Power Electronics Market Emerging Trend, Advancement, Growth and Business Opportunities to 2027
Power Electronics Market Overview:
The purpose of this study is to provide an in-depth analysis of the Power Electronics market by component, application, industry, and geography. The study provides detailed information on the major factors influencing the growth of the Industrial Electronics industry. The study also provides a thorough examination of the market's value chain.
Power electronicsdevices are used in a wide array of applications, including power drive controllers, propellers, and protective assistance systems, fuel monitoring and control, air traffic control, guidance, interior illumination, navigation, and telecommunications. Signal processing for the modern radar system, aircraft, defense systems, unmanned aircraft vehicle systems, and missile controllers, for example, need for computing power that generates a lot of heat. Power electronics that are efficient assist to minimize heat and boost efficiency.
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Power Electronics Market Dynamics:
The developments in the electric vehicles industry are one of the major drivers of the power electronics market. Power electronics devices are used in multiple elements of contemporary automobiles, including the starter motor, windscreen wiper controller, adjustable front illumination, luminaires, and power transmission steering. Power electronics devices are predicted to play an important role in energy conservation in electric vehicles as the number of electric vehicles and hybrid electric vehicles grows. Vehicle power systems largely process and manage the energy flow in hybrid and plug-in electric cars, as well as the speed-torque generated by the motor.
Power Electronics Market Segmentation:
Consumer electronics accounted for the largest market share in 2020, according to Vertical. During the aforementioned forecast period, a CAGR of 6.7% is anticipated.
The demand for power electronics is likely to be boosted by the rising use of household appliances like smartphones, laptops, and wearable electronics, particularly in developing countries. The segment's growth in the power electronics market is also anticipated to be aided by the expanding use of power electronics in home appliances. Gallium Nitride power electronics products are used by Original Equipment Manufacturers with offices in China and South Korea, such as Samsung and Huawei, to create high-wattage internal adapters for smartphones as well as supplemental fast chargers.
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Power Electronics Market Key Players:
- Hitachi (Japan)
- Infineon Technologies (Germany)
- STMicroelectronics (Switzerland)
- Mitsubishi Electric (Japan)
- Fuji Electric (Japan)
- NXP Semiconductors (Netherlands)
- Renesas Electronics (Japan)
- Toshiba (Japan)
- ABB (Switzerland)
- GaN Systems (Canada)
COVID-19 Impact Analysis on Power Electronics Market:
COVID-19 is a historic global public health emergency that has impacted virtually every business, and the long-term consequences are expected to have an impact on industry growth throughout the projection period. Our ongoing research expands our research methodology to include basic COVID-19 concerns as well as potential next steps. The research sheds light on COVID-19 by taking changes in consumer behaviour and demand, purchasing patterns, supply chain re-routing, the dynamics of modern market forces, and significant government initiatives into account. Based on the market impact of COVID-19, the updated report includes insights, analysis, projections, and predictions.
Key Questions Answered in the Power Electronics Market Report are:
- Which segment had the largest share in the Industrial Electronics market?
- How is the competitive scenario of the Industrial Electronics market in 2020?
- Which are the key drivers impacting the Power Electronics market growth?
- Which region holds the maximum share in the Power Electronics market?
- What will be the CAGR of the Industrial Electronics market during the forecast period (2021-2027)?
About Stellar Market Research:
Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company's products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company's subject-matter expertise and capacity to provide a workable solution to any research problem.
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