Power Electronics Market to Grow by USD 9.44 billion from 2022 to 2027, APAC to account for 54% of the market growth

NEW YORK, June 19, 2023 /PRNewswire/ — The power electronics market size is expected to grow by USD 9.44 billion from 2022 to 2027, progressing at a CAGR of 5.55% as per the latest Technavio market research report. APAC is estimated to account for 54% of the market’s overall growth. The market growth in the region can be attributed to the increase in demand for power in the developing nations in this region. By 2026, the demand for energy is expected to grow up to 1.5 times the demand in 2021, which will be met partially from renewable sources for which every country has set targets. Mitsubishi Electric Corporation, Fuji Electric, Renesas Electronics Corporation, and TOSHIBA ELECTRONIC DEVICES AND STORAGE CORPORATION are some of the players in APAC that have benefitted. Furthermore, Taiwan-based WPG Holdings, WT Microelectronics, and Japan-based Toyota Tsusho Corporation are some of the key distributors in this region. Hence, such factors contribute to the growth of the regional market in APAC during the forecast period. For more insights on the market share of various regions – Download a sample report in MINUTES

Power Electronics Market: Significant Drivers

• One of the major factors driving the growth of the power electronics market is the innovations to reduce the design time of power electronic systems.

• The determination of the performance, efficiency, cost, and weight of the systems are involved in the design phase of the power electronic components production cycle.

• Furthermore, virtual prototyping helps improve the reliability of the system and expedite the design process, thereby reducing the TTM for the products.

• The design process requires software to simulate the thermal and electromagnetic conditions in the circuit, which reduces the need for physical prototypes.

• Hence, such factors drive the market growth during the forecast period.

Power Electronics Market: Major Trends

• The increased use of artificial intelligence and machine learning is an emerging trend influencing the power electronics market.

• As a result of the smart grid industry’s use of cutting-edge technologies like AI and machine learning (ML), the global market expands.

• Furthermore, utilizing such technologies improves asset management, decreases downtime, and optimizes grid operations.

• To enable predictive maintenance and provide real-time data on grid performance, advanced sensors, and monitoring systems are also being deployed.

• Hence, such trends boost the market growth during the forecast period.

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• Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

• Global competitiveness and key competitor positions

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Some of the key Power Electronics Market Players:

The power electronics market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna-Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG.

Power Electronics Market: Segmentation Analysis

This power electronics market report extensively covers market segmentation by product (discretes and modules), material (silicon, silicon carbide, and gallium nitride), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The power electronic market share growth by the discretes segment will be significant for overall market growth during the forecast period. The products in this segment are majorly used in consumer electronic goods and are primarily silicon-based. Moreover, the majority of the demand is for applications like consumer electronics and light-emitting diode (LED) lighting systems. Furthermore, discretes require being optimized for power density while being placed in a module. Also, the effort for searching and procuring discrete components is high and can be saved when modules are procured directly. Hence, such factors drive segment growth during the forecast period.

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Table of Contents

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

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