Power Electronics Market in Smart Grids: An Overview


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An Overview of Power Electronics

The transmission and distribution systems, substations, generators, converters, and control systems are among the products sold in the power electronics sector. These systems are essential for transferring electricity from generators to consumers. A wide variety of technology and applications are available in the enormous Power Electronics Market. It is a crucial part of the electrical energy sector and is crucial in supplying the world's rising need for power. In order to increase the effectiveness and dependability of these systems, new technologies and innovations are constantly being created in the power electronics sector.

Applications of Power Electronics in Electric Power Systems

There are numerous uses for power electronics in electric power systems, including distributed renewable production energy storage systems and conventional grid-connected systems like fossil fuel plants (DERESS). Power electronics are employed in conventional grid-connected systems to increase the effectiveness, stability, and control of power transmission and distribution. Moreover, DERESS uses power electronics to enable the integration and control of renewable energy sources and energy storage systems, which lowers carbon emissions and improves the resilience of power systems. Furthermore, by controlling voltage and current levels, enhancing power factor correction, and lowering harmonic distortion, power electronics play a crucial part in managing the power quality of electric power systems.

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Industry Trends

With an anticipated increase from USD 37.4 billion in 2021 to USD 46.3 billion by 2026, indicating a CAGR of 4.4%, the Power Electronics Market is expected to expand significantly in the upcoming years. Its expansion is a result of the rising need for dependable and effective electricity transmission networks. The power electronics market is expanding due to a number of causes, such as the rising investment in renewable energy sources, the rising demand for electronics goods and services, and the introduction of new technologies like mobile computing and the Internet of Things (IoT). These elements are anticipated to continue fueling growth in the power electronics market despite the negative effects of macroeconomic events on the global economy.

The Market in Europe

Power electronics originated in Europe, where more than 100 businesses are active in this industry. Three major companies, ABB Group, Emerson Electric, and Siemens, control the majority of the power electronics business in Europe. These businesses provide a wide range of power electronics goods and services, enabling customers to choose the right tools for their individual need. Power electronics have a developed market in Europe, with an emphasis on dependability, efficiency, and environmental sustainability. The demand for cutting-edge power electronics systems that can successfully integrate and control these new energy sources is being driven by the expansion of distributed generation and renewable energy.

The Market in China

Due to the rising demand for renewable energy sources and industrial automation, the Power Electronics Market in China is expanding significantly. The need for power electronics in China is being fueled by elements including the increase in electric vehicle sales, the expansion of the infrastructure industry, and investments in smart cities. This rise is also being fueled by the industrial sector, which is seeing an increase in demand for cutting-edge products with EMI suppression, proactive safety and efficiency features, and dynamic thinking skills. Yet, the rising demand for cutting-edge solutions is impeding the expansion of the miniaturisation segment.

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The Market in Japan

Japan's power electronics market is expanding, largely due to rising demand from sectors like renewable energy and electric vehicles. The emergence of new technologies like artificial intelligence and machine learning, which are undermining the traditional revenue sources for power electronics companies, is also causing disruption in the market. Notwithstanding this disruption, the development of these cutting-edge technologies is also opening up new market prospects for Japanese manufacturers of power electronics. The creation of stable, dependable, and environmentally friendly power transmission networks is the main focus of the Japanese market. The demand for electric vehicles and renewable energy is rising, which bodes well for the future expansion of Japan's power electronics sector.

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).

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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