Power Electronics (PE) refers to devices that convert electrical energy from one form to another. The global power electronics market has been growing at a moderate rate. Power electronics is used in various industries such as automotive, power & energy, ICT, consumer electronics, and aerospace & defense; however, among these industries, the dominating share is occupied by consumer electronics industry. Power electronics devices are mainly used in products such as laptops, smart phones, televisions, computers, LCDs, and DVDs. The rapid adoption of new technology and the need to provide stable power supply are the major drivers for the adoption of power electronics in the consumer electronics sector.
The global power electronics market is likely to grow from $12.9 billion in 2015 to $20.0 billion by 2022. The technological advancements, increasing number of applications for power electronics and growth in adoption in renewable energy segment are the factors driving the growth of the global power electronics market.
Power electronics has changed rapidly during the last thirty years and the number of applications has been increasing, mainly due to developments of the semiconductor devices and the microprocessor technology. Today, it is accepted globally that a real breakthrough in the power electronics industry is expected to come from the development and use of WBG semiconductor devices. The two major WBG materials with the potential to allow significant advances in power electronics are silicon carbide (SiC) and gallium nitride (GaN). GaN is expected to be the major WBG semiconductor for the replacement of silicon-based applications requiring device ratings less than 600 volts, but its impact is expected to be predominant for radio frequency (RF) and power supply applications.
The adoption of power electronics in the renewable energy sector has been rejuvenating the market. The increasing demand for higher power density in electronics and high penetration of power electronics devices in utility applications are the major drivers for the global power electronics market.
Taking into an account of geographical landscape, 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.
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