Power Electronics Market Growth Analysis by 2026


An Overview of Power Electronics

The Power Electronics Market includes items like control systems, converters, generators, substations, and transmission and distribution systems. These networks play a crucial role in transferring electricity from production sources to consumers.

Key Players:

Major vendors in the power electronics market include Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

Applications of Power Electronics in Electric Power Systems

Power electronics are crucial in a variety of electric power systems, such as distributed renewable production energy storage systems  (DERESS) and conventional grid-connected systems (which include fossil fuel plants).

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Industry Trends

According to projections, the Power Electronics Market will increase from USD 37.4 billion in 2021 to USD 46.3 billion in 2026, with a CAGR of 4.4% during that period. This growth reflects the rising demand for dependable and efficient power transmission systems.

The constant need for electronics goods and services, rising investments in renewable energy sources, and emerging technologies like mobile computing and the Internet of Things are the main reasons propelling the expansion of the power electronics industry. Despite the negative effects of macroeconomic events on the general economy, these factors are anticipated to propel continuing expansion in the power electronics market.

The Market in Europe

The birthplace of power electronics is Europe. The headquarters of more than 100 enterprises in this sector are in Europe. Three major players—ABB Group, Emerson Electric, and Siemens—control the European market. Each of these businesses is capable of offering their clients the full spectrum of power electronics goods and services. This makes it possible for customers to choose the best equipment for their unique requirements.

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The Market in China

The market is expanding significantly as a result of the rising need for automation and renewable energy across numerous industrial applications. The need for power electronics in China is being fueled by a number of causes, including increasing sales of electric vehicles, infrastructure sector expansion, and expanding investment in smart cities. The expansion of the miniaturisation market is also being hindered by the rising demand from industrial players for advanced solutions like EMI suppression, proactive safety and efficiency features, and dynamic thinking capabilities.

The Market in Japan

The main driver of the expansion is an increase in demand from sectors like electric vehicles and renewable energy.

The emergence of new technologies like artificial intelligence and machine learning, which are undermining the old revenue sources for power electronics companies, is upending the market. The development of these cutting-edge technologies is, however, also creating new commercial opportunities.

News Covered:

https://www.prnewswire.com/news-releases/power-electronics-market-worth-46-3-billion-by-2026--exclusive-report-by-marketsandmarkets-301424010.html 

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