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Renewable energy generation is one of the key revenue pockets for the power electronics market in APAC

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Renewable energy generation is one of the key revenue pockets for the power electronics market in APAC

June 19
15:56 2020
The Japanese government has aimed to have all new cars sold in Japan to be electric or hybrid vehicles by 2050. Likewise, the Korean Government is aiming to achieve electrification of 33% of new vehicles by 2030. All these factors expected to drive the growth of the power electronics market in APAC.

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 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.

The increasing manufacturing and sale of electric vehicles is expected to create significant opportunities for the power electronics market in the transportation application segment. The advent of electric vehicles (EVs) is one of the most important steps in environmental conservation. They require an electric power supply instead of fossil fuel to function and, thus, are eco-friendly. This factor has fueled the growth of the electric vehicles market. As these vehicles completely rely on the electrical power supply, the adoption of power electronic devices in the manufacturing of these vehicles is high. The growth of the EVs market is projected to have a significant impact on the power electronics market in the coming years.

 https://www.marketsandmarkets.com/Market-Reports/power-electronics-market-204729766.html

The increasing adoption of consumer and connected devices is expected to drive the growth of the market. Power electronic products are used in a wide number of home appliances such as air-conditioning power supplies, washing machines, dishwashers, and induction heaters. Most of the power electronics used today are improving control of loads, such as variable-speed drives for motors that drive fans, pumps, and compressors or in switching power supplies found in most of the consumer electronics.

Consumer electronics, such as smartphones, tablets, TV, wearables, and infotainment devices, always require efficient power management ICs. With the increasing demand for portability, autonomy and energy efficiency, GaN (gallium nitride) has become an important building block for power electronics and enabling companies to provide efficient solutions for their customers.

 

 

APAC is expected to be the fastest-growing market for power electronics owing to the growing production of HEVs and EVs, consumer devices, and use of renewable energy in China, India, and South Korea. China is the world’s largest producer and end user of consumer electronics devices, such as smartphones tablets and home appliances. The increasing need for power management in consumer devices fuels the demand for power electronics in the consumer electronics vertical.

Renewable energy generation is one of the key revenue pockets for the power electronics market in APAC. Governments in multiple countries of the region are motivating the shift toward renewable energy generation, mainly photovoltaics or solar, in the form of various offers and subsidies. Moreover, fast-track adoption of electric vehicles across the region is also a primary factor driving the power electronics market growth. Various countries in APAC have set targets to increase the adoption of electric vehicles in order to reduce pollution levels.

 

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