The power electronics market is expected to experience rapid growth, underlined by the increasing demand for electronic modules in smart home appliances and the purchase of advanced consumer electronics. These modules are widely used in air conditioners, smart TVs, HVAC control systems, robotic vacuum cleaners, smart energy meters and other smart devices to increase the energy efficiency of appliances and avoid the risk of electric shock. . The growing inclination towards IoT and AI technologies in smart homes could create new business opportunities for power electronics manufacturers.
According to a report published by Global Market Insights, the power electronics The market is expected to exceed $ 30 billion by 2027. This might be possible given some of the trends mentioned below.
Accelerate sales of electric vehicles
Electric vehicles are gradually replacing conventional gasoline vehicles and are gaining in importance in North America and Asia-Pacific. Escalating fuel prices in the APAC region have prompted consumers to turn to more affordable transportation solutions like electric vehicles. In the coming years, it is likely that electric vehicles could become the preferred mode of transportation given new technological advances in more durable and affordable batteries.
This change could also speed up the production of power electronics systems, such as MOSFETs, power switches, power modules, IGBTs, and power management integrated circuits (PMICs), as they are highly integrated into battery management units (BMUs), automotive powertrains. motor systems and drives. Government initiatives to encourage sales of electric vehicles due to concerns about emissions and the environment could boost the supply of and demand for power electronics in the electric vehicle sector.
Installation of EV charging stations across Europe
With increasing production and sales of electric vehicles in European countries like France, UK, Italy, Spain and Germany, the requirement for an efficient charging infrastructure is increased. . According to the Department for Transport, as of January 2021, there were 20,775 public electric vehicle charging devices in the UK, of which 3,880 were fast chargers. These charging infrastructures are integrated into a myriad of electronic power systems. The gradual construction of new electric vehicle charging stations in remote locations in Europe could increase the business prospects for power electronics in the region. According to a report, the European power electronics market was valued at over USD 4 billion in 2020 and is expected to register a CAGR of 4.5% between 2021 and 2027.
Technological advances in power electronics
Companies like NXP Semiconductor NV, Texas Instruments Incorporated, Fuji Electric Co. Ltd., Mitsubishi Electric Corporation, STMicroelectronics NV, ON Semiconductor Corporation, Infineon Technologies AG, TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION, among others, hold a significant stake in the mains power electronics. All of these companies focus on taking strategic initiatives such as investing in R&D activities for the development of technologically advanced products, and mergers and acquisitions.
Highlighting such cases, in May 2019 Infineon Technologies AG announced the launch of the HybridPack power module series, which has applications in electric vehicles. In December 2020, Toshiba released a 1,200V Silicon Carbide (SiC) MOSFET, which has applications in DC-DC converters, photovoltaic inverters and AC-DC converters.