Market Research Report
Power Electronics Market with COVID-19 Impact Analysis by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace), and Geography - Global Forecast to 2026
|Power Electronics Market with COVID-19 Impact Analysis by Device Type (Power Discrete, Power Module, Power IC), Material (Si, SiC, GaN), Vertical (ICT, Consumer Electronics, Industrial, Automotive, Aerospace), and Geography - Global Forecast to 2026|
Published: November 15, 2021
Content info: 268 Pages
Delivery time: 1-2 business days
The power electronics market is expected to grow from USD 37.4 billion in 2021 and is projected to reach USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% during the forecast period. Increased deployment of renewable power sources, the rapid development of EVs, and increased use of power electronics in consumer devices are expected to be the leading market drivers for power electronics. Moreover, the rise in the manufacturing of wide bandgap semiconductors is expected to provide long-term opportunities for market growth.
"Market for power modules to have highest CAGR during the forecast period"
Power modules are commonly used for power conversion in motor drives, UPS, and AC-DC power supplies. Hence, power modules have major use in renewable energy (wind turbines and solar panels) as well as in electric vehicles. Power modules improve system performance and energy efficiency by delivering increased power density, enhanced system ruggedness, and reliability across the energy and automotive sectors. High power efficiency requirements from various applications are driving the demand for power modules. The increase in adoption of EVs, renewable energy generation, charging stations, industrialization, and growing demand for consumer appliances are driving the growth of the segment.
"SiC and GaN-based power electronics to have higher growth throughout the forecast period"
the markets for SiC- and GaN-based power electronics devices are expected to grow at a significant rate. Increasing market demand from automotive manufacturers in adopting SiC-based devices for electric and hybrid vehicle manufacturing is the main factor contributing to the market demand. SiC-based devices are also used in inverters to increase the efficiency of the inverter system. SiC-based power electronics solutions also have increased reliability, greater efficiency, high operating temperature, compact size, and high voltage capabilities compared to Si-based power electronics. As such, SiC-based power electronics technology is also used in photovoltaics, charging infrastructure, and uninterruptible power supply (UPS). In communications, the rollout of 5G networking is also expected to further boost the growth of SiC in the future. With improvements in manufacturing technology, it is expected that low-cost GaN devices could have high growth in the future.
"Market for automotive & transportation vertical to grow at highest CAGR during the forecast period"
The advent of electric and hybrid vehicle production has enhanced the demand for power electronics products to a great extent. Power electronics are used in EVs that require high power electric energy to rotate the electric motors. Power converters that utilize power electronics are also used in hybrid vehicles, especially for energy regeneration and conversion. Components such as MOSFETs and IGBTs are used as power electronic switches in automotive electric and electronic systems for reducing the overall size of electronic units. Also, increasing concerns regarding environmental pollution and sustainable growth have increased government support in several countries to boost the production of electric vehicles, supported by government incentives. This is also expected to develop and expand the EV charging infrastructure and provide opportunities for the market. Hence, the market for automotive & transportation is expected to have the fastest growth during the forecast period.
"Market in APAC to grow at highest CAGR during the forecast period"
APAC is estimated to lead the power electronics market and register the highest CAGR during the forecast period. The market's growth in APAC is attributed to the large presence of consumer electronics, ICT, industrial, and automotive verticals across China, Japan, and South Korea. The increasing need for power generation and government initiatives in various countries to promote renewable energy infrastructure are also driving the overall market in APAC. Mitsubishi Electric (Japan) and Fuji Electric (Japan) are some of the key market players in this region. China is also currently investing in power electronics manufacturing to become more self-reliant while Japan already has established players for power electronics.
The report profiles key players in the power electronics market with their respective market ranking analysis. Prominent players profiled in this report are Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).
This research report categorizes the power electronics market on the basis of device type, material, voltage, vertical, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the power electronics market and forecasts the same till 2026 (including analysis of COVID-19 impact on the market). Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the power electronics ecosystem.
Key Benefits of Buying the Report
1. This report segments the power electronics market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product launches, deals, and expansions.
4. The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.