Power Electronics Market Size, Share, Trends, Growth Opportunities, End-User, Key Players and Demand by 2022

The global power electronics market is projected to reach $19,972.0 million by 2022, growing at a CAGR of 6.2% forecast to 2022. Power electronics is used in various industries such as automotive, power & energy, ICT, consumer electronics, and aerospace & defense; however, among these industries, the largest user of power electronics is consumer electronics industry.

Request for a free sample of this research report: https://www.psmarketresearch.com/market-analysis/power-electronics-market/report-sample

Among the various devices, power discrete has been the largest market. The power modules segment is expected to witness fastest growth in demand during the forecast period. Among the various end-users, the global power electronics market has been generating maximum revenue through the consumer electronics segment.

Geographically, Asia-Pacific has been the largest revenue contributor to the global power electronics market. China has been the largest market in Asia-Pacific, while the U.S. led the North American market. Germany has been the major European market, whereas U.A.E. stood as the largest market in Rest of the World.

Power density is a prime factor in the PE industry, particularly in high-power applications. For instance, PE devices in electric rail traction drives, wind power generators, inverter systems, and solar power generators use PE devices to increase their operational efficiency. Vendors in the market are investing in R&D to develop devices that work at higher power density levels. PE devices have several advantages, such as less driving power, simplified circuits, and optimum forward and reverse blocking capabilities, which can enable them to work in higher power densities. Furthermore, compact PE device designs are the ideal choices for usage in high power densities. Thus, the escalation in demand for higher power density in numerous high-power applications is one of the drivers for the growth of the global market.

The global need to generate electrical energy from renewable energy sources is escalating rapidly. It is projected that global energy consumption will increase by over 60% by 2030, which is expected to boost the adoption of power electronics in renewable technologies such as those for solar and wind power. These devices are used in wind turbine converters, grid converters, and inverters in solar panels to increase power efficiency and switching speed. Thus, the growing need for improved thermal capacity and power cycling capacity is also playing a substantial role, thus increasing the implementation of power electronics devices in the renewable energy sector.

Explore report at: https://www.psmarketresearch.com/market-analysis/power-electronics-market

Some of the key players in the global market include NXP Semiconductors N.V., Infineon Technologies AG, STMicroelectronics N.V., ON Semiconductor, Vishay Intertechnology Inc., Microsemi Corporation, Toshiba Corporation, Texas Instrumentation Inc. and ABB Ltd.

About P&S Market Research

P&S Market Research is a global market research and consulting company. We provide market research reports, industry reports, business intelligence and research based consulting services across a range of industries.

With the help of our professional corporate relations with various companies, our market research offers the most accurate market forecasting. Our analysts and consultants interact with leading companies of the concerned domain to substantiate every single data presented in our publication. Our research assists our client in identifying new and different windows of opportunity and frame informed and customized strategies for expansion in different regions.

Contact:
P&S Market Research
347, 5th Ave. #1402
New York City, NY - 10016
Toll-free: +1-888-778-7886 (USA/Canada)
Email: enquiry@psmarketresearch.com
Web: www.psmarketresearch.com

This release was published on openPR.