Power Electronics Market driven by the high demand for alternative energy systems such as solar, wind, and geothermal over conventional power sources. This is largely due to the increase in pollution rates that is resulting in reduced life expectancies and physical ailments among the general population. The high growth of industrialization in the Asia Pacific is causing cities such as Rawalpindi, Kolkata, Delhi, and Beijing to experience an increase in air pollution rates. To combat this situation, governments across the world are initiating stringent regulations restricting the emission of particulate matter above a certain specified range, aiding power electronics market growth. For instance, the SO2 emissions impacting the cement industries range from 50mg/cubic Nm in Germany to 400mg/cubic Nm in Egypt.
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.
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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.
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
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.
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.