Asia-Pacific is expected to dominate the market on account of the expanding economies such as China, India etc. and their commitments to reduced carbon emissions
The Global Power Electronics Market was valued at USD38.18 billion in 2020. A report by Research and Markets has forecast the market to grow at a CAGR of 5.6 per cent till 2026. This market is currently being fuelled by the growth of electric and hybrid vehicles.
“Additionally, the growing popularity of renewable sources of energy among developing and emerging economies is expected to increase the demand for power discrete and power modules. Furthermore, the emergence of smart grid that serves the purpose of efficient and reliable electricity supply, integration of more renewable energy into an existing network and supporting the development of electric vehicles at a scale is expected to further bolster the market growth over the next few years,” read the report.
Based on material, the Global Power Electronics Market is segmented into Silicon, Silicon Carbide, Gallium Nitride and Others. Silicon has the largest share due to its good semiconductor properties and early adaptivity. However, companies are continuously investing in research & development to find materials like SiC, GaN, etc. with better chemical properties.
In terms of voltage, the market is divided into Low Voltage, Medium Voltage & High Voltage. Medium voltage power electronic devices used in consumer electronics dominated the market till now, but the future is of the high voltage power electronic devices which find use in smart grids & renewable energy source supply.
Based on application, the market is segmented into ICT, Consumer Electronics, Industrial, Automotive, Aerospace & Defense and Others. The automotive sector led the power electronics market followed by the aerospace & defense and industrial sectors.
Asia-Pacific is expected to dominate the market on account of the expanding economies such as China, India etc. and their commitments to reduced carbon emissions setting up solar power plants and wind turbines. The governments are also encouraging the use of electric vehicles by introducing various incentives.
