The discrete power electronics market is anticipated to exhibit substantial growth during the forecast timespan as components such as transistors, diodes, and thyristors find increasing applications in every day electronics and consumer systems. Diodes, for instance, have varied use cases as blocking devices in solar charging systems for the prevention of a storage unit such as the battery from discharging through the solar panel.
The rising consumption of automobiles and consumer electronic devices such as smartphones, laptops, household electronics is anticipated to contribute to the high growth of the power electronics market. This equipment is a basic component in a majority of such devices as switchers, drive motors, among others. The application of these systems can also massively aid in boosting the efficiency of the equipment. For instance, in a washing machine, a variable-speed motor can provide a high-speed spin cycle that will extract the extra water.
Growth drivers of power electronics market: –
- Rising demand for renewable energy and improvements in power infrastructure in Asia Pacific, Europe and the U.S.
- Need for increasing energy efficiency in industrial applications in Eastern Europe and South-East Asia
- Growth of electric (EVs) and hybrid vehicles (HEVs) in North America and Asia Pacific
- Growing consumer electronics market in the Asia Pacific
- Deployment of smart grids in Europe
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The high focus on the adoption of EVs is contributing to the high growth of the power electronics market in this segment as they aid in combating issues related to the high particulate matter and greenhouse gases. To facilitate this demand various economies such as China are increasing their expenditure on the development of charging stations.
To raise the level of electro-mobility acceptance, the country has initiated the construction and operation of charging stations along their eight prime highways, for instance the connection route between Shanghai and Beijing, that encounter the highest amount of traffic. The country is anticipating that 10,000 charging stations with 120,000 charging points will be active by 2020 and has made an investment of USD 700 million to streamline this initiative providing a very high potential to the growth of the power electronics market.
The Asia Pacific region is anticipated to be one of the most lucrative territory for power electronics market, given the wide-ranging deployment of the products across a multitude of business verticals. The economic boom in the region has resulted in increased disposable income in the middle-class households which has enabled them to purchase a greater amount of luxury electronic goods and systems. To add to it, the power losses and consistent current fluctuations, especially in manufacturing and industrial sectors of the region, have necessitated the deployment of power electronics systems such as UPS, inverters, and power regulators.
Given the wide-ranging adoption of emerging power electronics technologies on the global scale, it would be prudent to note that these systems shall acquire a prominent role in the growth of diverse industries such as heavy machinery, alternative energy, construction, oil and mining, and household equipment. According to a research report compiled by Global Market Insights, Inc., worldwide power electronics market is slated to exceed USD 45 Billion by 2024.
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