NEW YORK, The “Power Electronics Market by Product (Discretes and Modules) and Geography (APAC, Europe, North America, South America, and Middle East and Africa) – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has been proudly partnering with more than 100 Fortune 500 companies for over 16 years.
The potential growth difference for the power electronics market between 2021 and 2026 is USD 12.38 bn. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics:
Market DriverMarket Challenges
The increased adoption of renewable energy is driving the power electronics market growth. For instance, the Renewable Energy Growth Program initiated by the US Department of Energy in 2015 received an extension till 2029. This program aims to produce 40 MW of combined renewable energy per year up to 2029, which includes solar, wind, hydropower, and anaerobic digestion projects. This program offers opportunities to various commercial, government, non-profit, and other institutions to participate and get incentivized for meeting power production targets based on their category. Thus, implementations of such programs will drive the market during the forecast period.
Technological limitations are challenging the power electronics market growth. For instance, Power MOSFETs are used for applications that use below 500 V, whereas IGBTs are used for applications exceeding 400 V. 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. Such factors can impact the market negatively.
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Market Segmentation
The power electronics market report is segmented by product discretes and modules. The discretes segment will have significant market share growth during the forecast period. Discretes are used in consumer electronic goods and are primarily silicon-based. Most of the demand is for applications such as consumer electronics and LED lighting systems.
By geography, the market has been segmented into APAC, Europe, North America, South America, and Middle East and Africa. APAC will be the leading region with 58% of the market’s growth during the forecast period. China, Japan, and South Korea are the key markets for power electronics in APAC.
View our sample report for additional insights into the contribution of all the segments and regional opportunities in the report.
Some Companies Mentioned
ABB Ltd.Alcon Electronics Pvt. Ltd.Analog Devices Inc.Danfoss ASFuji Electric Co. Ltd.General Electric Co.Infineon Technologies AGKerala State Electronics Development Corp. Ltd.Magna Power ElectronicsMitsubishi Electric Corp.NXP Semiconductors NVOM Semiconductor Corp.Power ElectronicsRenesas Electronics Corp.Siemens Energy AGSTMicroelectronics NVTexas Instruments Inc.Toshiba Corp.Vitesco Technologies Group AGArete and Cocchi TechnologyTo gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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