Global Power Electronics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $27 billion by 2024 from $14 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 9.2% and 8.8%, respectively, during the forecast period.
Some of the major drivers of global power electronics market are rise in adoption of power electronics in electric vehicles, and aggrandized need for power management devices. Additionally, enhanced efficiency and improved durability of power electronics is also boosting the market growth. However, current leakage at high temperature would act as a restraint for the market. Government initiatives in smart grid and HVDC are expected to generate several growth opportunities for the market in the upcoming years.
The global power electronics market is categorized into type, device, application, and geography. By type, the market is further segmented into power IC, power module, and power discrete. Power module accounted for around half of the total market share in 2016. However, the power IC segment is expected to grow at the fastest CAGR, owing to its wide application in consumer electronics and electrical appliances. The market by device is categorized into power diodes, thyristor, bipolar-junction transistor, insulated-gate bipolar transistor, and metal-oxide-semiconductor field-effect transistor. By application, the market is segregated into energy & power, industrial system, inverter & UPS, consumer electronics, and others. Energy & power dominated the application segment due to its higher adoption in smart grid and HVDC.
Geographically the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Asia-Pacific accounted for the largest market share of 54.2% in 2016, and is expected to continue its dominance during the forecast period. The growth is majorly attributed to improvement in power transmission and use of renewable energy. Europe accounted for the second largest market share of 21.6%. In terms of growth, Asia-Pacific is expected to grow at the fastest CAGR of 9.2% during the forecast period 2016-2024, driven by increasing demand for electric vehicle and rise in demand for consumer electronic applications.
Major players in the power electronics market include ABB Group, Infineon Technologies AG, Fuji Electric Co. Ltd., Toshiba Corporation, Rockwell Automation, Inc., Microsemi Corporation, STMicroelectronics, Texas Instruments, Inc., Mitsubishi Electric Corp., and Renesas Electronics Corporation, among others.