Power Electronics Market to grow 4% CAGR from 2017 to 2024

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Power Electronics Market to surpass 45bn by
2024 Global Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Power Electronics Market

• Power Electronics Market size was approximately
  USD 34 billion in 2016, and to exceed USD 45
  billion by 2024 according to a new research
  report by Global Market Insights, Inc. The high
  demand for alternative energy systems such as
  solar, wind, and geothermal over conventional
  power sources will drive the power electronics
  market. 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 increase in terrorist attacks and criminal
  activities across the world is leading to an
  increase focus on the development of new and
  advanced defense technologies. The development of
  defense systems such as missiles, high altitude
  platforms, satellites, communication
  technologies, and combat land and air vehicles
  are driving the growth of the power electronics
  market.

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Continued...

• UAVs, for instance, are required to stay
  operational for prolonged periods of time without
  the provision of constant fueling and charging
  stations. To tackle this issue, these systems are
  either equipped with battery, powered storage
  units or solar panels, both of which requires
  DC-DC convertors and powertrains to function.
• 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 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.

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U.S. power electronics market size, by product,
2016 2024 (Mn)

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Regional Growth

• Governments are also pushing the provision of
  grants and VAT exemptions for electric vehicle
  owners to increase the adoption and decrease the
  total cost of ownership. For instance, the UK
  government offers consumers financial incentives
  in the form of grants and subsidies upwards of
  USD 5,944 for these vehicles.
• Also, ownership cost of fully-electric vehicles
  is reduced with owners of vehicles that cost less
  than USD 52,844 to be exempted from paying annual
  road taxes. The presence of such initiatives and
  plans is anticipated to drive the power
  electronics market.
• 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.

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Major Companies in Power Electronics Market

• Semikron Electronics GmbH Co., Inc.
• Renesas Electronics Corporation
• Texas Instruments Incorporated
• ON Semiconductor
• NXP Semiconductor N.V.,
• Methode Electronics Inc.
• Microsemi Corporation
• Maxim Integrated Products, Inc.

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