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The power electronics market size is estimated to grow at a CAGR of 5.92% between 2023 and 2028. The market size is forecast to increase by USD 10.67 billion. The growth of the power electronic market depends on several factors, including increased adoption of renewable energy, innovations to reduce the design time of power electronic systems, and rapid development of electric vehicles.
The report includes a comprehensive outlook on the Power Electronics Market, offering forecasts for the industry segmented by Product, which comprises discrete and module. Additionally, it categorizes Material into silicon, silicon carbide, and gallium nitride, and covers Geography regions, including APAC, Europe, North America, South America, and Middle East and Africa. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Power Electronics Market Forecast 2024-2028
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The design phase of the power electronic components production cycle involves the determination of the performance, efficiency, cost, and weight of the systems. This phase requires different physical prototypes developed using different combinations of electronic components. The time-to-market (TTM) for different power electronic products will be high, owing to the long duration of the designing and testing of physical prototypes.
In addition, virtual prototyping can help improve the reliability of the system and expedite the design process, thereby reducing the TTM for the products. This process requires software to simulate the thermal and electromagnetic conditions in the circuit, reducing the need for physical prototypes. The introduction of new virtual prototyping packages for the industry will drive the adoption of power electronic components, thereby driving the demand for innovations. This factor is expected to drive the growth of the market focus during the forecast period.
The global market is expanding as a result of the smart grid industry's use of cutting-edge technologies like AI and machine learning (ML). Utilizing these technologies can improve asset management, decrease downtime, and optimize grid operations. In order to enable predictive maintenance and provide real-time data on grid performance, advanced sensors, and monitoring systems are also being deployed.
Furthermore, the deployment of grid-scale energy storage systems, which can increase grid stability and enable the integration of renewable energy sources, is also made possible by the integration of power electronics with smart grid technologies. As a result, the market for power electronics is expanding for energy storage applications. Thus, such factors are anticipated to fuel the growth of the market during the forecast period.
Power semiconductor devices are predominantly based on silicon wafers. IGBTs, power MOSFETs, and super-junction power MOSFETs are devices that are extensively used for high- and low-voltage applications owing to their configurations. Power MOSFETs are used for applications that use below 500 V, and IGBTs are used for applications exceeding 400 V. Super-junction power MOSFETs are used in the range between 500 and 900 V. At higher voltages, IGBTs are slower in switching, and super-junction power MOSFETs incur higher losses beyond 900 V.
In addition, applications specific to power transmission require operations in kilovolts, and silicon-based devices have reduced efficiencies. The efficiency can be improved by using materials such as wide bandgap and ultra-wide bandgap materials, as they help reduce losses at higher voltages. The production technology for these materials is expensive and yet to be commercialized. This is expected to impede the growth of the overall market in focus during the forecast period.
The market share growth by the discrete segment will be significant during the forecast period. Discretes are used in consumer electronic goods and are primarily silicon-based. Most of the demand is for applications like consumer electronics and light-emitting diode (LED) lighting systems.
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The discrete segment was valued at USD 20.13 billion in 2018. Discretes require being optimized for power density while being placed in a module. Moreover, discretes include rectifiers (diodes), thyristors, and transitioners, including bipolar junctions, metal oxide semiconductor field-effect, and insulated gate bipolar transistors. Moreover, the advances in technology that is used to produce wide bandgap materials such as silicon carbide (SiC) and GaN drive the demand for discrete. Hence, owing to such factors the segment is expected to grow during the forecast period.
Based on material, the market has been segmented into silicon, silicon carbide, and gallium nitride. The silicon segment will account for the largest share of this segment.? Power electronics are produced primarily from silicon and are used in a variety of industries and consumer, industrial, and automotive applications. The majority of the global power electronics market is made up of silicon-based power components like diodes, transistors, and thyristors. Furthermore, the limitations of silicon-based power devices are becoming more obvious, though, as the demand for higher efficiency and power density rises. As a result, there is growing interest in the creation of novel materials that offer greater performance and efficiency, such as gallium nitride and silicon carbide. These factors are expected to boost the demand for silicone as a material used to make power electronics and hence drive the growth of the market during the forecast period.
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APAC is estimated to contribute 54% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. In APAC, Japan, China, South Korea, and India are the key contributors to the revenues generated by players in the regional market. Furthermore, manufacturing-oriented policies by the Chinese and Indian governments also drive market growth in this region.
Moreover, some of the players in APAC that have benefitted are Mitsubishi Electric Corporation, Fuji Electric, Renesas Electronics Corporation, and TOSHIBA ELECTRONIC DEVICES AND STORAGE CORPORATION. An established group of distributors' networks is organized into associations such as the China Electronics Distributor Association (CEDA), the Electronic Industries Association of India (ELCINA), and the Distributors Association of Semiconductors and Components in Japan. Thus, owing to such factors the regional market is expected to grow during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
ABB Ltd., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Grayson Automotive Services Ltd., Infineon Technologies AG, Magna Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Schneider Electric SE, Siemens AG, STMicroelectronics International N.V., Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Based on their quantitative data analysis, companies are specially categorized into dominant, leading, strong, tentative, and weak.
The power electronics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Power Electronics Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.92% |
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Market Growth 2024-2028 |
USD 10.67 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.28 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 54% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Grayson Automotive Services Ltd., Infineon Technologies AG, Magna Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Schneider Electric SE, Siemens AG, STMicroelectronics International N.V., Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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