AI-powered integrated circuits, energy management systems, Supervisory Control and Data Acquisition (SCADA) technology, and Micro-Electromechanical System (MEMS) are all new application areas of power electronics systems.
FREMONT, CA: The power electronics market is projected to observe a Compound Annual Growth Rate (CAGR) of 5.0 percent over the period of 2020 to 2025. Expansion in the technology that enables the Internet of Things (IoT), semiconductor technology, and nanotechnology fields is projected to drive the market for power electronics in the impending years. AI-powered integrated circuits, energy management systems, Supervisory Control and Data Acquisition (SCADA) technology, and Micro-Electromechanical System (MEMS) are all new application areas of power electronics systems.
Power electronics is the power management from one system to another through several components like inductors, capacitors, and other semiconductor devices. Moreover, power electronics is the integration of control systems, energy, and electronic devices.
Development in energy infrastructure, generation of renewable energy, and energy-efficient portable electronics components are driving the market at a higher rate. Vendors in the market are devoted to offering power electronics solutions in several industries like automotive, consumer electronics, aerospace and defense, transportation, energy and power, medical, and many others.
Furthermore, to reciprocate demand for energy-efficient power architectures, vendors provide a GaN-on-Si technology power device with the superior switching speed and circuit efficiency.
Key Market Trends
Surge in Requirement for Power Electronics in Automotive Industry
• Integration of highly developed driver assistance, convenience systems, and safety in almost all automotive vehicles will be the chief factor boosting the requirement for power electronics in the automotive division. Besides, the increase in the sale of hybrid and electric vehicles will significantly help the market to grow over the forecast period. Hybrid electric vehicles have already gathered an enormous thrust globally, particularly from the North American and European countries. This popularity of hybrid technology will help the expansion of the power electronics market to a reasonable extent.
• The supremacy of electronics and electrics in the vehicles will constitute the bulk of the share in the power electronics industry. Furthermore, power electronics systems in multiplexed bus systems and electric vehicles with distributed power integrated circuits for control of lights, air conditioning, and motors is also transforming the automotive sector.