Overview of Power Electronics
Control systems, converters, generators, substations, and transmission and distribution systems are among the products sold in the Power Electronics Market. These networks are essential for moving electricity from generators to consumers.
Applications of power electronics in electric power systems
A range of electric power systems, including distributed renewable generation energy storage systems and traditional grid-connected systems (which include fossil fuel facilities), depend on power electronics (DERESS).
Industry Trends
A CAGR of 4.4% is predicted for the power electronics industry, which is expected to grow from USD 37.4 billion in 2021 to USD 46.3 billion in 2026. This expansion is a result of the growing demand for reliable, effective electricity transmission infrastructure.
The key factors driving the rise of the power electronics business are the ongoing demand for electronics products and services, increased investments in renewable energy sources, and emerging technologies like mobile computing and the Internet of Things. These factors are projected to drive continued expansion in the power electronics market despite the unfavourable effects of macroeconomic events on the overall economy.
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The Market in Europe
Europe is where power electronics first emerged. More than 100 companies in this industry have their main offices in Europe. The European market is dominated by Siemens, ABB Group, and Emerson Electric. Each of these companies is equipped to provide customers with the entire range of power electronics products and services. Customers may now select the best equipment for their particular needs thanks to this.
The Chinese Economy
Due to the increased demand for automation and renewable energy across many industrial applications, the market is growing considerably. China's need for power electronics is being driven by a number of factors, including as rising sales of electric cars, growing infrastructure spending, and rising investment in smart cities. The increasing demand from industrial players for sophisticated solutions like EMI suppression, proactive safety and efficiency features, and dynamic thinking abilities is also impeding the evolution of the miniaturisation industry.
Japanese marketplace
An increase in demand from industries like electric automobiles and renewable energy is the primary factor driving the expansion.
The market is being upended by the introduction of new technologies like artificial intelligence and machine learning, which are eroding the traditional sources of income for power electronics companies. However, the advancement of these cutting-edge technology is also opening up new business prospects.
Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated ( (Japan).
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