The global power electronics market size is projected to gain impetus from the increasing demand for electric vehicles from the military and defense sector. An upcoming report by Fortune Business Insights titled, “Power Electronics Market Size, Share & Industry Analysis, 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 Regional Forecast, 2021-2028,” will discuss the market and its prime growth trajectories in details.
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.
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 aerospace and defense industry by various nations and the increasing delivery of aircrafts are expected to create lucrative growth opportunities for the market in the long run.
Detailed Segmentation of Power Electronics Market:
The global market for power electronics 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.
High Demand for IGBT Power Modules to Help North America Dominate Market
Geographically, the market is widespread into the regions of Europe, North America, Asia Pacific, Latin America, and 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 Asia Pacific is expected to gain attractive revenue in the coming years on account of the increasing investment in military upgradation programs, especially advanced military weapons.
Companies are engaging in Producing 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 defence 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 manufacturing of power modules to maintain their position in the market competition.
2019 – A defense budget of USD 44.6 billion was declared by the Indian government for the FY 2019-20, representing a growth rate of 6.87% over the 2018 budget.
2020 – An allocation of about USD 718 billion was requested by the U.S. Defense industry for exceeding the 2019 budget by 5%.
List of Companies Profiled in the Report:
• Analog Devices, Inc (The U.S.)
• On Semiconductor Corporation (The U.S.)
• Renesas Electronics Corporation (Japan)
• Microsemi Corporation (The U.S.)
• Texas Instruments Inc. (The U.S.)
• NXP Semiconductors N.V. (The Netherland)
• Mitsubishi Electric Corporation (Japan)
• TT Electronics Plc (The UK)
• STMicroelectronics N.V. (Switzerland)
• Infineon Technologies AG (Germany)
• Collins Aerospace (The U.S.)
• Qorvo, Inc. (The U.S.)