Global Power Electronics Market (2020 to 2025) - Growing Industrialization in Developing Economies Presents Opportunities.
M2 PRESSWIRE-July 9, 2020-: Global Power Electronics Market (2020 to 2025) - Growing Industrialization in Developing Economies Presents Opportunities
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RDATE:09072020
The "Power Electronics Market with COVID-19 Impact Analysis by Device Type, Material, Voltage, Vertical, and Geography - Global Forecast to 2025"
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The global power electronics market size is projected to grow from USD 35.1 billion in 2020 to USD 44.2 billion by 2025, at a CAGR of 4.7%.
The increasing focus on the use of renewable power sources across the globe, growing adoption of power electronics in the manufacturing of electric vehicles, and increasing use of power electronics in consumer electronics are the major factors driving the growth of the power electronics market. The power electronics market in 2020 is expected to be affected by the impact of COVID-19 as most of OEMs are experiencing a decline in demand for end-products, which ultimately will affect the growth of the power electronics market.The increasing use of GaN & SiC products in various applications and growing industrialization in developing economies are projected to create lucrative opportunities for the players operating in the power electronics market during the forecast period.Based on the product type, the power modules market to grow at the highest CAGR during the forecast periodThe power modules market is expected to register the highest CAGR during the forecast period. High power efficiency requirements from various applications are driving the demand for power modules. Government initiatives to increase the adoption of EV/HEV, rising electrification in the automotive industry, increasing trend of clean energy generation (renewable energy generation), increasing number of charging stations, growing industrialization, growing adoption of intelligent modules in consumer appliances, and industrial automation & Industry 4.0 are expected to be the major factors driving the growth of the modules segment. Modules are used in various applications, such as motor control and drives; hybrid-electric solutions for construction, commercial, and agricultural vehicles; solutions for solar energy systems; uninterruptible power supply (UPS); room air conditioners; high frequency & switching applications; dc/dc converters; auxiliary inverters; hybrid electrical vehicles; and inductive heating & welding.Based on voltage, the low...
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