The power electronics market size is set to cross $19.9 billion by 2022, growing at a CAGR of 6.2% between 2017-2022. The technological advancements, increasing number of applications for power electronics and growth in adoption in renewable energy segment are the factors driving the growth of the global market.
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In terms of device, the power electronics market is segmented into power discrete, power modules and power IC. The power discrete is the major contributor to the global market. In 2015, the power discrete segment accounted for 45.0% of the revenue generated in the market for power electronics. The power discrete segment is expected to dominate the market due to increasing requirement for renewable energy worldwide, during the forecast period.
Among the various end-users, consumer electronics was the primary contributor to the global power electronics market in 2015. Consumer electronics segment accounted for 41.6% of the global power electronics industry revenue in 2015. Power electronic devices in consumer electronics provide a stable power supply and reduce energy consumption, as they are the largest sources of energy consumption. This is the major reason for the consumer electronics sector to adopt power electronic devices.
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Geographically, Asia-Pacific has been the largest revenue contributor to the global power electronics market. China has been the largest market in Asia-Pacific, while the U.S. led the North American market. Germany has been the major European market, whereas U.A.E. stood as the largest market in Rest of the World.
Power density is a prime factor in the PE industry, particularly in high-power applications. For instance, PE devices in electric rail traction drives, wind power generators, inverter systems, and solar power generators use PE devices to increase their operational efficiency. Vendors in the market are investing in R&D to develop devices that work at higher power density levels. PE devices have several advantages, such as less driving power, simplified circuits, and optimum forward and reverse blocking capabilities, which can enable them to work in higher power densities. Furthermore, compact PE device designs are the ideal choices for usage in high power densities. Thus, the escalation in demand for higher power density in numerous high-power applications is one of the drivers for the growth of the global market.
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Some of the key players in the global market include NXP Semiconductors N.V., Infineon Technologies AG, STMicroelectronics N.V., ON Semiconductor, Vishay Intertechnology Inc., Microsemi Corporation, Toshiba Corporation, Texas Instrumentation Inc., and ABB Ltd.