888-776-0942 from 8 AM - 10 PM ET
NEW YORK , March 17, 2023 /PRNewswire/ -- The power electronics market size is expected to grow by USD 9.44 billion from 2022 to 2027. The growth momentum of the market will accelerate at a CAGR of 5.55% during the forecast period, according to Technavio. The market is driven by innovations to reduce the design time of power electronic systems. The performance, efficiency, cost, and weight of the systems are determined during the design part of the manufacturing cycle of power electronic components. Different physical prototypes must be created for this stage using various electrical component combinations. The lengthy process of designing and evaluating physical prototypes will result in a high time-to-market (TTM) for various power electronic goods. Virtual prototyping can help improve the reliability of the system and expedite the design process, thereby reducing the TTM for the goods. This procedure eliminates the need for real prototypes by simulating the thermal and electromagnetic conditions in the circuit using the software. The industry's embrace of new virtual prototyping tools will spur the use of power electronic components. This will increase the demand for innovation, which in turn, will drive the growth of the market focus during the forecast period. For more insights on the historic data (2017 to 2021), and forecast market size (2023 to 2027) – Request a report sample
Power electronics market 2023-2027: Regional Analysis
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. The market growth in APAC can be attributed to the growing demand from the developing nations in this region for power. It is expected that by 2026 the energy demand will increase up to 1.5 times that of 2021. This demand will be met partially from renewable sources for which every country has set targets. The key contributors to the market in APAC are Japan , China , South Korea , and India . Furthermore, policies on manufacturing by the Chinese and Indian governments also drive market growth in this region.
Power electronics market 2023-2027: Segmentation
The market share growth by the discretes segment will be significant during the forecast period. These are silicon-based components that are primarily used in consumer electronic goods. Applications like consumer electronics and light-emitting diode (LED) lighting systems account for the majority of the demand. Discretes must be module-optimized for power efficiency before being installed. When modules are purchased directly, considerable time and effort can be spared from the hunt for and acquisition of discrete components. To shorten the design cycle and lower the TTM, engineers in various end-user industries integrate more modules than discrete ones in their electronic systems. The demand for discrete is also fueled by technological advancements used to create wide bandgap materials like silicon carbide (SiC) and GaN. Thus, owing to such factors the segment is expected to grow during the forecast period.
Power electronics market 2023-2027: Vendor analysis
ABB Ltd.- The company offers power electronics such as low-voltage AC drives.
Analog Devices Inc. - The company offers power electronics such as Analog Devices isoPower.
Fuji Electric Co. Ltd. - The company offers power electronics such as power MOSFETs.
Infineon Technologies AG - The company offers power electronics such as IGBT, smart power switches, and LED driver IC.
We provide a detailed analysis of around 15 vendors operating in the power electronics market, including ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna Power Electronics, Mitsubishi Electric Corp., NXP Semiconductors NV, OM Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., Vitesco Technologies Group AG, and Arete and Cocchi Technology.
Power electronics market 2023-2027: Scope
Our power electronics market report covers the following areas:
Learn more about the contribution of each segment of the market. Download a sample
Power electronics market 2023-2027: Key Highlights
Grow your profit margin with Technavio – Buy the report!
Gain instant access to 17,000+ market research reports. Technavio's SUBSCRIPTION platform
Accelerate at a CAGR of 5.55%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, South Korea, and Germany
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
ABB Ltd., Alcon Electronics Pvt. Ltd., Analog Devices Inc., Arete and Cocchi Technology, Danfoss AS, Fuji Electric Co. Ltd., General Electric Co., Infineon Technologies AG, Kerala State Electronics Development Corp. Ltd., Magna-Power Electronics Inc., Mitsubishi Electric Corp., NXP Semiconductors NV, ON Semiconductor Corp., Power Electronics, Renesas Electronics Corp., Siemens Energy AG, STMicroelectronics NV, Texas Instruments Inc., Toshiba Corp., and Vitesco Technologies Group AG
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET