Power Electronics Market is projected to reach a revenue of over USD 45 billion over the forecast timespan. The shift towards the adoption of smart grids and the improvements in energy infrastructure is anticipated to drive the consumption in the industry. Governments of countries such as India and the U.S. are funding the construction and enhancement of power infrastructure with the delivery of low-cost power to rural and underserved locations. In remote areas that are separated by a wide area from the main power generation plant, the loss of energy with transmission over a large distance is a major issue. An efficient and reliable method for combating this issue is high-voltage, direct current transmission, aiding the growth of the power electronics market.
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.
Smart grids usage impacts the growth of the power electronics market. These systems have high penetration owing to their ability to utilize control systems and digital communications to monitor and control power flows to make the power grid efficient and cost-effective. The applications of power electronics market in smart grids are in the form of thyristors, AC/DC and DC/DC converters, and LED systems.
Segmentation of the power electronics market by module products is anticipated to experience substantial growth. As the demand for smartphone and handheld, battery devices is anticipated to increase, the demand for these systems is projected to be propelled as a consequence. The demand for the discrete products segment is projected to experience high growth during the forecast timeframe. An increasing number of appliances use auto jumper cables, in which this component is a pre-requisite for the prevention of sparks and electric shocks for destroying the device or causing injury to human life.
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The rising demand for data centers and wireless technologies is fueling the growth of the ICT segment of the power electronics market. For instance, in data centers, cooling of the system consumes approximately 40% of the total electricity. By applying variable speed drives to pumps and air conditioning units, the speed of the systems can be adjusted to match the amount of cooling that is required providing massive energy and cost savings.
The economic boom in the Asia Pacific countries is contributing to the high growth of the power electronics market. The middle-class population is now able to purchase a larger amount of luxury goods and household systems. Furthermore, in industrial and manufacturing settings, these systems are essential components to combat issues pertaining to power losses and current fluctuations through the usage of power regulators, UPS, and inverters.
Power electronics market players include ENERCON, NXP Semiconductor N.V., Mitsubishi Electric, Infineon Technologies, Microsemi Corporation, Texas Instruments Incorporated, Renesas Electronics Corporation, ON Semiconductor, and Semikron Electronics GmbH & Co., Inc. The power electronics market comprises of a large number of players owing to which companies are required to undertake business strategies such as mergers and acquisitions and product launches to sustain growth. For instance, in July 2016, STMicrolectronics announced the acquisition of AMS’ assets for the expansion of their NFC and RFID reader offerings to their customers.