Power Electronics Market

Power Electronics Market by Material, Device Type (Discrete, Module, and IC), Application, Vertical (ICT, Consumer Electronics, Energy and Power, Industrial, Automotive, and Aerospace & Defense), and Geography - Global Forecast to 2023

Report Code: SE 2434 Jun, 2018, by marketsandmarkets.com
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The power electronics market is expected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, growing at a CAGR of 5.5% between 2018 and 2023. The growth of this market can be attributed to the upgrade of power infrastructure and growing demand for energy-efficient battery-power portable devices. In developing regions, existing power supply resources are being increasingly utilized because of the growing power consumption. The demand for the enhancement of power infrastructure and concerns regarding the use of renewable power supplies are increasing globally. Governments across the globe are increasingly investing in renewable energy sources, such as solar and wind, and are constantly working toward formulating better feed-in-tariff policies to provide photovoltaic projects with the convenience of grid connections.

Power Electronics Market

Power electronics market is expected to grow at a CAGR of 5.5% between 2018 and 2023

The market is expected to grow from USD 39.0 billion in 2018 to USD 51.0 billion by 2023, at a CAGR of 5.5% between 2018 and 2023. Growing demand for energy-efficient battery-powered portable devices and upgrade of power infrastructure are the major drivers for the market growth, while complex design and integration process for advanced technological devices restrain the growth of the power electronics market.

Power electronics market for discrete devices expected to grow at the highest CAGR during the forecast period

This growth is attributed to the increasing use of power devices in automotive and industrial verticals. The market for power discrete in transportation applications is showing significant growth, as the production of hybrid and electric vehicles is growing at a high pace. Moreover, to reduce power consumption, power discrete devices are used in majority of the verticals such as energy & power, ICT, consumer electronics, automotive, industrial, and others.

Market for automotive vertical expected to grow at the highest CAGR during the forecast period

The advent of electric vehicles (EVs) is one of the most important steps of environment conservation. These vehicles do not use any fuel and, thus, do not emit harmful gases. This factor has accelerated the growth of the electric vehicles market. As these vehicles completely rely on electrical power supply, the use of electronic devices is more in these vehicles. These devices are poised to have a greater impact on the power electronics market in the coming years.

Power electronics market in APAC is expected to grow at the highest CAGR during the forecast period

The continuous demand for power in the industrial vertical plays a crucial role in the adoption of power electronics. The increasing demand for HVDC grids in China and India and the adoption of Greenfield projects for generating energy from renewable sources are expected to drive the growth of the power electronics market in APAC. Moreover, the automobile vertical plays a vital role in the market as it is one of the fastest-growing verticals in APAC.

Power Electronics Market

Driver: Upgrade of power infrastructure and focus toward the use of renewable power sources

In the Americas and Europe, there is a drive regarding the upgrade of the existing power infrastructure. In developing regions, existing power supply resources are being increasingly utilized because of the growing power consumption. The demand for the enhancement of power infrastructure and concerns regarding the use of renewable power supplies are increasing globally. Governments across the globe are increasingly investing in renewable energy sources, such as solar and wind, and are constantly working toward formulating better feed-in-tariff policies to provide photovoltaic projects with the convenience of grid connections. Germany, China, Japan, India, and the US are focusing on promoting the use of solar energy. For instance, the European Commission is setting a target of achieving 20% and 27% of the overall energy consumption from renewable sources by 2020 and 2030, respectively. To reach the target, EU countries are taking initiatives to increase the production of renewable energy. Moreover, increasing environmental concerns and grid capacity issues drive the demand for renewable energy sources, thus boosting the power electronics market growth.

Restraint: Complex design and integration process for advanced technological devices

The power electronics industry is focusing more on the integration of multiple functionalities in a single chip, which results in complex designing. For designing and integration of complex devices require special skillsets, robust methodology, and toolset for integration, which increase the cost of the devices; thus, high cost restrains users to switch to advanced technological devices.  Evolving technologies are generating demand for more functionality to be integrated into system-on-chips, which make devices smaller and power-efficient. There is a huge requirement for reduction in power consumption in SOCs across CPUs, GPUs, wearables, and mobile devices. The integration of multiple ICs into a single device is a complex task because of different functionalities, operating modes, and operating voltages, which restrain the power electronics market growth.

