Power Electronics Market To Reach USD 60.1 Billion By 2032 Report By DataHorizzon Research
The growing demand for power electronics is booming the power electronic market.
Fort Collins, Colorado, Nov. 03, 2023 (GLOBE NEWSWIRE) — According to DataHorizzon Research, the Power Electronics Market size was valued at USD 37.9 Billion in 2022 and is projected to reach USD 60.1 Billion by 2032 at a CAGR of 4.8%.
Power electronics play a vital role in converting DC to AC power. They are used across various industries, including renewable energy resources, electronic vehicles, consumer electronics, and power distribution. The market for power electronics is growing due to an increasing demand for energy-efficient battery-powered portable devices, ASICs, and PMICs for reducing power consumption, along with an increased demand for power infrastructure.
Power electronics-based converters are extensively used in renewable energy systems such as wind and solar energy. With the rise in energy-efficient and battery-powered portable devices, the overall market demand for consumer electronics and wireless communications has significantly increased. The aerospace and defense industries are constantly updated with new technologies, and the military spending from developing economies has significantly risen. Additionally, the overall market for power electronics has been pushed up due to the increased usage of devices in the manufacturing of airplane motors and engines in developing nations.
The surging demand for electricity and efficient devices in various industries, such as cement mills, compressor pumps, fans, elevators, textile mills, and blowers, is also driving the growth of the power electronics market. Governments worldwide are promoting automation to boost production and save time, leading to a rise in the power electronics market. The demand for renewable energy is also increasing, with numerous clean energy projects underway.
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The global power electronics market has been segmented into materials, devices, applications, and region. Silicon is the dominant material used in various industries like semiconductors, chip making, cylinder heads, dynamos, engine heads, etc. The discrete segment, which includes diodes, thermistors, and transistors, leads the market owing to its low noise production and power consumption.
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Power Electronics Market Report Highlights:
- The global power electronics market growth is anticipated at a CAGR of 4.8% by 2032.
- The power electronics market is growing due to the rising industrialization in developing economies, increased usage of silicon carbide and gallium nitride, and the adoption of EVs for power generation from renewable energy.
- The Asia Pacific region is the largest manufacturing hub for power electronics, with major industries and lucrative opportunities. The government’s initiatives and favorable trade policies make Asia Pacific the fastest-growing region for electronics manufacturing and exports.
- Some prominent players in the power electronics market report include ABB Ltd, Fuji Electric Co., Ltd., Infineon Technologies ag, Microsemi Corporation, Mitsubishi Electric Corporation, Renesas Electronics Corporation, Rockwell Automation, Inc., STMicroelectronics n.v., Texas Instruments Incorporated, and Toshiba Corporation.
Industry Trends and Insights:
- Fuji Electric Co., Ltd. has launched the FR3® Fluid-applied transformer that uses natural ester oil as electrical insulating oil to reduce environmental impact.
- LTIMindtree has been chosen as a strategic partner for SAP services by Infineon Technologies AG to support their SAP transformation endeavors and enable operational and process efficiencies.
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Power Electronics Market Segmentation:
- By Material: Silicon, Sapphire, Silicon Carbide, Gallium Nitride, others
- By Device: Discrete, Moderate, IC
- By Application: ICT, Consumer Electronics, Power, Aerospace, Defense
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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