electronics market valuation is poised to reach approximately USD 43 BN by 2023, registering 3% CAGR during the assessment period (2018–2023). Over the last couple of years, power electronics technology has evolved dramatically, becoming indispensable across the industries. Power electronics is one of the fastest-growing technologies used across major industries such as automotive, aerospace, healthcare, and media.
Additionally, the increasing deployment of smart grid applications and demand for implementation of low carbon emission power systems act as major tailwinds for the growth of the market. Furthermore, the growing focus on the use of renewable power resources boosts the power electronics market growth. Furthermore, the growing demand for enhancement of power infrastructure positively impacts the growth of the power electronics market.
Conversely, the lack of expertise and budget constraints in upgrading existing systems are significant factors projected to restrict the market growth during the next few years. Nevertheless, expected advances in technology would support market growth throughout the assessment period, bringing the required expertise and reducing power electronics' cost.
Segmentation:
The report is segmented into four dynamics;
By Material : Silicon, Silicon Carbide, Gallium Nitride, Sapphire, and others.
By Device Type : Power Discrete, Power Module, Power IC, and others.
By Vertical : IT & Telecommunication, Power, Consumer Electronics, Automotive, Aerospace & Defense, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Power Electronics Market – Regional Analysis
The Asia Pacific region dominates the global power electronics devices market. The largest market share attributes to the rising technological advances and focuses on using renewable power sources across the industry verticals. Besides, the availability of potent technologies at affordable costs is a key driving force behind the regional market growth. Moreover, the presence of many electronic devices manufacturing companies in the region fosters the growth of the market. China, Japan, and India are the key market for power electronics in the region, substantially driving the market growth. APAC power electronics market is estimated to retain its dominance throughout the forecast period.
North America accounts for the second-largest share in the global power electronics market. The region is a hub for advanced semiconductors technologies and their early adoption of innovative applications. Also, the huge demand, particularly from the automotive and consumer electronics industry verticals, substantiates the growth of the regional market. The presence of a well-established infrastructure push market progress, allowing implementations of futuristic technologies.
The US and Canada account for major growth contributors to the regional market. Furthermore, the presence of notable electronics manufacturers, increasing demand for digital technologies, and growing technological advancements drive the market. The North American power electronics market is to demonstrate a considerable revenue generation during the upcoming years.
The Europe, power electronics market, is emerging as a lucrative market globally. The region perceives a massive uptake of power electronics. The burgeoning electronics industry in the UK and Germany contribute to the market growth in the region majorly. The European power electronics market is anticipated to generate a substantial revenue pocket through 2018-2023.
Global Power Electronics Market – Competitive Analysis
Highly competitive, the power electronics market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They are committed to deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
These companies focus on developing their product portfolios with the latest technologies and following organic and inorganic growth approaches, engaging in product development. The market competition is likely to intensify due to new product launches and the new entrants in the market.
Market Players
Players leading the power electronics market include Texas Instruments, Inc. (US), Infineon Technologies AG (Germany), ON Semiconductor Corp. (US), Maxim Integrated Products, Inc. (US), STMicroelectronics NV (Switzerland), Fuji Electric Co., Ltd. (Japan), Qualcomm, Inc. (US), NXP Semiconductors NV (The Netherland), Vishay Intertechnology, Inc. (US), Mitsubishi Electric Corp. (Japan), and Renesas Electronics Corp. (Japan), among others.
Industry/ Innovation/ Related News
August 12, 2020 --- II-VI Incorporated (the US - IIVI), a leader in compound semiconductors, announced the acquisition of all outstanding shares of Ascatron AB, a leader in silicon carbide (SiC) epitaxial wafers and devices for power electronics platform.
II-VI also announced that it would acquire all the outstanding interests of the owners of the parent of INNOViON Corporation, a leader in ion implantation technology for silicon and compound semiconductor devices.
Scheduled to close by the year-end, both transactions complement the technology licensed from General Electric to manufacture SiC devices and modules for power electronics.
Browse Complete Report (at) https://www.marketresearchfuture.com/reports/power-electronics-market-1069
Unternehmensinformation / Kurzprofil:
Datum: 17.09.2020 - 09:35 Uhr
Sprache: Deutsch
News-ID 619575
Anzahl Zeichen: 6607
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Contact person: Ehtesham Peerzade
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