Power Electronics Market Valued at USD 42.08 billion at a CAGR of 4.90% by 2030- Report by Market Research Future (MRFR)
Market Research Future
Updated 6 min read
Market Research Future
Power Electronics Market Research Report Information By Type (Gallium, Nitride, Sic, Silicon, And Others), By Component (Thyristor, Gate Turn-Off Transistor, MCT,Silicon Controlled Rectifier, AC/AD Converter, Static Switches, MOSFET And Others), By Size (450mm, 200mm, 300mm, 150mm, more than that), By Application (Defense and Aerospace, Telecommunication and IT, Utilities and Energy And Others), And By Region
New York, USA, May 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Power Electronics Market Information by Type, Components, Size, Applications, and Region- Forecast till 2030”, Power Electronics Market could thrive at a rate of 4.90% between 2022 and 2030. The market size will be reaching around USD 42.08 Billion by the end of the year 2030.
Power Electronics Market Synopsis:
Power electronics is a field of engineering and technology that deals with the design and application of electronic devices that can efficiently convert and control electrical power. Power electronics devices are widely used in various applications such as consumer electronics, electric vehicles, renewable energy systems, industrial equipment, and aerospace, among others. Some of the commonly used power electronics devices include power diodes, power transistors, thyristors, power integrated circuits, and gate drivers.
The power electronics market has been experiencing significant growth due to the increasing demand for energy-efficient devices and the growing use of renewable energy sources. The market is also being driven by the need to reduce carbon emissions and the increasing adoption of electric vehicles. The power electronics industry is constantly evolving, with new technologies and applications being developed and implemented. The market is expected to continue growing as more industries recognize the importance of power electronics in improving energy efficiency and reducing carbon emissions.
The National Renewable Energy Laboratory (NREL) announced that its researchers are working on advanced power electronics technologies to revolutionize clean energy mobility beyond just light-duty electric vehicles (EVs). This research has the potential to accelerate the adoption of clean energy solutions in other transportation sectors such as heavy-duty trucks, buses, and aircraft.
Market Drivers:
One driver for the power electronics market is the increasing demand for power-saving electronics devices in various industries such as automotive, consumer electronics, and aerospace. Power electronics devices are used to convert and regulate electrical power efficiently, reducing energy consumption and increasing energy efficiency. As demand for eco-friendly devices and energy conservation grows, the adoption of power electronics devices is expected to rise.
Market Restraints:
One restraint for the power electronics market is the high cost of development and manufacturing. The research and development of power electronics devices require significant investments in technology and human resources, which can be a challenge for small and medium-sized enterprises. Additionally, the manufacturing process of power electronics devices involves complex production techniques and the use of high-end materials, which increases the overall production cost. This high cost of development and production may result in a higher final product price, which could reduce market demand, particularly in cost-sensitive markets.
The COVID-19 pandemic has impacted the Power Electronics market in several ways. On the one hand, it has led to a decline in demand for some applications due to the reduction in economic activity, such as automotive and consumer electronics. On the other hand, the demand for power electronics for healthcare, data centers, and telecommunications has increased due to the surge in remote work and online services.
In addition, supply chains have been disrupted due to factory closures and transportation restrictions, leading to delays in delivery and increased costs. The pandemic has also resulted in changes in consumer behavior, such as increased demand for home appliances and electronics due to the shift towards remote work and entertainment.
Market Segmentation:
• By Type - The types in the market include Gallium, Nitride, Sic, Silicon, And Others.
• By Component - The segment includes Thyristor, Gate Turn-Off Transistor, MCT, Silicon Controlled Rectifier, AC/AD Converter, Static Switches, MOSFET, And Others
• By Size - The segment includes 450mm, 200mm, 300mm, 150mm, more than that
• By Application - The segment includes Defense and Aerospace, Telecommunication and IT, Utilities and Energy, And Others.
The power electronics market in North America is driven by factors such as increasing demand for consumer electronics and the growing trend of renewable energy. The United States is the major market in this region, and it is expected to grow significantly in the coming years due to the government's focus on promoting renewable energy and reducing carbon emissions. Additionally, the increasing adoption of electric vehicles in this region is expected to create new opportunities for the power electronics market. Additionally, the power electronics market in Europe is driven by factors such as the increasing demand for electric vehicles, the growing use of renewable energy sources, and the increasing adoption of smart grids. The market is also driven by government initiatives to reduce carbon emissions and promote sustainable energy. Germany is the major market in this region, and it is expected to witness significant growth in the coming years due to the country's focus on promoting the use of renewable energy sources.
Further, the power electronics market in the Asia Pacific is driven by factors such as the growing demand for consumer electronics, the increasing adoption of electric vehicles, and the growing trend of renewable energy. China is the major market in this region, and it is expected to grow significantly in the coming years due to the country's focus on reducing carbon emissions and promoting the use of electric vehicles. Other countries such as Japan, India, and South Korea are also expected to witness significant growth in the power electronics market in the coming years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
