Powering the Future: Innovations in Power Electronics Market Driving Growth and Efficiency by 2030
The global Power Electronics Market covered major segments By Type (Power Discrete, Power Module, Power IC), By Material (Silicon, Silicon Carbide, Gallium Nitride, Sapphire, Others), By Voltage (Low Voltage (Below 1 Kv), Medium Voltage (1.1 Kv to 2.0 Kv), High Voltage (Above 2.0 Kv)), By End User (Commercial, Military) and Region.
Pune, India, April 25, 2023 (GLOBE NEWSWIRE) — The global power electronics market size is projected to gain impetus from the increasing demand for electric vehicles from the military and defense sectors. An upcoming report by Fortune Business Insights titled, “Power Electronics Market Size, Share & Industry Analysis, and Regional Forecast, 2023-2030,” will discuss the market and its prime growth trajectories in detail.
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The power electronics market refers to the industry that designs, manufactures, and sells electronic devices and systems that convert and control electrical power. Power electronics are used in a wide range of applications such as power supplies, motor drives, renewable energy systems, and electric vehicles.
The power electronics market has been growing rapidly in recent years due to the increasing demand for energy-efficient devices and the shift towards renewable energy sources.
List of Key Players Profiled in the Power Electronics Market Report:
- Microsemi Corporation (The U.S.)
- Infineon Technologies AG (Germany)
- Texas Instruments Inc (The U.S.)
- On Semiconductor Corporation (The U.S.)
- Collins Aerospace (The U.S.)
- TT Electronics Plc (The UK)
- Mitsubishi Electric Corporation (Japan)
- Analog Devices Inc (The U.S.)
- Qorvo Inc. (The U.S.)
Report Scope and Segmentation-
|Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
|Power Electronics Market Growth Drivers
|Growing demand for automated weapons from the military sector owing to rising conflicts
|Rising aerospace and defense industry development spending from developing economies
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Russia-Ukraine War Impact:
The Russia-Ukraine war has significantly impacted the aviation industry. Majority of helicopter manufacturers of both Russia and Ukraine source parts from suppliers in other countries. Textron Inc. announced that it closed its manufacturing facilities in Russia and will no longer do business within the country, which led to a loss of potential customers and revenue for the rotorcraft market in both countries.
Detailed Segmentation of Power Electronics Market:
Power Electronics Market to rising Remarkably Owing to Rising Popularity of Consumer Electronics Worldwide
The global market for power electronics is categorized into type, material, voltage, end-user, and regions. Based on type, the market is segmented into power IC, power module, and power discrete. In terms of material, the market is classified into sapphire, gallium nitride, silicon carbide, silicon, and others. With respect to voltage, the market is grouped into high voltage, medium voltage, and low voltage. The end-user segment is bifurcated into military and commercial.
Power Electronics Market to Gain Impetus from Increasing Expenditure on Aerospace and Defense Industry reports
What are the Objectives of the Report?
The report is based on an elaborate overview of the market and factors driving, restricting, challenging, and creating opportunities for the market. It also throws light on the key industry developments, current trends, and other interesting insights into the market. The report further lists the names of the major players and the strategies adopted by them to gain a significant position in the market competition. The report is available for sale on the company website.
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Drivers & Restraints
Growing Need to Use Renewable Energy Sources to Add Impetus
The increasing concern regarding environmental pollution and the rising inclination towards the use of renewable sources of energy stands as the key factor boosting the global power electronics market growth. In addition to this, the market is also driven by the increasing popularity of consumer electronics and the growing popularity of electric vehicles worldwide.
However, the high cost of advanced energy used for running power module integrated devices may cause hindrance to the growth of the market. Nevertheless, the increasing expenditure on the aerospace and defense industry by various nations and the increasing delivery of aircraft are expected to create lucrative growth opportunities for the market in the long run.
Growing Investment in R&D from India, Japan, and China will Bolster Growth
Geographically, the market is widespread into the regions of Europe, North America, Asia Pacific, Latin America, and the Middle East, and Africa. Among these, North America is holding the major power electronics market share on account of its high expenditure on space research and development activities, coupled with the advancement of military technologies, that improved the capability of military weapons. Furthermore, the increasing demand for IGBT power modules will also drive the regional market in the coming years.
On the other side, the market in the Asia Pacific is expected to gain attractive revenue in the coming years on account of the increasing investment in military up-gradation programs, especially advanced military weapons.
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Companies are engaging in Producing a Variety of Power Modules to Earn the Lion’s Share
Most of the companies operating in the market for power electronics are focusing on generating more revenue by engaging with the defense and military sectors of various nations. This will help players gain a competitive edge in the market competition. Besides this, players are also engaging in brand expansion for making a mark in the world competition. Players are also investing in the manufacturing of power modules to maintain their position in the market competition.
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