The study reveals that the global power electronics market is likely to grow from $12.9 billion in 2015 to $20.0 billion by 2022. Power electronics is used in various industries such as automotive, power & energy, ICT, consumer electronics, and aerospace & defense; however, among these industries, the largest user of power electronics is consumer electronics industry. As per the research findings, among the various devices, power discrete has been the largest market. The power modules segment is expected to witness fastest growth in demand during the forecast period. Among the various end-users, the global power electronics market has been generating maximum revenue through the consumer electronics segment.
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Geographically, Asia-Pacific has been the largest revenue contributor to the global power electronics market. China has been the largest market in Asia-Pacific, while the U.S. led the North American market. Germany has been the major European market, whereas U.A.E. stood as the largest market in Rest of the World.
The increased penetration of PE devices in utility applications is also driving the market growth. It is expected that by 2030, up to 80% of the electricity produced will use power electronic devices. These devices enhance the performance of electricity grid. This is complemented by the increased integration of renewable energy sources into the grid. It is expected to empower consumers in the residential, industrial, and commercial sectors.
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The overall intensity of rivalry in the power electronics market is high. The intensity of rivalry is high due to existence of a large number of players in the market. The medium industry growth rate creates a moderate degree of rivalry in the power electronics market. The intensity of rivalry is also high because of low differentiation among the products. The low switching cost further elevates the level of competition in the power electronics market.
According to the findings, Infineon Technologies, STMicroelectronics and ON Semiconductor have been the major players to introduce new power electronic products in the recent years. The other major developments in the market include merger and acquisition, and partnerships and collaborations.