According to the new market research report on the “Power Electronics Market by Material (Silicon, SiC, GaN, Sapphire), Device Type (Discrete, Module, and IC), Vertical (ICT, Consumer Electronics, Power, Industrial, Automotive, and Aerospace and Defense), and Geography – Global Forecast to 2022”, published by MarketsandMarkets, this market is expected to be valued at USD 41.73 billion by 2022, at a CAGR of 2.4% between 2016 and 2022.
The major factors driving the growth of the power electronics market include increasing demand for energy-efficient battery-powered portable devices, rising trend of energy harvesting technologies, enhancement of power infrastructure, and the growing focus toward using renewable power sources.
Silicon expected to have the largest market size by 2022
Silicon accounted for the largest share of the power electronics market based on material segment in 2015. The growth of this market can be attributed to the applicability of silicon in various power electronics devices and products.
Power IC market to grow at the highest rate during the forecast period
The power electronics market for IC based on device type segment is expected to grow at the highest rate during the forecast period. Increasing application of power ICs in radio frequency (RF), high-frequency wireless communication, radio detection and ranging (RADAR), satellite communication, electronic warfare, radio communication, and microwave radiation fields is expected to drive the growth of this market during 2016-2022.
Automotive vertical in power electronics to grow at the highest rate during the forecast period
The power electronics market for automotive based on vertical is expected to grow at the highest rate between 2016 and 2022. This high market growth rate can be attributed to the increasing adoption of energy efficient hybrid electronic cars because of the increasing concern over environmental pollution and saving energy.
APAC expected to hold the largest share of the power electronics market during the forecast period
Asia-Pacific (APAC) is expected to hold the largest share of the power electronics market during 2016-2022. The high growth of this market can be attributed to the emergence of APAC as a strong manufacturing hub with leading manufacturers of consumer goods increasing their manufacturing activities in this region. Cost advantages and initiatives by different countries in this region are expected to boost the domestic manufacturing and provide further impetus for the growth of the power electronics market.
The report also profiles the most promising players in the power electronics market. The competitive landscape of this market presents an interesting picture where a large number of big and small players have become a force to reckon with. The key players in this market are Infineon Technologies AG (Germany), Texas Instruments, Inc. (U.S.), ON Semiconductor Corp. (U.S.), STMicroelectronics N.V. (Switzerland), Maxim Integrated Products, Inc. (U.S.), Fuji Electric Co., Ltd. (Japan), NXP Semiconductors N.V. (The Netherland), Qualcomm, Inc. (U.S), Vishay Intertechnology, Inc. (U.S.), Renesas Electronics Corp. (Japan), and Mitsubishi Electric Corp. (Japan).