Opportunity: Growing demand for HEVs and EVs

The increasing use of plug-in electric vehicles (PEVs) is creating significant opportunities for the power electronics market for transportation application. Moreover, an increasing number of charging stations across Europe is propelling the use of power electronic component markets, such as power IC market, power management integrated circuits market (PMICs), intelligent power module market (IPMs), IGBT market, MOSFET market and power integrated modules market (PIMs). The advent of electric vehicles (EVs) is one of the most important steps of environment conservation. These vehicles do not use any fuel and, thus, do not emit harmful gases. This factor has accelerated the growth of the electric vehicles market. As these vehicles completely rely on electrical power supply, the use of electronic devices is more in these vehicles. These devices are poised to have a greater impact on the market in the coming years.

Challenge: Manufacturers struggling to cope with frequently changing demand for more compact and efficient devices at low prices

Increasing demand for compact and portable devices creates significant opportunities; however, a major issue faced by manufacturers is to meet the ever-changing needs of consumers for more compact devices. To cater to the demand for compact, portable, and multifunctional devices, components and systems need to be miniaturized to lower production cost. For this purpose, manufacturers are actively investing in research and development to develop products and enhance their product offerings to stay competitive in the market. Thus, continuous demand for more compact devices can be a barrier, as it does not justify the return on investments due to the uncertainty associated with the life cycle of developed technologies or products.

Power Electronics Market

Scope of the Report

Report Metric

Details

Market Size Available for Years

2015–2023

Base Year Considered

2017

Forecast Period

2018–2023

Forecast Units

USD Billion, USD Million

Segments Covered

Material, Device Type, Application, Voltage, Vertical, Geography

Regions Covered

APAC, North America, Europe, and RoW

Companies Covered

Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi (Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).

This research report categorizes the power electronics market on the basis of device type, material, application, vertical, and region.

Power Electronics Market, By Device Type:

  • Power Discrete
  • Power Modules
  • Power ICs

Power Electronics Market, By Material:

  • Silicon
  • Silicon Carbide
  • Gallium Nitride
  • Sapphire
  • Others

Power Electronics Market, By Voltage:

  • Low Voltage (up to 1 KV)
  • Medium Voltage (1.1 to 2.0 KV)
  • High Voltage (above 2.0 KV)

Power Electronics Market, By Application:

  • Power Management
    • Power Generation & Storage
    • Sensing & Measurement
  • Drives
  • UPS
  • Rail Traction
  • Transportation
  • Renewable
  • Others

Power Electronics Market, By Vertical:

  • ICT
  • Consumer Electronics
  • Energy & Power
  • Industrial
  • Automotive
  • Aerospace & Defense
  • Others

Power Electronics Market, By Region:

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe
  • APAC
    • China
    • Japan
    • South Korea
    • Rest of APAC
  • RoW

Key Market Players

Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Intertechnology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi (Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).

Infineon Technologies, one of the global companies, provides semiconductor and system solutions for a wide range of applications such as automotive, consumer, industrial, robotics, energy and power, and so on. Its power product portfolio includes insulated-gate bipolar transistor (IGBT), power metal oxide semiconductor field-effect transistor (MOSFET), diodes, thyristors, and silicon carbide (SiC). Infineon Technologies focuses on innovating the power electronics technology and, thus, invests significantly in developing advanced power electronic devices. The company has adopted various strategies such as product launches, joint ventures, and acquisitions to enhance its product portfolio and geographic presence.

Recent Development

  • In March 2018, Texas Instruments expanded its portfolio of industry-leading gallium nitride (GaN) power by including 2 new high-speed GaN field-effect transistor (FET) drivers for applications such as light detection and ranging (LIDAR) and 5G radio-frequency (RF) envelope tracking.
  • In March 2018, On Semiconductor introduced power adopters for notebook, tablets, and other portable devices. The adopter has an active clamp flyback controller that uses super junction FETs or gallium nitride FETs.
  • In March 2018, On Semiconductor opened its design center in Italy, the center will focus on power-management products and also develop integrated circuits to save energy.
  • In February, 2018, Infineon Technologies entered into an agreement with Cree (US) to provide silicon carbide (SiC) wafers, which will help Infineon broaden its offering of SiC products, to address the increasing demand of high-growth markets, such as photovoltaic inverters and electro-mobility.
  • In April 2017, Renesas Electronics has merged with its subsidiary Renesas System Design to generate a sustainable profit.

