The global power electronics market size is expected to reach USD 39.22 billion by 2025, at a CAGR of 2.2% according to a new report by Grand View Research, Inc. Increased focus on the usage of renewable energy sources has been one of the major factors driving the market. In addition, the development of power infrastructure, coupled with the increasing demand for battery-powered portable devices, has led to the increased adoption of power electronic devices and products across various industry verticals such as power, automotive, communication, aerospace & defense, consumer electronics, and other sectors.
Power
electronic devices use switching electronic circuits to regulate the flow of
energy. They are also used in the alteration of electric power, which is
usually performed by semiconductor devices such as diodes, transistors, and
thyristors. Power electronic devices are useful in connecting renewable energy
resources with power grids and transportation of energy. They have applications
in electric trains, motor drives, and lighting equipment and play a key role by
enabling heat sinking and soft starting of the motors.
The
power electronics market is extensively consolidated, in terms of applications
and materials that are used to produce power electronic devices. The
advancements and exhaustive research & development activities in the power
devices have enabled the evolution of power electronics. The market possesses
significant potential for growth and is dynamic and adaptive in nature. A few
highlighting features of the power electronic devices are durability against
coarse environmental conditions, extended life (suitable for rugged industrial
applications), and better efficiency & reliability.
For
more info visit here: https://www.grandviewresearch.com/industry-analysis/power-electronics-market
The
power electronics industry has been undergoing continuous developments and
upgrades, since its emergence. Several factors, such as the rapid inception of
renewable energy sources and rising adoption of electric vehicles & radio
communication, are influencing the market growth. The adoption of power
electronic devices in healthcare systems & instruments and the automotive
industry is expected to drive the market over the forecast period.
The
Asia Pacific market is expected to grow at the fastest CAGR of 2.0% from 2017
to 2025, owing to the emergence of manufacturing hubs across the continent.
Countries, such as China, India, South Korea, and Singapore, are expanding
their domestic manufacturing activities across various industry verticals, such
as consumer electronics, telecommunication, military & defense, and
automotive, to strengthen their economies. In addition to this, prominent
industry players are investing and establishing production & distribution
units to capture the regional markets. All the above-mentioned factors are
further providing additional impetus to the power electronics market.
However,
the market is facing challenges such as high initial expenditures and
deposition of Gallium Nitride (GaN), Gallium Arsenide (GaAs), and Silicon
Carbide (SiC) on the silicon materials which is a quite tedious and complex
procedure, especially to reach while in high voltage ranges. Expensive &
time-consuming processes and complexity issues involved in manufacturing power
devices are anticipated to restrain the market growth.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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