Switching electronic circuits are used to regulate the flow of energy and are known as power electronic devices. They enable conversion of electric power, alike semiconductor devices such as diodes, thyristors, and transistors and possess optimum forwarding, reverse backing, simplified circuitry, and compact designing capabilities.
The devices are useful in connecting power grids to renewable energy resources and are used in electric trains, lightings, and motor drives. The heat sinking and soft start of motors provided by power devices enable optimum energy consumption and efficiency at low costs.
The devices have experienced several up gradations and developments across different industry verticals. Manufacturers and researchers are undertaking extensive R&Ds to achieve technological advancements.
Currently, optimization of energy consumption (for reducing energy losses) and efficient usage of available resources are the highly-discussed issues. As such. this is forcing the manufacturers to invest more on reducing energy consumption and enhance the productivity. The global market is witnessing challenges that might hinder the growth. For instance, the complexity involved in the process of depositing materials such as Gallium Nitrite, Silicon Carbide, or Gallium Arsenide on the silicon material might impact the production of the devices. In addition, integration processes for advanced technology components and devices greatly influence productivity. Furthermore, the steady adoption of upcoming technologies, across economically backward countries and emerging economies, may also hinder the market growth.
Silicon, being a vital component in the manufacturing of any electronic device, the material dominates the segment as compared to other materials Silicon accounted for more than 80.0% of the market share in 2016 and is expected to continue growing and maintain its hold over the forecast period. However, sapphire is gaining considerable attraction in the consumer electronic and telecom industries, owing to its increasing applications in smartwatches, smart wearables, LED lights, and smartphone cover glasses. The segment is anticipated to exhibit the highest growth rate over the estimated duration.
Power integrated circuits (ICs) are being extensively used for power amplification and high-frequency range applications in the industrial, ICT, aerospace, and defense sectors. Therefore, the segment is predicted to witness a significant growth rate and reach the value of USD 20.8 billion by 2025. Further, the automotive segment is expected to experience a stringent growth over the forecast period and grow at the CAGR of 2.8% from 2017 to 2025. This significant growth of the segment is attributable to the increasing adoption of energy-efficient hybrid electronic vehicles.
Despite the stringent growth of the automotive sector is expected over the forecast period, the power vertical is projected to retain its dominance in the entire applications segment, owing to the trend of refurbishment of the existing power generation, transmission, and distribution systems. Various up gradations in the existing energy & power infrastructure are aiding the power vertical in gaining maximum share and in catering the overall power electronics market.
In-depth report on global power electronics market by Grand View Research:
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