The Global Market for Power Electronics is Anticipated to Grow at a CAGR of 5% from 2022 to 2032
The global market for power electronics is anticipated to reach a value of US$ 28 billion by 2022, growing at a CAGR of 5% from 2022 to 2032. By the end of 2032, it is anticipated that sales of power electronics will generate an opportunity worth an absolute 44 billion dollars. The demand for power electronics in the market is expected to increase due to increasing use across consumer electronics and power-generating industries.
To control the flow of energy, switching electronic circuits are used. These switching electronic circuits are called power electronics. Power electronics are also considered for the conversion of electric power. Semiconductor devices like diodes, transistors, thyristors etc perform such conversions. Power electronics devices have several advantages including optimum forward and reverse backing capabilities, simplified circuits, compact designs, etc. Moreover, power electronics find their applications in the connection of renewable energy resources to power grids, transportation in electric trains, motor drives, and lighting. The major use of power electronic devices is heat sinking as well as soft starting of equipment deploying power electronic devices.
Global Power Electronics Market: Segmentation
The global power electronics market can be segmented into geography, types, and applications. Based on geography, the global power electronics market can be segmented into America, Europe, Asia Pacific, and Middle East & Others. Considering types, the global power electronics market can be segmented into diode rectifiers, ac-dc converters, ac-ac converters, dc-dc converters, dc-ac converters, and static switches. Because of applications, the global power electronics market can be segmented into industrial activities, solar power, wind power, electric cars, aerospace, and consumer electronics.
Global Power Electronics Market: Region-Wise Outlook
In terms of power electronics market value, Asia Pacific is the largest geography. America is the fastest growing region; Europe is considered a very promising market comprising Germany and the UK while the Middle East also grants an impetus to the growth of the global power electronics market.
Global Power Electronics Market: Drivers
Various factors are fueling the growth of the global power electronics market including the rapid use of renewable sources of energy followed by the increase in the adoption of electric cars and defense. ICT, telecommunications, self-monitoring and diagnostics systems, hospitals, and healthcare are the major fields driving the global power electronics market to grow apparently.
Global Power Electronics Market: Restraints
There are various challenges faced by the global power electronics market like high initial costs, and deposition of GaN on silica materials that are in turn very difficult to reach in high voltage ranges. Moreover, manufacturing power electronics is excessively expensive and time-consuming thus posing a restraint to the global power electronics market.
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