APAC is Dominating the Power Electronics Market

 The power electronics market was valued at $38,522 million in 2021, and it is set to reach $56,269 million by 2030, growing at a CAGR of 4.3% between 2021 and 2030, according to a research report by P&S Intelligence.

This can be credited to the increasing infrastructure development, snowballing expenditure by consumers, high research and development spending, increasing requirement for energy-efficient items in 5G devices, automobiles, and data centers, and other products needed for telecom infrastructure, growing electricity generation industry, and the increasing number of vendors.

Power Electronics Industry Demand Forecast to 2030

 Silicon category held the largest revenue share and is projected to grow at a significant rate in the years to come. This can be accounted to the high usage of these variants in several verticals, including ICT and electronics, the increasing need for them from India and China, and their better cost-efficiency.

 

The modules category is projected to grow at the fastest rate in the years to come. This can be credited to the extensive usage of these components in inverters, wind turbines, photovoltaic inverters, and micro-inverters, where such modules are vital components of power architecture. By this, the industry development is inclined by the snowballing requirement for renewable resources, which need converters to switch DC to AC and vice-versa.

 

The low-voltage category is projected to grow at the highest growth rate. This can be ascribed to these products’ wide deployment in consumer electronics and the enhancements in energy harvesting methods.

 

Furthermore, the extensive usage of power electronics in automobiles to deliver consistent output, control interfaces, and thermal control with the support of converters, is the major reason contributing to the growth of the industry.

 

APAC held the largest revenue share and is projected to continue its dominance in the years to come. This is because of the rapid industrialization, increasing population, growing trend of EVs and HEVs, improving consumer spending, the large consumer base for end products, availability of skilled and cheap labor, advanced technologies, and favorable government initiatives helping the renewable energy sector.

 

The budding trend of European and American companies shifting their production operations to China and India, will indeed contribute to the growth of the industry in the coming years. 

 

North America held a considerable revenue share in the power electronics market, owing to the surge in the pace of technological enhancement in the end-user industries, adoption of smartphones in large numbers, rise in internet usage, and increase in the sale of EVs, to reduce carbon emissions.

 

Therefore, the increasing infrastructure development, snowballing expenditure by consumers, high research and development spending, and rising requirement for energy-efficient items in 5G devices will drive the power electronics industry in the future. 

 

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Rising High Power Density Requirements to Drive the Growth of Power Electronics Market Globally

One of the key drivers of the power electronics market is the increasing demand for a higher power density. In the power electronics industry, power density is a major factor, especially in high-power applications. For instance, to increase the operational efficiency of wind power generators, electric rail traction drives, solar power generators, and inverter systems, power electronic devices are used.

These devices offer many advantages, such as simplified circuits, less driving power, and optimum forward and reverse blocking capabilities, which make them fit for higher-power-density operations.

Another factor driving the power electronics market is the growing preference for power electronic devices in utility applications. These devices effectively deliver power with high reliability, security, and flexibility to the power system.

Power electronic devices are of crucial importance in the conversion process of existing electrical grids to next-generation networks. Presently, about 30.0% of all power generation is done via power electronic devices, both at the point of generation and the point of electricity consumption, which is expected to rise to 80.0% by 2030.

The segments of the market are device, voltage, end user, and region. Based on device, the categories are power ICs, power discrete, and power modules. The market in the historical period was dominated by power discrete devices, which will continue to dominate it during the forecast period due to the growing requirement for renewable energy across the globe. But during the forecast period, the highest CAGR would be attained by power modules, as these make electronic devices efficient, which drives their demand.

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The region segment of the power electronics market is subdivided into North America, Asia-Pacific, Europe, and Rest of the World. In 2015, the highest revenue was generated by the Asian-Pacific region, where China led the market, whereas in the North American region, the U.S. was the largest revenue generator. In Europe, the market was led by Germany, while the U.A.E was the leader in the Rest of the World subdivision.

Thus, with the growth in demand for renewable energy, the application of power electronics would continue to expand.

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Rising High Power Density Requirements to Drive Power Electronics Market

The power electronics market is witnessing growth due to the rising requirement for higher power density and inclusion of power electronic devices in utility applications. It valued $12.9 billion in 2015 and it is projected to reach $20.0 billion by 2022, advancing at a CAGR of 6.2% during the forecast period (2016–2022).

The power electronics market is witnessing the trend of huge investments by market players in research and development (R&D) to stay ahead of their competitors. This is being done by companies to achieve innovations and come up with superior products and technologies to gain a competitive advantage over other players.

Power electronics are devices that convert electrical energy into different energy forms. They are mainly of three types — power discrete, power integrated circuits (IC), and power modules. R&D activities can provide better products in terms of efficiency, which is a key criterion for customers while deciding to procure a product or technology.

Another trend in the power electronics market is the rising applications of these devices across various sectors. The automobile sector is emerging as a major application area for power electronic devices. The demand for such devices in the automotive industry is witnessing a rise due to the evolution of hybrid electric vehicles and electric vehicles.

The inclusion of infotainment systems in automobiles is further adding to the demand for high-power-density power electronic devices. Industries such as defense, telecom, consumer electronics, and healthcare are other application areas of these devices.

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