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Power Electronics Market Size Industry Growth, Feasibility and Forecasts 2026

Market Research Future published a research report on “Power Electronics Market Size Share Research Report - Global Forecast to 2026” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2026

Overview

The global power electronics market is expected to reach USD 59.40 billion by 2026 at a CAGR of 6.64% during the forecast period. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. Power electronics include a solid-state circuit device that converts the current from the source to the load. The main purpose of the power electronics is to control the power fluctuation in components such as monitoring diodes and transistors. It also manages the power to enhance energy conservation in applications such as body electronics, chassis powertrain, infotainment telematics, and safety security systems. Power electronics control the flow of current in both unidirectional and bidirectional way.

Competitive Analysis

The key players of the global power electronics market are Alpha Omega Semiconductor (AOS) Europe, AMS AG, Analog Devices Inc, Dialog Semiconductor, Diodes Incorporated, Semiconductor Component Industries LLC, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., STMicroelectronics, Texas Instruments, Toshiba Electronic Devices Storage Corporation, Vishay Intertechnology Inc., and Allegro Semiconductors, among others.

In June 2020, Microchip Technology Inc. introduced a new series of 3 kW Transient Voltage Suppressor Diode Array, MDA3KP Transient Voltage Suppressor (TVS). This product line also provides military system circuit protection for ruggedized handheld radios, global positioning systems (GPS), and communication test equipment. 

In September 2019, Qualcomm Technologies Inc. partnered with Trimble Inc. for the development of high-accuracy positioning solutions for connected vehicles. The company plans to integrate Trimble’s RTX technology with select Qualcomm Snapdragon Automotive 4G and 5G platforms, which is expected to deliver highly accurate positioning for maintaining the lane position to enhance the advanced driver-assistance systems (ADAS).

In August 2019, Renesas Electronics released a fourth-generation lithium-ion (Li-ion) battery management IC- ISL78714. This IC offers accurate cell voltage and temperature monitoring, along with cell balancing and extensive system diagnostics to protect 14-cell Li-ion battery packs.

In January 2019, Maxim launched MAX20345, an ultra-low PMIC for wearable devices. It also improves the sensitivity of optical measurements for wearable fitness and health applications.

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Segmental Analysis

The global power electronics market has been segmented based on component, wafer type, wafer material, wafer size, application, and region.

Based on component, the global market has been segmented into diodes, thyristor, MOSFET, AC/DC converter, static switches, and others. The diodes segment accounted for the largest market share of 30.4% in 2019, with a market value of USD 11.7 billion; it is expected to register a CAGR of 7.3% during the forecast period. The thyristor segment was the second-largest market in 2019, valued at USD 9.7 billion; it is projected to exhibit a CAGR of 5.3%. However, the MOSFET segment is expected to register the highest CAGR of 8.0%. A diode or a power diode is used for rectifying voltage in converter circuits, voltage regulation circuits, fly-back/freewheeling diode, and reverse voltage protection. This diode has a much larger PN junction area as compared to the normal signal diode, and thus it is not suitable for high-frequency applications above 1MHz. This allows power diode to attain the high forward current capability of up to several hundred amps and reverse blocking voltage of up to several thousand volts. This diode is more complex to design and operate in low power devices and, therefore, are used as freewheeling diodes and snubber networks.

By wafer type, the market has been segmented into Silicon, GaN, SiC, and others. The silicon segment accounted for the largest market share of 37.5% in 2019, with a market value of USD 14.5 billion; it is expected to register a CAGR of 5.7% during the forecast period. The GaN segment was the second-largest market in 2019, valued at USD 11.5 billion; it is projected to exhibit a CAGR of 7.0%. However, the SiC segment is expected to register the highest CAGR of 7.9%. A silicon wafer comprises a thin slice of semiconductor material used in integrated circuits and the electronic industry. Integrated circuits are used in many various devices such as computers, smartphones, gaming devices, and military weapons. Such wafers are used for the fabrication of integrated circuits and wafer-based solar cells. Silicon wafer works as the substrate for microelectronic devices and undergoes many microfabrication processes.

Based on wafer material, the market has been bifurcated into N-type and P-type. The P-type segment accounted for the larger market share of 56.8% in 2019, with a market value of USD 21.9 billion; it is expected to register a CAGR of 6.0% during the forecast period. The N-type segment was valued at USD 16.6 billion; it is projected to register the higher CAGR of 7.5%. A P-type semiconductor is a type of material that has a shortage of electrons. Trivalent impurities such as boron, aluminum, or gallium are added to the semiconductor to impart the current-carrying ability. In this semiconductor material, the electrons move from one empty position to another due to the influence of a potential difference leading the flow of electric current in a single direction. The majority of carriers move from the higher potential to the lower potential in P-type semiconductors.

By wafer size, the market has been segmented into 150mm, 200mm, 300mm, and 450mm and above. The 300mm segment accounted for the largest market share of 40.6% in 2019, with a market value of USD 15.7 billion; it is expected to register a CAGR of 6.9% during the forecast period. The 150mm segment was the second-largest market in 2019, valued at USD 10.1 billion; it is projected to register the highest CAGR of 7.3%. 300mm wafers are largely used in semiconductor components such as commodity chips, including DRAMs, flash memory, and microprocessors owing to their high-volume. Recently, most of the image sensors, power management devices, and complex logic and micro component ICs with large die sizes have been produced on 300mm wafers. Chipmakers such as Samsung, Toshiba, and Micron, use 300mm wafers for most of their chip production.

Based on application, the global power electronics market has been segmented into consumer electronics, IT telecommunications, automotive, aerospace defense, industrial, energy utilities, transportation, and others. The consumer electronics segment accounted for the largest market share of 23.5% in 2019, with a market value of USD 9.0 billion; it is expected to register a CAGR of 6.4% during the forecast period. The automotive segment was the second-largest market in 2019, valued at USD 7.7 billion; it is projected to register the highest CAGR of 7.9%. Power electronic devices such as an AC/DC converter or rectifier is one of the most observed power electronic devices found in many consumer electronic devices, including computers, cell phones, mobile devices, light-emitting diode (LED) lights, TVs, cameras, gaming stations/consoles, and other home electronics. Increasing needs for power management in consumer devices to drive the growth of the global power electronics market.

The global power electronics market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East Africa, and Central South America. Asia-Pacific accounted for the largest market share of 38.0% in 2018, with a market value of USD 14.6 billion; the market is expected to register the highest CAGR of 7.8% during the forecast period. North America was the second-largest market in 2018, valued at USD 11.2 billion; the market is projected to exhibit a CAGR of 6.6%. Asia-Pacific dominates the power electronics market based on the region due to growing markets of consumer electronics and wearable products in China, India, Japan, South Korea, Singapore, Taiwan, and other countries in the region. Additionally, growing investments by key market players operating in this region significantly contribute towards the market growth.

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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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Shashie Pawar

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