According to a recent report by Research Dive, the global power electronics market is divided into different segments based on device type, material, application, end-user, and regional outlook.
- Device Type
The power module segment is expected to dominate the global market with a significant revenue during the forecast period, 2020-2027. Growing awareness about renewable energy sources, increased adoption of HEV/EV, rising number of charging stations, increasing electrification in the automotive sector, and rising usage in intelligent modules in consumer electronics are the driving factors of the market segment.
- Material Segment
The silicon carbide segment is predicted to register the maximum revenue in the power electronics market during the forecast period. The growing utilization of silicon carbide devices by OEMs for the manufacturing of hybrid vehicles is contributing to the growth of the segment. Silicon carbide devices are in high demand because of their reliability, high operating temperature, size, high voltage capabilities, and great efficiency. These benefits make SiC components highly preferred material for multiple applications such as UPS, charging infrastructures, electrified automobile systems, and renewable energy generation mainly for photovoltaics.
- Application Segment
The renewable segment is expected to experience an exponential growth in the power electronics market during the forecast period. The main factor behind this growth are rising the government initiatives across the globe to reduce carbon footprint and stress given on the use of non-renewable sources of energy. Rising activities in the renewable energy sector have increased the demand for power electronics, which is enhancing the growth of the market segment.
- End User Segment
The automotive sector is anticipated to garner the highest revenue during the forecast period. Growing use of power electronics in hybrid electronic vehicles (HEV) and electronic vehicles (EV) for increased efficiency and reliability is propelling the growth of the market segment. The growing production of HEV/EV is increasing the utilization of power electronics and further propelling the market growth.
The report provides an all-inclusive overview and an in-depth statistical analysis of the market by collecting data from industry experts and different sources prevalent in the market. The statistics presented in the report are extensive, reliable, and the outcome of an exhaustive analytical research. The report offers qualitative and quantitative trend analysis for the period of 2020-2027 to assist stakeholders to understand the overall market scenario. Comprehensive analysis of the key segments validates the types of products used in the industry and their applications.
Key Highlights of the Report
- This report offers trends and innovative developments along with an in-depth quantitative analysis of the market
- Estimated market size and forecasts, derived by scrutinizing growth attributors and restraints.
- Insights into the performance of leading market players, Porter’s Five Forces Analysis, and business strategies
- The prevailing and forthcoming investment opportunities
- SWOT analysis
Reference Link: https://www.researchdive.com/385/power-electronics-market
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