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.
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. 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.
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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.
This post was originally published on Raleigh Recorder