Power Electronics Overview
With a predicted CAGR of 4.4% from 2023 to 2026, the Power Electronics Market is anticipated to grow significantly over this time. By 2026, the market, which was valued at USD 41.2 billion in 2023, is expected to have grown to USD 46.3 billion. Due to the rising popularity of electric and hybrid vehicles, which primarily rely on power electronics components, the automotive and transportation sector is predicted to experience the greatest CAGR of 7.0%. Overall, technological improvements, rising demand for energy-efficient products, and increased use of renewable energy sources are what are fueling this market expansion.
With the expanding demand for cutting-edge consumer electronics, power electronics modules are becoming more and more incorporated into smart home products. To increase power efficiency and enable better power management, these modules are widely utilised in appliances including air conditioners, smart TVs, HVAC control systems, robotic vacuums, smart energy metres, and other smart appliances. Power electronics modules are now a crucial part of contemporary smart home appliances because to the increased focus on energy conservation, which allows for improved control and management of power usage. As a result, it is anticipated that the market for power electronics modules will keep growing as smart homes gain popularity and people seek more sophisticated and energy-efficient goods for their homes.
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High adoption of renewable power sources
Worldwide, governments are adopting renewable energy sources at an increasing rate, which has led to a steady increase in the number of new renewable energy installations and a concurrent drop in the use of non-renewable energy sources. Power electronics are essential for changing electrical energy patterns to more energy-efficient renewable energy sources. Power electronics are utilised in renewable energy systems, especially in wind and solar energy systems, to convert and control AC and DC electrical power. These renewable energy systems use solar cells, wind turbines, fuel cells, batteries, capacitors, and other power components that can be integrated with various power electronics to manage different power demands. The demand for more dependable and efficient energy conversion and management systems will drive future market growth for power electronics in renewable energy systems as the use of renewable energy sources increases.
Power Electronics Applications in electric power systems
Many different kinds of electric power systems depend heavily on power electronics. They are employed in both conventional grid-connected systems and distributed renewable generation energy storage systems (DERESS), which include fossil-fueled facilities. Power electronics are used to manage and control the flow of electrical power across the transmission and distribution networks in conventional grid-connected systems. To control power quality and stability and to aid in the grid integration of renewable energy sources, power electronics-based controllers and inverters are utilised. Power electronics are essential to the effective and dependable administration of distributed renewable energy systems in DERESS. In order to control energy flow, voltage regulation, and power quality, these systems often include solar panels, wind turbines, batteries, and other energy storage devices. Power electronics will continue to play an increasingly significant role in satisfying the demand for more reliable and efficient electric power systems.
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Market Trends
The global market for power electronics is anticipated to increase by USD 46.3 billion by 2026, from USD 37.4 billion in 2021, at a compound annual growth rate (CAGR) of 4.4%. The demand for efficient and dependable power transmission systems in a variety of industries, including the automotive, aerospace, healthcare, and consumer electronics, is largely responsible for the growth of the power electronics industry. Power diodes, thyristors, MOSFETs, IGBTs, and other components are available on the market for power electronics. These parts are frequently utilised in numerous applications, including power supply, inverters, rectifiers, and motor drives. The market's expansion is also fueled by the rising use of electric vehicles, renewable energy sources, and the demand for power-efficient solutions.
Due to a number of causes, including rising investments in renewable energy sources, rising demand for electronics goods and services, and the emergence of new technologies like mobile computing and the Internet of Things, the power electronics industry is expanding significantly. The requirement for effective power conversion and management systems across a number of industries, including automotive, consumer electronics, aerospace, and healthcare, is what drives the demand for power electronics. The market for power electronics is expanding as a result of the switch to renewable energy sources because power electronics are crucial parts of solar and wind energy systems. The demand for power-efficient solutions is also increasing as a result of new technologies like mobile computing and the Internet of Things, which is further boosting the power electronics market's expansion.
The European Market
With more than 100 businesses based in Europe, the continent is a major player in the power electronics sector. Three main companies—ABB Group, Emerson Electric, and Siemens—control the majority of the European power electronics market because they are able to offer their clients a wide range of power electronics goods and services. This makes it possible for customers to choose the best equipment for their unique requirements, increasing demand in the area. Power electronics has a long history of development and invention in the European market, and European businesses have been at the forefront of new technologies and uses for power electronics goods. The need for power electronics components in this industry is also being driven by Europe's significant emphasis on renewable energy.
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The Chinese Market
In China, the market for power electronics is expanding significantly as a result of rising demand for renewable energy sources and industrial automation. Increased sales of electric vehicles, the growth of the infrastructure industry, and rising investment in smart cities are all contributing factors to the market. Advanced power electronics systems with attributes like EMI suppression, proactive safety, efficiency, and dynamic thinking capabilities are also in demand from Chinese industrial players. However, these expectations for cutting-edge solutions are impeding the expansion of the miniaturisation segment. Power electronics products and services are in high demand on the Chinese market, and the nation is home to numerous significant firms in the sector.
The Japanese Market
Japan's power electronics market is expanding as a result of rising demand from sectors like renewable energy and electric vehicles. However, the emergence of new technologies like machine learning and artificial intelligence is upending the market and undermining power electronics companies' traditional revenue streams. Despite this disruption, the development of these cutting-edge technologies is also giving power electronics businesses access to new markets. Numerous significant firms in the power electronics sector are based in Japan, where they are creating cutting-edge solutions to stay competitive and satisfy shifting market expectations.
Major vendors in the power electronics market include Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).
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