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(IT-NEWSWIRE.COM, October 06, 2017 ) The market is expected to be valued at USD 41.73 Billion by 2022, at a CAGR of 2.4% between 2016 and 2022. The major factors driving the growth of the power electronics market include the increasing demand for energy-efficient battery-powered portable devices, rising trend of energy harvesting technologies, enhancement of power infrastructure, and the growing focus toward using renewable power sources.
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This report segments the market on the basis of material, device type, vertical, and geography. The market for silicon accounted for the largest share of the power electronics market based on material in 2015. This growth could be attributed to the applicability of silicon in various power electronics devices and products.
The power integrated circuits (IC) is expected to witness a significant growth during the forecast period. Power ICs are widely used for high-frequency range, high power amplification, and microwave radiation applications. Growth of the power ICs market in the industrial, ICT, aerospace and defense verticals is driven by various high-power and high-frequency applications such as radio frequency (RF), high-frequency wireless communication, radio detection and ranging (RADAR), satellite communication, and electronic warfare among others.
The power vertical accounted for the largest share of the power electronics market in 2015. Power electronics-based solutions are replacing the traditional electricity generation, transmission, and distribution systems at an increasing rate, which in turn is acting as a driving factor for the growth of this vertical.
Asia-Pacific (APAC) is expected to grow at the highest rate during the forecast period in the power electronics market. This growth can be attributed to the increasing demand for consumer goods and energy requirements in emerging economies such as China and India. The APAC region has emerged as a strong manufacturing hub with leading manufacturers of consumer goods increasing their manufacturing activities in this region.
Complex design and integration process for advanced technology devices and slow adoption of new technologies by system integrators are the key restraining factor for the growth of the power electronics market.
The key players in the power electronics market include Infineon Technologies AG (Germany), Texas Instruments, Inc. (U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V. (Switzerland), Maxim Integrated Products, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Qualcomm, Inc. (U.S), Vishay Intertechnology, Inc. (U.S.), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan).
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These players adopted various strategies such as new product launches, mergers, acquisitions, and collaborations to grow in the power electronics market.
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