Power Electronics Market size worth over $30bn by 2027

Power Electronics Market size is set to exceed USD 30 billion by 2027, according to a new research report by Global Market Insights, Inc.
 

The increasing adoption of solar power in the residential sector across the globe will accelerate the market potential for power electronics during the forecast timeline. The power modules help to convert the pulsating DC voltage that is supplied to the solar motors and inverters to manage power AC load in home appliances and lighting systems. Rising government initiatives to install solar energy and rooftop systems at residential areas will further create the opportunity for the market in the coming years.



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High complexity in manufacturing process with specific application requirement is one of the major factors hindering the market growth. For example, the deposition of gallium nitride on silicon material is difficult to achieve at high voltage range, increasing the complexity in power electronics manufacturing process. Also, the commercialization of gallium nitride power devices is hindered due to high cost involved in bulk GaN substrate.
 

The proliferation of intelligent power modules in the manufacturing sector will propel the power electronics market expansion

North America Power Electronics Market

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The module segment held 35% of the market share in 2020 and is projected to witness 7% growth rate till 2027. The market is driven with the increasing acceptance of intelligent power modules in the manufacturing sector such as industrial robots, rollers, conveyors, machineries, and motor drives. The intelligent power modules aid to deliver a compact feature and reduce power loss in industrial machinery. Adding to this, various industrial operations, such as induction heating, electroplating, among others, are further inclined toward the adoption of power modules to efficiently manage power consumption.
 

The increasing usage of robotics in the manufacturing sector to accelerate the production capability will boost the intelligent power modules demand in the power electronics market. Also, several government initiatives and funding activities to increase robot acceptance will add an opportunity to the industry growth. For example, in 2020, the South Korean government announced USD 126 million annual budget for robot adoption in manufacturing, logistics, and healthcare sectors. Moreover, to achieve high competitiveness in the industry, the companies are continuously innovating new products.
 

Browse key industry insights spread across 170 pages with 121 market data tables and 34 figures & charts from the report, “Power Electronics Market Size, By Product (Discrete {Thyristors, Rectifiers, Insulated-Gate Bipolar Transistor [IGBT], Bipolar Junction Transistor [BJT], Metal-Oxide-Semiconductor Field-Effect Transistor [MOSFET]}, Module), By Application (Automotive, Consumer Electronics, Information & Communication Technology (ICT), Industrial, Energy), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-electronics-market
 

Increasing deployment of power electronics in portable devices will fuel the market value

The consumer electronics application accounted for 15% of the power electronics market share in 2020 and will grow at a CAGR of 3% through 2027. The rising usage of battery-powered and handheld devices is spurring the market revenue. Consumer devices, such as laptops and smartphones, are integrating drive motors and AC/DC convertors, to enhance device efficiency and power consumption, adding an opportunity to the industry expansion.
 

The development of new electronic gadgets and wearable devices, such as smartwatches, earphones, among others, is further accelerating the acceptance of power electronics systems including diode, motor drives, switchers, etc. This is positively impacting the market leaders to develop new power devices to manage the access of current flow and prevent from damages.
 

The proliferation of electric vehicles in the U.S. will impel the market share

The North America power electronics market captured 13% of revenue share in 2020 and is estimated to attain a CAGR of 6% during 2021 to 2027 led by the rising adoption of electric vehicles among the regional population. The growth is further supported with the growing government and funding activities to adopt electric vehicles. For example, Colorado state in the U.S. has planned to offer a tax credit of USD 4,000 through 2021, for the purchase of light duty electric vehicles. This has positively influenced the regional automotive OEMs to accelerate the production capability of electric vehicles, adding an opportunity to the market.
 

Key players operating in the power electronics market include Fuji Electric Co. Ltd., Infineon Technologies, Maxim Integrated Products, Inc., Microsemi Corporation, and ON Semiconductor, among others. Companies offering power electronics are focusing on research & development initiatives and new product development to stay competitive in the industry.

 

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