Global power electronics market is anticipated to raise a positive revenue in the upcoming years. Preference and demand of renewable energy sources are the major factors behind the growth. Power module segment will become the most profitable. Silicon carbide segment will be the most lucrative. Automotive sector to be the most beneficial. Renewable power segment will hold the highest market growth. Asia-Pacific region to dominate the global market in the forecast period. Leading players of the market are focusing on developing new strategies such as merger and acquisition, partnership, collaborations, and product launches to sustain the market growth during the forecast period.
according to a recent report published by research dive, the global power electronics market is expected to garner revenue of $51,858.4million at a cagr of 5.0% during the forecast period.
This is a comprehensive report that delivers brief overview of the current scenario of the market. The report includes significant aspects of the market from growth factors, challenges, other market dynamics, and restraints to various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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A major surge has been observed in the installation of technology and infrastructural development to harvest renewable sources of energy in recent years. These infrastructural facilities include solar energy sources, wind energy sources, hydro energy sources, and gas energy sources. Preference of renewable sources has increased because of the rising cost of non-renewable sources, increasing prices, and growing environmental concerns. These are the major attributors behind the growth of the market.
Power electronics require complex integration processes which usually comprise of advanced electronic devices. The process of designing such a complex device requires strong skillsets, tools for integration, and methodology. This factor will hamper the growth of the market.
The automotive manufacturers are working on the production of electric vehicles in order to reduce carbon emissions generated from automobiles. The growing usage of Sic and GaN products for multiple applications with increasing industrialization are also expected to create lucrative market opportunities.
The report divided the market based on type, material, application, end-user, and regional analysis.
• Power module segment to be the most lucrative
The power module segment will have a dominating share in the global market during the forecasted timeframe. Increased adoption of HEV/EV, growing awareness about renewable energy sources, rising number of charging stations, increasing electrification in the automotive sector, and rising usage in intelligent modules in consumer electronics are the main factors behind the growth of this segment.
• Silicon Carbide (SiC) segment to register the highest growth
The growing utilization of silicon carbide devices by OEMs for the manufacturing of hybrid vehicles is driving the growth of this segment. The application of silicon carbide in EV inverters for increased efficiency and reduced carbon footprint is also another driving factor enhancing the segment growth.
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• Renewable segment to become the most beneficial
The renewable segment is expected to grow exponentially in the power electronics market during the forecast period. Initiatives are taken by the governments to reduce carbon footprint and reliability on non-renewable sources of energy is the factor behind the growth of the segment.
• Automotive sector to be the most profitable
Growing use of power electronics in hybrid electronic vehicles (HEV) and electronic vehicles (EV) for increased efficiency and reliability is propelling the growth of the automotive sector. This segment is expected to generate a positive revenue in the forecast period.
• Asia-Pacific to dominate the market
The Asia-Pacific region is expected to grow significantly and hold the largest market share in the power electronics market during the forecast period. There is a massive rise in the purchasing of consumer electronics, which is driving the market growth in this region. Rising industrialization, major presence of automotive manufacturers, and growing investments in the power sector are the other factors enhancing the market growth.
• Leading players of the market
The report also enlists the leading players of the global power electronics market which include Texas Instruments Incorporated., Microsemi Technology Inc., ABB, Infineon Technologies AG, Rockwell Automation, Inc., Mitsubishi Electric Corporation, Fuji Electric Co., Ltd., Renesas Electronics Corporation., STMicroelectronics, and TOSHIBA CORPORATION.
The report also summarizes many important aspects including latest strategic developments, partnerships, mergers and acquisitions, financial performance of the key players, SWOT analysis, and product portfolio.
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