Global Power Electronics Market Size worth $45bn by 2024
Published Date: November 7, 2017 Authors: Preeti Wadhwani, Shubhangi Yadav
Power Electronics Market size is set to reach USD 45 billion by 2024; according to a new research report by Global Market Insights, Inc.
The high demand for alternative energy systems such as solar, wind, and geothermal over conventional power sources will drive the power electronics market. This is largely due to the increase in pollution rates that is resulting in reduced life expectancies and physical ailments among the general population. The high growth of industrialization in the Asia Pacific is causing cities such as Rawalpindi, Kolkata, Delhi, and Beijing to experience an increase in air pollution rates. To combat this situation, governments across the world are initiating stringent regulations restricting the emission of particulate matter above a certain specified range, aiding the market growth.
The increase in terrorist attacks and criminal activities across the world is leading to an increase focus on the development of new and advanced defense technologies. The development of defense systems such as missiles, high altitude platforms, satellites, communication technologies, and combat land and air vehicles are driving the growth of the market. UAVs, for instance, are required to stay operational for prolonged periods of time without the provision of constant fueling and charging stations. To tackle this issue, these systems are either equipped with battery, powered storage units or solar panels, both of which requires DC-DC convertors and powertrains to function.
Browse key industry insights spread across 230 pages with 113 market data tables & 63 figures & charts from the report, “Power Electronics Market Size By Product (Discrete, Module, IC), By Application (Automotive, Consumer Electronics, ICT, Industrial, Aerospace & Defense), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
The discrete power electronics market is anticipated to exhibit substantial growth during the forecast timespan as components such as transistors, diodes, and thyristors find increasing applications in every day electronics and consumer systems. Diodes, for instance, have varied use cases as blocking devices in solar charging systems for the prevention of a storage unit such as the battery from discharging through the solar panel.
The economic boom in the Asia Pacific countries is contributing to the high growth of the industry. The middle-class population is now able to purchase a larger amount of luxury goods and household systems. Furthermore, in industrial and manufacturing settings, these systems are essential components to combat issues pertaining to power losses and current fluctuations through the usage of power regulators, UPS, and inverters.
Players operating in the global power electronics market include Semikron Electronics GmbH & Co., Inc., Renesas Electronics Corporation, Texas Instruments Incorporated, ON Semiconductor, NXP Semiconductor N.V., Methode Electronics, Inc., Microsemi Corporation, and Maxim Integrated Products, Inc. Product innovations are commonplace among industry participants.
The power electronics research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
- Consumer electronics
- Aerospace & defense
The above information has been provided on a regional basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia