The Global Power Electronics Market size is expected to reach $46.81 billion by 2027, rising at a market growth of 4.4% CAGR during the forecast period.
Power electronics is one of the applications of solid-state electronics, in which electric power is transformed from one state to another, and regulated efficiently and effectively. It is utilized across a broad range of devices in the industrial, automotive & transportation, consumer electronics, renewable energy, and defense & aerospace sectors.
Several power electronics vendors have high inclination towards the renewable energy market. The energy-saving trend in industries such as energy storage & data center, and the growing commercialization of 5G technology is expected to provide lucrative opportunities to the key market players, particularly in distribution centers and in communication applications.
In addition, some growth factors of the industry are the trend of electric and autonomous vehicles in the automotive industry and the growing production of electric vehicles. Also, silicon carbide devices are majorly used in the onboard battery chargers of electric taxis, buses, Lorries, and passenger cars.
Factors like the increasing construction of hyper-scale data centers and the rise in demand for data center power solutions in such facilities is expected to spur the growth of the power electronics market over the forecast period. These power electronics devices provide more electrical stability, high performance, and maximum energy consumption.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has significantly impacted various sectors of the business domain. Various restrictions like social distancing, lockdown, travel ban across borders have severely disrupted the supply chain around the world. In addition, the lack of workforce and the temporary ban on the manufacturing units in the initial phase of the pandemic have negatively impacted the demand and supply of power electronics in the market.
Moreover, companies operating in this market are taking initiatives to cope up with the effects of the pandemic along with, preparing themselves for such future incidents. Many governments are helping manufacturers to resume their operations and expand production capabilities by relaxing stringent mandates and regulations, which is expected to accelerate the demand and growth of the power electronics market during the forecast period.
Market Growth Factors:
Swift production of the electric vehicles
An electric motor vehicle has a wide range of components, which use power electronics like windshield wiper control, ignition switch, interior lighting, adaptive front lighting, and electric power steering. The increase in the number of electric vehicles and plug-in hybrid electric vehicles is expected to augment the demand for power electronics, thereby boosting the market growth. The growing awareness among the people regarding environmental impact and emissions regulations that are framed by the governments in developed nations, particularly across Europe, to minimize emissions from vehicles is expected to boost the demand for electric vehicles.
Rising technological advancements in insulated-gate bipolar transistors (IGBT)
There are several products included in power electronics viz. bipolar junction transistors (BJTs), rectifiers, thyristors, insulated-gate bipolar transistors (IGBTs), and metal-oxide-semiconductor field-effect transistor (MOSFETs). The power discrete devices like IGBTs, BJTs, and MOSFETs help in decreasing the power consumption and reducing noise operations for numerous industrial appliances. Along with that, the rising adoption of power electronics devices in power inverters, industrial motor drives, electrical power grids, and DC-DC converters is expected to further support the growth of the power electronics market over the forecast period.
Marketing Restraining Factor:
Complicated design and integration procedure and high cost
Numerous key players of the power electronics market are increasing their focus on integrating different functionalities into one chip, which makes its designing more complicated. In addition, it is difficult to design and integrate power electronic devices as they need robust methodology, special skillsets, and a dedicated toolset that is expected to further add up to the overall cost of these devices. Therefore, the high cost attached to these devices is estimated to hinder the shifting process of end-users toward advanced technological devices.
Device Type Outlook
The power electronics market is segmented into power discrete, power module, and power IC. In 2020, the power IC segment acquired the highest revenue share in the market and is estimated to maintain this trend over the forecast period. In addition, power ICs are utilized for battery charging, DC-to-DC conversion, and voltage scaling, which have numerous usages across different sectors.
Material Outlook
The power electronics market is divided into silicon, silicon carbide, and gallium nitride. The silicon-based power electronics segment is anticipated to procure the largest share in the power electronics market over the forecast period.
Application Outlook
The power electronic market is classified into consumer electronics, industrial, automotive & transportation, ICT, aerospace & defense, and others. Among these, consumer electronics is anticipated to acquire the highest revenue share in the power electronics market over the forecast period. The introduction of transistors has fueled the demand for power electronics in the consumer electronics market.
Regional Outlook
The power electronics market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region is projected to garner the largest revenue share and highest growth rate in the power electronics market during the forecast period. The presence of key market players across ICT, consumer electronics, industrial, and automotive verticals in countries like Japan, China, and South Korea is expected to unlock bright growth prospects for the regional power electronics market.
Cardinal Matrix - Power Electronics Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Texas Instruments, Inc. and ABB Group are the forerunners in the Power Electronics Market. Companies such as Renesas Electronics Corporation, ON Semiconductor Corporation, STMicroelectronics N.V. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NXP Semiconductors N.V., Infineon Technologies AG, Texas Instruments, Inc., Toshiba Corporation, Renesas Electronics Corporation, ON Semiconductor Corporation, STMicroelectronics N.V., Mitsubishi Electric Corporation, Fuji Electric Co. Ltd. (Furukawa Group), and ABB Group.
Recent Strategies Deployed in Power Electronics Market
Partnerships, Collaborations and Agreements:
- Sep-2021: Infineon Technologies signed an agreement with Panasonic Corporation, a worldwide leader in the development of diverse electronics technologies and solutions. This agreement aimed to develop and produce the second generation (Gen2) of their proven gallium nitride (GaN) technology, providing higher efficiency and power density levels.
- Sep-2021: Texas Instruments formed a partnership with Delta Electronics, a Taiwanese electronics manufacturing company. Under this partnership, Texas released its gallium nitride (GaN) technology, and C2000 real-time microcontrollers (MCUs) are integrated with Delta Electronics' high-efficiency power electronics expertise in the design of an enterprise server power-supply unit (PSU) that feature an 80% enhancement in power density with 1% better efficiency up to 99.2% for data center applications.
- Jul-2021: STMicroelectronics came into a partnership with Arrival, a British electric vehicle manufacturer. This partnership aimed to bring STMicroelectronics’ automotive microcontrollers and power & battery-management gadgets to Arrival’s complete vehicle portfolio.
- Jul-2021: Infineon Technologies formed a partnership with Amber Solutions, a developer of patented solid-state technologies for the digital control of electricity. This partnership focused on the range of silicon opportunities anchored across Amber's breakthrough digital control of electricity with embedded intelligence.
- Jun-2021: STMicroelectronics joined hands with Renault Group, a French multinational automobile manufacturer. This collaboration aimed to design, manufacture, develop and supply STMicroelectronics’ products and associated packaging solutions for the power electronics systems of battery-operated and hybrid vehicles to the Renault Group.
- Apr-2021: Renesas Electronics Corporation formed a partnership with SiFive, a fabless semiconductor company. This partnership aimed to jointly develop next-generation, high-end RISC-V solutions for automotive applications.
Acquisitions and Mergers:
- Nov-2021: ON Semiconductor acquired GT Advanced Technologies, a producer of silicon carbide (SiC). Through this acquisition, on semi is expected to offer end-to-end power solutions from SiC crystal growth to fully integrated intelligent power modules.
- Oct-2021: Texas Instruments took over Lehi, Utah fab from Micron, an American producer of computer memory and computer data storage. This acquisition aimed to strengthen Texas competitive advantage in manufacturing & technology and is part of the company's long-term capacity planning.
- Oct-2020: STMicroelectronics took over a majority stake in Exagan, a leading supplier of Gallium Nitride based transistor devices. This acquisition aimed to strengthen STMicroelectronics's leadership in power semiconductors and their long-term GaN roadmap, ecosystem, and business.
- Jul-2020: Mitsubishi took over a wafer manufacturing factory in Fukuyama, Japan from Sharp. This acquisition aimed to enable Mitsubishi Electric to expand its power device business category.
- Apr-2020: Infineon Technologies took over Cypress Semiconductor Corporation, an American semiconductor design, and manufacturing company. This acquisition aimed to strengthen the company's focus on structural growth drivers and on a wide range of applications.
Product Launches and Product Expansions:
- Nov-2021: Fuji Electric introduced its 2nd-generation discrete SiC-SBD* Series of power semiconductors. This series is expected to contribute to energy saving in data centers and communication base stations.
- Sep-2021: Renesas Electronics Corporation launched the ultra-low power, 32-bit RX140 group of microcontrollers (MCUs), which is the latest addition to its entry-level RX100 Series. The RX140 MCUs offering is expected to enhance performance and power efficiency along with the new capacitive touch IP. Through this launch, the company aimed to bring advanced solutions, which enable users to develop products that integrate improved design, functionality, and usability.
- Sep-2021: Renesas Electronics Corporation released the RX671 Group of 32-bit microcontrollers (MCUs). This group is expected to add the latest high-performance, high-functionality single-chip solution along with touch sensing and voice recognition offerings for the contactless operation to the popular RX Family.
- Sep-2021: Texas Instruments released the industry's smallest and most accurate 1.5-W isolated DC/DC bias-supply module: UCC14240-Q1. This product utilizes a proprietary integrated transformer technology to allow designers to reduce their power solution size in half for usage in high-voltage environments like hybrid EVs, electric vehicles (EVs), motor-drive systems, and grid-tied inverters.
- Aug-2021: STMicroelectronics unveiled the latest 45W and 150W MasterGaN Devices. These devices are MasterGaN3 and MasterGaN5, which are developed for high-efficiency power conversion.
- Jul-2021: Mitsubishi Electric introduced seven new X-Series products, two HVIGBTs, and five HVDIODEs. These products is expected to boost the X-Series lineup to 24 power semiconductor modules appropriate for highly large-capacity, small-sized inverters utilized in traction motors, large industrial machinery, DC-power transmitters, and other high-voltage, large-current equipment.
- Jun-2021: STMicroelectronics released a new line of ST intelligent integrated gallium nitride (GaN) solutions called STi2GaN. This product line focused on leveraging the high power density and efficiency of GaN to offer industry-related device ranges in 100V and 650V clusters, facilitating scalability, compactness, and outstanding performance.
- Jun-2021: ON Semiconductor launched the industry’s first dedicated critical conduction mode (CrM) totem pole PFC controller. This product is added to the company's solution set for ultra-high density offline power supplies. In addition, the highly integrated device is expected to allow power supply designs, which can operate with universal mains (90 – 265 Vac) at recommended power levels up to 350 W.
- Jun-2021: Mitsubishi Electric unveiled T-series 2.0kV IGBT Module. This module is well-suited to boost the efficiency and decrease the size of renewable-energy power converters.
- May-2021: Infineon Technologies introduced the latest CoolGaN IPS family of integrated power stage (IPS) products to its wide portfolio of WBG power devices. The 600 V CoolGaN half-bridge IPS IGI60F1414A1L is well-suited for lightweight and compact designs in the low-to-medium power variety.
- Mar-2021: Toshiba Electronic Devices & Storage Corporation released 650V super-junction power MOSFETs, TK155U65Z, TK090U65Z, TK065U65Z, TK110U65Z, and TK190U65Z, in its DTMOSVI series, which are housed in a TOLL package. Through this launch, Toshiba is expected to aim to improve products with the TOLL package to contribute to device downsizing and enhanced efficiency.
- Feb-2021: ON Semiconductor unveiled a new range of silicon carbide (SiC) MOSFET devices. These SiC MOSFETs is expected to substantially enhance performance over the equivalent silicon switching technologies, enabling engineers to fulfill these challenging design objectives.
- Feb-2021: Toshiba Electronic Devices & Storage Corporation unveiled MG800FXF2YMS3, a silicon carbide (SiC) MOSFET module. This latest module fulfills the requirements for high-efficiency, compact equipment for industrial applications like converters & inverters for railway vehicles, and renewable energy power generation systems.
- Jan-2021: ABB India unveiled Formula DIN-Rail, a complete range of Miniature Circuit Breakers (MCBs), Residual Current Circuit Breakers (RCCBs), and Isolators for the electrical retail market. This range of protection devices is developed to substantially enhance the electrical performance of both residential & commercial units, making safe, sustainable homes & buildings for the future.
Geographical Expansions:
- Nov-2021: Texas Instruments expanded its geographical footprint by constructing new 300-millimeter semiconductor wafer fabrication plants in Sherman, Texas. This expansion is expected to further strengthen the company's manufacturing and technology competitive advantage and support its customers’ demand.
- Sep-2021: Infineon Technologies expanded its footprint by opening its high-tech chip factory for power electronics on 300-millimeter thin wafers at its Villach site in Austria. This factory is expected to help the company to serve its users across the world with better capabilities.
- Mar-2021: Toshiba Electronic Devices & Storage Corporation expanded its geographical footprint by constructing a 300-millimeter wafer fabrication facility at Kaga Toshiba Electronics Corporation in Japan. This facility is expected to strengthen its power device business by expanding production capacity and continue to contribute to advances in energy-saving.
Scope of the Study
Market Segments Covered in the Report:
By Application
- Consumer Electronics
- Industrial
- Automotive & Transportation
- ICT
- Aerospace & Defense
- Others
By Device type
- Power discrete
- Power module
- Power IC
By Material
- Silicon
- Silicon Carbide
- Gallium Nitride
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Texas Instruments, Inc.
- Toshiba Corporation
- Renesas Electronics Corporation
- ON Semiconductor Corporation
- STMicroelectronics N.V.
- Mitsubishi Electric Corporation
- Fuji Electric Co. Ltd. (Furukawa Group)
- ABB Group
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Table of Contents
Companies Mentioned
- NXP Semiconductors N.V.
- Infineon Technologies AG
- Texas Instruments, Inc.
- Toshiba Corporation
- Renesas Electronics Corporation
- ON Semiconductor Corporation
- STMicroelectronics N.V.
- Mitsubishi Electric Corporation
- Fuji Electric Co. Ltd. (Furukawa Group)
- ABB Group
Methodology
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