The power electronics market is witnessing growth due to the rising requirement for higher power density and inclusion of power electronic devices in utility applications. It valued $12.9 billion in 2015 and it is projected to reach $20.0 billion by 2022, advancing at a CAGR of 6.2% during the forecast period (2016–2022).
Power electronics are devices that convert electrical energy into different energy forms. They are mainly of three types — power discrete, power integrated circuits (IC), and power modules.
The power electronics market is witnessing the trend of huge investments by market players in research and development (R&D) to stay ahead of their competitors. This is being done by companies to achieve innovations and come up with superior products and technologies to gain a competitive advantage over other players.
Another trend in the power electronics market is the rising applications of these devices across various sectors. The automobile sector is emerging as a major application area for power electronic devices. The demand for such devices in the automotive industry is witnessing a rise due to the evolution of hybrid electric vehicles and electric vehicles.
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R&D activities can provide better products in terms of efficiency, which is a key criterion for customers while deciding to procure a product or technology.
The inclusion of infotainment systems in automobiles is further adding to the demand for high-power-density power electronic devices. Industries such as defense, telecom, consumer electronics, and healthcare are other application areas of these devices.