Power Electronics Market to Grow at a 5.5% CAGR by 2023

Power Electronics Market analyzes the competitive developments such as joint ventures, collaborations, agreements, contracts, partnerships, mergers and acquisitions, and product launches carried out by the key players to grow in the market.

June 7, 2018 /MarketersMedia/ —

Power Electronics Market is expected to grow from USD 39.03 billion in 2018 to USD 51.01 billion by 2023, at a CAGR of 5.5% between 2018 and 2023. Major players in the Power Electronics Market are Infineon Technologies (Germany), Texas Instruments (US), On Semiconductor (US), ST Microelectronics (Switzerland), Mitsubishi Electric (Japan), Fuji Electric (Japan), Renesas Electronics (Japan), Toshiba (Japan), NXP Semiconductors (The Netherland), Vishay Inter technology (US), Maxim Integrated Products (US), SEMIKRON (Germany), ABB (Switzerland), Hitachi(Japan), Analog Devices (US), ROHM Semiconductor (Japan), Microsemi (US), Littelfuse (US), Microchip Technology (US), and Danfoss (Denmark).

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Growing demand for energy-efficient battery-powered portable devicesand upgrade of power infrastructure are the major drivers for the power electronics market growth, while complex design and integration process for advanced technological devices restrain the growth of the power electronics market.

This growth is attributed to the increasing use of power devices in automotive and industrial verticals. The market for power discrete in transportation applications is showing significant growth, as the production of hybrid and electric vehicles is growing at a high pace. Moreover, to reduce power consumption, power discrete devices are used in majority of the verticals such as energy &power, ICT, consumer electronics, automotive, industrial, and others.

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The advent of electric vehicles (EVs) is one of the most important steps of environment conservation. These vehicles do not use any fuel and, thus, do not emit harmful gases. This factor has accelerated the growth of the electric vehicles market. As these vehicles completely rely on electrical power supply, the use of electronic devices is more in these vehicles. These devices are poised to have a greater impact on the power electronics market in the coming years.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with people holding key positions across several regions. The breakup of the profiles of primary participants has been given below:
• By Company Type: Tier 1—20%, Tier 2—55%, and Tier 3—25%
• By Designation: C-Level Executives—50%, Directors—25%, and Others—25%
• By Region: North America—60%, Europe—20%, APAC—10%, and RoW—10%

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Release ID: 356626