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Power Electronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Power Electronics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • September 2021
  • 165 pages
  • ID: 6155646
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

The power electronics market is anticipated to witness a CAGR of 4.62% over the forecast period (2021 - 2026). The growing need for power-efficient products is one of the major factors driving the demand for power electronics products across all end-user industries. Therefore, the increasing need for energy-efficient products in markets, such as data centers, automotive, telecom infrastructure, and 5G devices, is becoming a major investor in the studied market. The growing adoption of power management ICs is also fuelling the demand for power electronics.

Over the last few years, power electronic products are integrated into all types of energy conversion applications. They are needed in all phases of the conversion process, from generation through transmission and, ultimately, consumption. Advancements in energy infrastructure, production of renewable energy, and energy-efficient portable electronics components drive the market growth at a higher rate. Silicon carbide (SiC) and gallium nitride (GaN) are particularly well-suited for power electronics use.
Power electronic vendors are also betting high on the renewable energy market. The recent trend of energy saving, in industries like data center and energy storage, and growing commercialization of 5G technology will offer a massive opportunity to electronic power vendors, especially in distribution centers and in communication applications. For instance, according to the Chinese Ministry of Information Technology (MIT), the country deployed over 700,000 5G base stations in 2020 and the country is expected to have 600 million subscribers by 2025, according to GSMA.
Further, the IGBT and MOSFET market will continue to increase, but part of the market will go to SiC, especially when talking about modules for EV/ HEV. Moreover, the demand for power MOSFET is supported by their growing use in replacing insulated-gate bipolar transistors and thyristors. Besides, the significant advantage of using power MOSFET in reinforcing the power efficiency of devices at low voltages is the increasing demand for the global power MOSFET market.
Also, trends in the automotive industry, like electric vehicle and autonomous vehicle, and increasing production of an electric vehicle is emerging as a significant driver for the power electronic market growth. Silicon carbide devices are already in use in the onboard battery chargers of electric buses, taxis, and lorries, as well as passenger cars. Power MOSFETs are used in electric and hybrid vehicles. Such trends are encouraging the manufacturers to develop innovative power electronics devices for automotive applications. For instance, Nexperia developed a new series of Trench 9 power MOSFETs, targeted primarily in the automotive industry.
Power semiconductor devices, including power discrete and power modules, are used extensively throughout automotive electronics systems. The pandemic-led shut down affected the automotive assembly plants for several weeks, first in China and then globally. Some automakers in China even slowed down their car sales due to insufficient supply of such components in Q4 2020. This is expected to hinder the growth of the market in the short term.
However, in the medium-term, vehicle sales rebound is expected due to the complete roll-out of the COVID-19 vaccine and improved treatment plans. As ADAS and electric and hybrid cars become more prevalent, the market for power semiconductors is expected to grow even further.

Key Market Trends

Aerospace and Defence to Hold Major Market Share

The aerospace and defense (A&D) sector is witnessing the ongoing struggle to reduce size, weight, power, and cost, while at the same time increasing command, communications, intelligence, and surveillance capabilities. This is forcing the A&D organizations to invest in solutions with ever-increasing power densities and capabilities.
In the sector, power electronics products are adopted for a vast range of applications, like power drive controls, landing gear, and defensive aids systems (DAS) engine systems and controls, flight control, navigation, cabin lighting, avionics, and communications, among others. For instance, signal processing for modern military radars, avionics, weapon systems, unmanned aerial vehicle (UAV) payloads, and missile controls use processing power that emits tremendous amounts of heat. Efficient power electronics help to reduce heat and improve performance
Many market vendors are offering products specific to the A&D industry. For instance, in January 2020, the US-based Solid State Devices Inc. launched the SFC35N120 1200-volt silicon carbide (SiC) power MOSFETs for high-reliability aerospace and defense power electronics applications, like PFC boost converters and high-voltage DC-DC converters.
Furthermore, the aviation industry is leveraging the potential benefits of SiC with an impact on all areas of the power supply system. The EU-funded MuSiCA project, which started in September 2020, aims to support the adoption of new silicon carbide devices in aerospace applications, enabling smaller and lighter power converters for more electric aircraft while helping reduce fuel consumption and carbon emissions.
As the entry of private aerospace companies becomes common, there is a growing demand for varied semiconductor devices. SpaceX, Blue Origin, and Virgin Galactic orient their companies for different verticals within the industry, requiring different power electronic components. Such trends are expected to drive the growth of the market studied during the forecast period.

Asia Pacific is Expected to Record Significant Growth Over the Forecast Period

The Asia Pacific is one of the major investors and adopters of the studied market, as many of the countries in the region are increasingly investing in the semiconductor industry. The region’s semiconductor industry is driven by China, Japan, Taiwan, and South Korea, which together constitute around 65% of the global discrete semiconductor market, while others, like Vietnam, Thailand, Malaysia, and Singapore, also contribute significantly to the region’s dominance in the market.
The technology boom is powering Asia’s economies. Explosive growth in new-era gadgets such as wearable devices and internet-linked connected appliances stoking fresh demand for components such as semiconductors and displays. India, Singapore, South Korea, and Taiwan would be among the economies expected to benefit most
The vendors of power electronics in the region are highly involved in EV automotive, consumer electronics, and the power and energy industry. As the region is the largest producer and consumer of electronic gadgets, the region offers a great opportunity.
The growth in electric vehicles market is encouraging various global players to expand in this region. For instance, in July 2020, Delphi Technologies PLC reinforced its position in vehicle electrification by securing a new power electronics business wins in the second quarter of 2020, with three market-leading Chinese Original Equipment Manufacturers (OEMs). The company has already built and launched a new manufacturing site in Suzhou, China, less than 18 months ago.
Additionally, the region is also witnessing the increasing development of data centers. The regional governments are also playing a significant role in the studied market developments. For instance, according to the Ministry of Electronics and Information Technology, the Indian government is also working on policies to develop a semiconductor and power electronic components manufacturing base in the country.

Competitive Landscape

The power electronics market is a fragmented one with the presence of various global as well as regional players such as Texas Instruments Incorporated, ABB Ltd., Veeco Instruments Inc., Gresham Power Electronics, Scientech Technologies Pvt., XP Power Limited, ST Microelectronics NV, Renesas Electronics Corporation, Toshiba International Corporation, Fuji Electric Co., Ltd., and many others. Most of these players are involved in several strategic developments, including mergers, acquisitions, new product launches, and market expansion, to gain a competitive edge in the global market.

April 2021 - ROHM Co. Ltd. developed four new 600V IGBT Intelligent Power Modules (IPMs), BM6437x series, that deliver low noise characteristics together with the low loss ideal for power conversion in inverters. The devices are used in compact industrial equipment, such as small capacity motors for robots, as well as home appliances, including air conditioners and washing machines.
March 2021 - Infineon Technologies launched its StrongIRFET 2 power MOSFETs in voltage ranges of 80V and 100V. The product is optimized for high as well as low switching frequencies, supporting a wide range of applications enabling high design flexibility. Some of its applications include SMPS, motor drives, battery-powered tools, battery management, UPS, and light electric vehicles.

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