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Power Electronics Market in Module Products Segment is Expected to Showcase Substantial Growth by 2024

Author : Ronak Bora | Published Date : 2019-04-15 

Segmentation of the power electronics market by module products is anticipated to experience substantial growth. As the demand for smartphone and handheld, battery devices is anticipated to increase, the demand for these systems is projected to be propelled as a consequence. The demand for the discrete products segment is projected to experience high growth during the forecast timeframe. An increasing number of appliances use auto jumper cables, in which this component is a pre-requisite for the prevention of sparks and electric shocks for destroying the device or causing injury to human life.

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Power Electronics Market is projected to reach a revenue of over USD 45 billion over the forecast timespan. The shift towards the adoption of smart grids and the improvements in energy infrastructure is anticipated to drive the consumption in the industry. Governments of countries such as India and the U.S. are funding the construction and enhancement of power infrastructure with the delivery of low-cost power to rural and underserved locations. In remote areas that are separated by a wide area from the main power generation plant, the loss of energy with transmission over a large distance is a major issue. An efficient and reliable method for combating this issue is high-voltage, direct current transmission, aiding the growth of the power electronics market.

The rising consumption of automobiles and consumer electronic devices such as smartphones, laptops, household electronics is anticipated to contribute to the high growth of the power electronics market. This equipment is a basic component in a majority of such devices as switchers, drive motors, among others. The application of these systems can also massively aid in boosting the efficiency of the equipment. For instance, in a washing machine, a variable-speed motor can provide a high-speed spin cycle that will extract the extra water.

Growth Drivers

  • Rising demand for renewable energy and improvements in power infrastructure in Asia Pacific, Europe and the U.S.
  • Need for increasing energy efficiency in industrial applications in Eastern Europe and South-East Asia
  • Growth of electric (EVs) and hybrid vehicles (HEVs) in North America and Asia Pacific
  • Growing consumer electronics market in the Asia Pacific
  • Deployment of smart grids in Europe

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Smart grids usage impacts the growth of the power electronics market. These systems have high penetration owing to their ability to utilize control systems and digital communications to monitor and control power flows to make the power grid efficient and cost-effective. The applications of power electronics market in smart grids are in the form of thyristors, AC/DC and DC/DC converters, and LED systems.

The Asia Pacific region is anticipated to be one of the most lucrative territory for power electronics market, given the wide-ranging deployment of the products across a multitude of business verticals. The economic boom in the region has resulted in increased disposable income in the middle-class households which has enabled them to purchase a greater amount of luxury electronic goods and systems. To add to it, the power losses and consistent current fluctuations, especially in manufacturing and industrial sectors of the region, have necessitated the deployment of power electronics systems such as UPS, inverters, and power regulators.

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Power electronics market players include ENERCON, NXP Semiconductor N.V., Mitsubishi Electric, Infineon Technologies, Microsemi Corporation, Texas Instruments Incorporated, Renesas Electronics Corporation, ON Semiconductor, and Semikron Electronics GmbH & Co., Inc.

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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