Critical questions the report answers:

  • What are the opportunities for power electronics devices providers?
  • How much growth is expected for power discrete, power modules, power ICs in the market
  • Who are the major current and potential competitors in the market, and what are their top priorities, strategies, and developments?
  • What are the major applications of the power electronics devices?
  • What are the major verticals of the power electronics market and growth trends in respective verticals?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Content

1 Introduction
    1.1 Study Objectives
    1.2 Definition
    1.3 Study Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered
    1.4 Currency
    1.5 Limitations
    1.6 Stakeholders

2 Research Methodology
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Breakdown of Primaries
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach

3 Executive Summary

4 Premium Insights

5 Market Overview
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
           5.2.2 Restraints
           5.2.3 Opportunities
           5.2.4 Challenges

6 Industry Trends
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Key Industry Trends

7 Power Electronics Market, By Material
    7.1 Introduction
    7.2 Silicon
    7.3 Silicon Carbide
    7.4 Gallium Nitride
    7.5 Sapphire
    7.6 Others

8 Power Electronics Market, By Device Type
    8.1 Introduction
    8.2 Power Discrete
           8.2.1 Diode
                    8.2.1.1 Pin Diode
                    8.2.1.2 Zener Diode
                    8.2.1.3 Schottky Diode
           8.2.2 Transistors
                    8.2.2.1 Bipolar Junction Transistor (BJT)
                    8.2.2.2 Insulated Gate Bipolar Transistor (IGBT)
                    8.2.2.3 Field Effect Transistor (FET)
           8.2.3 Thyristor
    8.3 Power Module
           8.3.1 Intelligent Power Module
           8.3.2 Power Integrated Module
                    8.3.2.1 Mosfet Module
                    8.3.2.2 IGBT Module
    8.4 Power IC
           8.4.1 Power Management IC
           8.4.2 Application Specific IC

9 Power Electronics Market, By Voltage
    9.1 Introduction
    9.2 Low Voltage (Up to 1 Kv)
    9.3 Medium Voltage (1.1 to 2.0 Kv)
    9.4 High Voltage (Above 2.0 Kv)

10 Power Electronics Market, By Application
     10.1 Introduction
     10.2 Power Management
             10.2.1 Power Generation & Storage
             10.2.2 Sensing & Measurement
     10.3 Drivers
     10.4 UPS
     10.5 Rail Traction
     10.6 Transportation
     10.7 Renewable
     10.8 Others

11 Power Electronics Market, By Vertical
     11.1 Introduction
     11.2 ICT
     11.3 Consumer Electronics
     11.4 Energy & Power
     11.5 Industrial
     11.6 Automotive
     11.7 Aerospace &Defense
     11.8 Others 

12 Power Electronics Market, By Region
     12.1 North America
             12.1.1 US
             12.1.2 Canada
             12.1.3 Mexico
     12.2 Europe 
             12.2.1 Germany
             12.2.2 UK
             12.2.3 France
             12.2.4 Italy
             12.2.5 Rest of Europe
     12.3 Asia-Pacific
             12.3.1 China
             12.3.2 Japan
             12.3.3 South Korea
             12.3.4 India
             12.3.5 Rest of APAC
     12.4 RoW
             12.4.1 Middle East & Africa
             12.4.2 South America

13 Competitive Landscape
     13.1 Introduction 
     13.2 Ranking Analysis of Key Players in Market
     13.3 Competitive Leadership Mapping
             13.3.1 Visionary Leaders
             13.3.2 Dynamic Differentiators
             13.3.3 Innovators
             13.3.4 Emerging Companies
     13.4 Strength of Product Portfolio
     13.5 Business Strategy Excellence
     13.6 Competitive Situation and Trends
             13.6.1 New Product Launch/Development
             13.6.2 Mergers & Acquisitions
             13.6.3 Partnerships/Agreements/Strategic Alliances/Collaborations
             13.6.4 Expansions

