Demand of power electronics market and its analysis
Looking forward to the power electronic market, the global demand is projected to grow from $12.9 billion in 2015 to $ 20.0 billion by 2022. The credit goes to advanced technology, expansion of application base relating to power electronics and the most important is the adaptation of renewable energy source globally.
Explore the priority:-
Power electronics market relates to power electronic devices that have been converting electrical energy into another. Based on end user, the power electronics market is categorized broadly into power and energy, automotive, consumer electronics and many more. Among these the highest was that of consumer electronics industry in the year 2015. It’s the role of power electronics market by material and geography that matters the most. The power electronic based substituents have undergone a huge transformation since 30 years. Further it’s the technology related application which has increased. This is because of the emergence of semiconductor based devices and microprocessors. Apart from that, the development and use of wide band gap (WBG) semiconductor devices is expected to result in a breakthrough in the power and electronic industry. This has been attributing towards the use of superior materials like SiC, GaN which are efficient among other to allow the electrical devices perform at higher speed with efficient voltage and temperature.
These two materials (silicon carbide and gallium nitride) are WBG materials. They carry potentiality to enhance the efficiency of power electronics. Mostly the silicon based products supports applications of less than 600 volts and is expected to replace GaN type WBG semi conductors. And the latter product category is expected to play a pivotal role in radio frequency and power supply application in near future.
The growing need for power management devices and the rising usage of the power electronics in various aspects have been the key influencer of all the great news of the power electronics today.
Trends and dynamics in power electronic market:-
The Global power electronics market is booming day by day because of abundant investment in its research and development. Analyzing the electronic market by material and geography is also an important factor. Because the sources to generate electricity also matters the most. The deployment of the power electronic technology associated with renewable energy sector is also supporting the growth of the power electronic market. Mostly the use of power electronic devices and their utility applications with rising demand for any higher power density in the electronic is considered to be the key factor that manages the growth of the market.
Application based power electronic supply:-
Based on application, the power electronics market is divided into ICT, power, consumer electronics, industrial, aviation and automotive, defense etc. these sources accounts for the largest of market size since 2016 and is still generating a huge amount of revenue from it.
But something that prohibits market growth is the restriction to the market growth. Conversely the rising demand for plug-in electric vehicles and certain innovation in power metal oxide semiconductor field effect transistor is creating profitable opportunities for the power electronic industry.