The Global Power Electronics Market size is expected to reach $46. 81 billion by 2027, rising at a market growth of 4. 4% CAGR during the forecast period. Power electronics is one of the applications of solid-state electronics, in which electric power is transformed from one state to another, and regulated efficiently and effectively.
New York, Dec. 27, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Power Electronics Market By Application, By Device type, By Material, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06193317/?utm_source=GNW
It is utilized across a broad range of devices in the industrial, automotive & transportation, consumer electronics, renewable energy, and defense & aerospace sectors.
Several power electronics vendors have high inclination towards the renewable energy market. The energy-saving trend in industries such as energy storage & data center, and the growing commercialization of 5G technology would provide lucrative opportunities to the key market players, particularly in distribution centers and in communication applications.
In addition, some growth factors of the industry are the trend of electric and autonomous vehicles in the automotive industry and the growing production of electric vehicles. Also, silicon carbide devices are majorly used in the onboard battery chargers of electric taxis, buses, Lorries, and passenger cars.
Factors like the increasing construction of hyper-scale data centers and the rise in demand for data center power solutions in such facilities would spur the growth of the power electronics market over the forecast period. These power electronics devices provide more electrical stability, high performance, and maximum energy consumption.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted various sectors of the business domain. Various restrictions like social distancing, lockdown, travel ban across borders have severely disrupted the supply chain around the world. In addition, the lack of workforce and the temporary ban on the manufacturing units in the initial phase of the pandemic have negatively impacted the demand and supply of power electronics in the market.
Moreover, companies operating in this market are taking initiatives to cope up with the effects of the pandemic along with, preparing themselves for such future incidents. Many governments are helping manufacturers to resume their operations and expand production capabilities by relaxing stringent mandates and regulations, which would accelerate the demand and growth of the power electronics market during the forecast period.
Market Growth Factors
Swift production of the electric vehicles
An electric motor vehicle has a wide range of components, which use power electronics like windshield wiper control, ignition switch, interior lighting, adaptive front lighting, and electric power steering. The increase in the number of electric vehicles and plug-in hybrid electric vehicles would augment the demand for power electronics, thereby boosting the market growth. The growing awareness among the people regarding environmental impact and emissions regulations that are framed by the governments in developed nations, particularly across Europe, to minimize emissions from vehicles would boost the demand for electric vehicles.
Rising technological advancements in insulated-gate bipolar transistors (IGBT)