14 Company Profile
     14.1 Key Players
     14.2 Infineon Technologies
     14.3 Texas Instruments
     14.4 on Semiconductor
     14.5 Stmicroelectronics
     14.6 Mitsubishi Electric
     14.7 Fuji Electric
     14.8 Renesas Electronics
     14.9 Toshiba
     14.10 NXP Semiconductors
     14.11 Vishay Intertechnology
     14.12 Other Key Players
             14.12.1 Maxim Integrated Products
             14.12.2 Semikron
             14.12.3 ABB
             14.12.4 Hitachi
             14.12.5 Analog Devices
             14.12.6 Rohm Semiconductor
             14.12.7 Microsemi Corporation
             14.12.8 Littelfuse
             14.12.9 Microchip Technology

(Business Overview, Products and Solutions Offered, Recent Developments, MnM View, SWOT Analysis)*

15 Appendix
     15.1 Knowledge Store: Marketsandmarkets’ Subscription Portal
     15.2 Marketsandmarkets Knowledge Store: Snapshot
     15.3 Related Reports 
     15.4 Author Details


List of Tables (96 Tables)

Table 1 Power Electronics Market, By Material, 2016–2025 (USD Billion)
Table 2 Market, By Device Type, 2016–2025 (USD Billion)
Table 3 Market for Discrete, By Components
Table 4 Market for Transistors, By Type
Table 5 Market for Discrete, By Components
Table 6 Market for Transistors, By Type
Table 7 Market for Discrete, By Application
Table 8 Market for Discrete, By Vertical
Table 9 Market for Discrete, By Region
Table 10 Market for Modules, By Components
Table 11 Market for PIM, By Type, 2016–2025 (USD Billion)
Table 12 Market for Modules, By Components
Table 13 Market for PIM, By Type, 2016–2025 (Million Units)
Table 14 Market for Module, By Application
Table 15 Market for Module, By Vertical
Table 16 Market for Module, By Region
Table 17 Market for IC, By Components
Table 18 Market for IC, By Application
Table 19 Market for IC, By Vertical, 2016–2025 (USD Billion)
Table 20 Market for IC, By Region, 2016–2025 (USD Billion)
Table 21 Market, By Application, 2016–2025 (USD Billion)
Table 22 Market for Power Management, By Device Type, 2016–2025 (USD Billion)
Table 23 Market for Power Management, By Region
Table 24 Market for Drives, By Device Type
Table 25 Market for Drives, By Region
Table 26 Market for UPS, By Device Type
Table 27 Market for UPS, By Region, 2016–2025 (USD Billion)
Table 28 Market for Rail Traction, By Device Type
Table 29 Market for Rail Traction, By Region
Table 30 Market for Transportation, By Device Type
Table 31 Market for Transportation, By Region
Table 32 Market for Renewable, By Device Type
Table 33 Market for Renewable, By Region
Table 34 Market for Others, By Device Type
Table 35 Market for Others, By Region
Table 36 Market, By Vertical, 2016–2025 (USD Billion)
Table 37 Market for ICT, By Device Type
Table 38 Market for Consumer Electronics, By Device Type, 2016–2025 (USD Billion)
Table 39 Market for Energy and Power, By Device Type, 2016–2025 (USD Billion)
Table 40 Market for Industrial, By Device Type
Table 41 Market for Automotive, By Device Type
Table 42 Market for Aerospace and Defense, By Device Type, 2016–2025 (USD Billion) 67
Table 43 Market for Others, By Device Type
Table 44 Market, By Region, 2016–2025 (USD Billion)
Table 45 Market in North America, By Country
Table 46 Market in North America, By Device Type
Table 47 Market in North America, By Application
Table 48 Market in the US, By Device Type
Table 49 Market in Canada, By Device Type
Table 50 Market in Europe, By Country
Table 51 Market in Europe, By Device Type
Table 52 Market in Europe, By Application
Table 53 Market in Germany, By Device Type
Table 54 Market in UK, By Device Type
Table 55 Market in France, By Device Type
Table 56 Market in Italy, By Device Type
Table 57 Market in Rest of Europe, By Device Type
Table 58 Market in APAC, By Country, 2016–2025 (USD Billion)
Table 59 Market in APAC, By Device Type
Table 60 Market in APAC, By Application
Table 61 Market in China, By Device Type
Table 62 Market in Japan, By Device Type
Table 63 Market in South Korea, By Device Type
Table 64 Market in Rest of APAC, By Device Type
Table 65 Market in RoW, By Device Type
Table 66 Market in RoW, By Application
Table 67 Ranking of Key Players in the Power Electronics Market (2017)
Table 68 Product Launches, 2016-2018
Table 69 Agreements, Partnerships, Contracts, and Collaborations, 2016-2018
Table 70 Mergers & Acquisitions, 2016-2017
Table 71 Expansions, 2017-2018
Table 72 Power Electronics Market for ICT, By Region, 2016–2025 (USD Billion)
Table 73 Market for Consumer Electronics, By Region, 2016–2025 (USD Billion)
Table 74 Market for Energy and Power, By Region, 2016–2025 (USD Billion)
Table 75 Market for Industrial, By Region, 2016–2025 (USD Billion)
Table 76 Market for Automotive, By Region, 2016–2025 (USD Billion)
Table 77 Market for Aerospace and Defense, By Region, 2016–2025 (USD Billion)
Table 78 Market for Others, By Region, 2016–2025 (USD Billion)
Table 79 Market in North America, By Vertical
Table 80 Market in Europe, By Vertical
Table 81 Market in APAC, By Vertical
Table 82 Market in RoW, By Vertical
Table 83 Market in the US, By Application
Table 84 Market in Canada, By Application
Table 85 Market in Mexico, By Application
Table 86 Market in Germany, By Application
Table 87 Market in UK, By Application
Table 88 Market in France, By Application
Table 89 Market in Italy, By Application
Table 90 Market in China, By Application
Table 91 Market in Japan, By Application
Table 92 Market in South Korea, By Application
Table 93 Market in India, By Application
Table 94 Market in Middle East & Aftica, By Application
Table 95 Market in South America, By Application
Table 96 Market, By Voltage Type


