Solid state electronics that is used for converting and controlling flow of electrical energy via electronic circuits is called as power electronics.
Increasing deployment of smart grids, increasing demand for portable battery-powered devices, and increasing need for energy management infrastructure are major factors driving growth of the global power electronics market. In addition, increasing adoption of power electronic in electric vehicles is further driving growth of the target market. Moreover, increasing adoption from various sectors such as automotive, healthcare, consumer electronic is expected to further boost demand for power electronics in the global market.
The global power electronics market is segmented on the basis of material, device, application, and region. On the basis of material, the global market is segmented into silicon, sapphire, silicon carbide, gallium nitride, and others. The silicone segment accounts for highest market share in terms of revenue and is expected to witness highest growth over the forecast period.
On the basis of device, the global market is segmented into discrete, module, and Integrated Circuit (IC). The discrete segment accounts for highest market and is expected to witness highest growth over the forecast period. On the basis of application, the global market is segmented into information and communications technology (ICT), consumer electronics, power, industrial, automotive, aerospace & defense, and others. The automotive segment is expected to witness highest growth over the forecast period.
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On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific market dominates the global market in terms of revenue and is expected to maintain its dominance over the forecast period. The Asia Pacific power electronics market is expected to witness highest growth over the forecast period, owing to presence of major consumer goods manufacturers in countries such as China, Japan, and south Korea in this region.
Key players in the global market are Texas Instruments, Inc., Infineon Technologies AG, Qualcomm, Inc., Mitsubishi Electric Corp., STMicroelectronics N.V., Maxim Integrated Products, Inc., Fuji Electric Co. Ltd., NXP Semiconductors N.V., Vishay Intertechnology Inc., Renesas Electronics Corp., and other prominent players.