Latest News- Power Electronics Market: Discrete is expected to lead the Product segment during 2024-2028

The Power Electronics Market is being driven by Increased adoption of renewable energy

The Power Electronics Market is expected to grow at a CAGR of 5.92% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 10.67 billion. In the realm of Power Electronics, smart grids represent the next generation of electrical power systems. These advanced networks facilitate seamless communication between grid components, enhancing operability and efficiency. Notable economies, including the US, Germany, Japan, and the European Union, are committed to developing renewable energy resources, leveraging smart grids as a cornerstone of their strategies. A smart grid encompasses the entire power network infrastructure, including generation, transmission, distribution, and consumption. A key attribute of smart grids is their data generation capacity. The voluminous information produced, coupled with the integration of variable power sources such as automation devices, sensors, and other smart devices, presents significant opportunities for utilities to manage multiple databases and synchronize them effectively. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Discrete
  • Module
• Material
  • Silicon
  • Silicon carbide
  • Gallium nitride
• Application
  • Power management
  • Uninterruptible power supply
  • Renewable
  • Others
  • Power management
  • Uninterruptible power supply
  • Renewable
  • Others
• End Use
  • Telecommunication
  • Industrial
  • Automotive
  • Consumer electronics
  • Military and defense
  • Energy and power
  • Others
  • Telecommunication
  • Industrial
  • Automotive
  • Consumer electronics
  • Military and defense
  • Energy and power
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased adoption of renewable energy
• Innovations to reduce design time of power electronic systems
• Rapid development of electric vehicles

However, the market also witnesses some limitations, which are as follows:

• Technological limitations of metal-oxide-semiconductor field-effect transistors (MOSFETs)
• Production challenges for wide bandgap materials
• Underdeveloped standards for new products in industry

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Market Scope in Power Electronics Market Research Report

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Research Analysis Overview

The Power Electronics Market is experiencing innovation through sustainable design, artificial intelligence, and hardware acceleration. Green technology, product lifecycle management, and cloud computing are driving the industry's shift towards reduced carbon footprints. Energy efficiency optimization, energy storage, and renewable energy integration are key focus areas. Future mobility, circuit design, and electronic design automation are being enhanced by edge computing and IoT integration. Battery technology, power consumption reduction, and thermal management are essential for device cost and circular economy. Power control, machine learning, and 5G technology are revolutionizing embedded systems. Silicon carbide, smart grids, workforce development, and simulation software are also significant trends. Artificial intelligence applications, sustainable manufacturing, and sales decline are shaping the market landscape. Electric vehicle charging, remote monitoring, and wireless communication are also crucial aspects of the power electronics industry.

Market Research Overview

The Power Electronics Market is a significant segment of the global Heavy Electrical Equipment Market, which is a key manufacturing industry serving the energy sector and other industrial sectors, including power, mining, and oil and gas. According to Technavio, the global Heavy Electrical Equipment Market encompasses companies producing equipment for power generation, distribution, and transmission, as well as manufacturers of electrical components such as silicon-based devices, wires, and cables. This market's size is determined by the combined revenue generated by these entities. Power Electronics Market trends include advancements in HVAC systems, energy consumption optimization, electric vehicles, control mechanisms, smart systems, and portable devices, requiring complex designs and diverse skill sets.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/