List of Figures (34 Figures)

Figure 1 Market Segmentation
Figure 2 Market: Research Design
Figure 3 Research Flow of Market Size Estimation
Figure 4 Market Size Estimation Methodology: Bottom-Up Approach
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 Assumptions of the Research Study
Figure 8 IC Expected to Dominate the Market During the Forecast Period
Figure 9 Market for Gallium Nitride to Grow at the Highest CAGR During the Forecast Period
Figure 10 Transportation to Hold the Largest Market Share During the Forecast Period
Figure 11 Automotive Expected to Be the Fastest-Growing Vertical During the Forecast Period
Figure 12 APAC Expected to Be the Fastest-Growing Region Regarding the Market During the Forecast Period
Figure 13 Upgrade of Power Infrastructure and Focus Toward the Use of Renewable Power Sources Driving the Market
Figure 14 ICS Expected to Dominate the Market During the Forecast Period
Figure 15 Transportation Application Expected to Hold the Largest Share of Market in APAC By 2023
Figure 16 Transportation Expected to Hold the Largest Market During the Forecast Period
Figure 17 Automotive Expected to Hold the Largest Market During the Forecast Period
Figure 18 China Expected to Witness the Highest Growth in the Market By 2023
Figure 19 Market: Drivers, Restraints, Opportunities, and Challenges
Figure 20 China Expected to Lead the Market During the Forecast Period
Figure 21 Snapshot:  Market in North America
Figure 22 Snapshot: Market in Europe
Figure 23 Snapshot: Power Electronics Market in APAC
Figure 24 Product Launch Was the Key Strategy Adopted By Major Players Between 2015 and April 2018
Figure 25 Infineon Technologies: Company Snapshot
Figure 26 Texas Instruments: Company Snapshot
Figure 27 on Semiconductor: Company Snapshot
Figure 28 Stmicroelectronics: Company Snapshot
Figure 29 Mitsubishi Electric: Company Snapshot
Figure 30 Fuji Electric: Company Snapshot
Figure 31 Renesas Electronics: Company Snapshot
Figure 32 Toshiba: Company Snapshot
Figure 33 NXP Semiconductors: Company Snapshot
Figure 34 Vishay Intertechnology: Company Snapshot


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Report Code
SE 2434
Published ON
Jun, 2018
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