The escalating adoption of electric vehicles across various regions comprising the Asia Pacific and North America is poised to impel power electronics market expansion through the coming years.
Numerous power electronics devices comprise power switches, MOSFETs, power modules, PMICs, IGBTs, and others. These are heavily integrated into motor drives, automotive power train systems, as well as battery management units in electric vehicles and other applications.
Major participants in the power electronics market comprise Fuji Electric Co. Ltd., STMicroelectronics N.V., TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, Texas Instruments Incorporated, NXP Semiconductors, Infineon Technologies AG, and others.
These players are focusing on the adoption of collaborative strategies for increasing the penetration of various power electronics devices through the forecasted period. On this note, the power electronics market share is anticipated to exceed USD 30 billion by 2027, states the latest research by Global Market Insights, Inc.
Considering an instance of product launch, in December 2019, ON semiconductor unveiled first two devices from the company’s state-of-the-art VE-Trac power modules family. These two PIM (power integrated module) devices bring the best-in-class thermal and electrical performance, delivering automotive reliability and scalability to the rapidly expanding traction inverters market.
Citing another instance, Toshiba was in news in December 2020 for the roll-out of 1,200V silicon carbide (SiC) MOSFET, which has applications in DC-DC converters, AC-DC converters, and photovoltaic inverters. Furthermore, Infineon Technologies AG also unveiled its HybridPack series of power modules in May 2019, which has applications in the electric vehicles sector.
The Europe power electronics industry accounted for a valuation of over USD 4 billion in 2020 and is expected to exhibit a substantial CAGR of 4.5% through 2027. This growth is attributed to the escalating usage of EV charging stations in European countries comprising France, the UK, Germany, Spain, and Italy.
As per the Government of UK’s Department for Transport, January 2021 registered 20,775 public electric vehicle charging devices in the United Kingdom of which almost 3,880 were rapid charging devices. These rapid EV charging stations and battery-power establishments are some of the prominent power electronics applications in the region. The rising penetration of electric vehicles and EV charging stations in the United Kingdom is expected to drive power electronics industry outlook through 2027.
The industrial application segment captured more than 25 percent of the total industry value in 2020 and is estimated to depict a remarkable CAGR over the assessment span. This rise is due to the increasing adoption of automation and robotics across process and manufacturing industries. Industrial robots are combined with numerous parts such as robot arms, motor drives, controllers, as well as servo motors. According to the World Robotics report of 2019, around 422,271 robot units were installed at the global level with a 6 percent year-on-year growth as compared to 2018.
On the whole, the rising penetration of colocation and hyperscale data centers will spur power electronics market share through the projected span.
Company: Global Market Insights
