Power Electronics Market Scope, Demand and Forecast to 2027

Owing to the huge demand for the Power Electronics product, key players operating in the market relish on economies of scale. Due to a large number of partnerships and collaborations, the demand for the Power Electronics product has risen at a considerable rate. However, the new entrants in the market are in an effort to increase their partnerships with the OEMs, which will result in an increased market share over the coming years. On the other hand, companies are also investing heavily in interoperability, which is expected to intensify the market competition during the forecast period.

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Autonomous vehicle market companies are Alpha Omega Semiconductor (AOS) Europe, AMS AG, Analog Devices Inc, Dialog Semiconductor, Diodes Incorporated, Semiconductor Component Industries LLC, Infineon Technologies AG, Renesas Electronics Corporation, Maxim Integrated, Microchip Technology Inc., STMicroelectronics, Texas Instruments, Toshiba Electronic Devices Storage Corporation, Vishay Intertechnology Inc., and Allegro Semiconductors

Regional Assessment

The global business regional analysis was conducted in four major regions including Asia Pacific, North America, Europe and the rest of the world. The European region will dominate the market for Power Electronics due to Growing demand for natural gas for generating power and heating spaces. The region needs better transport facilities for gas as the current physical pipelines have become outdated and require high maintenance and upgrade costs. Asia-Pacific is the fastest growing region, since the region's developing nations are the net importers of natural gas. China itself was the largest consumer of natural gas in 2017, with industrialization and urbanization projects expected to increase consumption. The region's emerging markets, such as Indonesia and Pakistan, are also experiencing high demand for natural gas, which brings opportunities for Power Electronics in Asia Pacific.

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Segmentation

The global Industry segmented into Power Electronics Market Size, type, component, voltage, application and region. By type the segment is further classified into skid mounted and mobile Power Electronics. By component, the segment is further classified into switchgear, bus bar, HVAC systems, transformer, frequency drives, monitoring and control systems and others. By voltage, the segment, is further classified into low voltage and medium voltage Power Electronics. Power Electronicss are used in various industries such as oil and gas, mining, transportation, and power utilities.

Key Findings

In October 2018, ABB, technology leader and manufactures robotics, power and heavy electrical equipment, won a contract of worth USD 45 million to construct a substation in Dubai which helps in boosting distribution capacity.

In April 2018, Zest WEG Group, is expanded their Power Electronicss business in Africa to meet the increase in demand from industries.

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Covid 19 Analysis

Due to a rise in phishing activities, COVID-19 has substantially increased the adoption of cloud infrastructure and services. In addition, COVID-19 has significantly increased the security budget, which has resulted in a large increase in cloud infrastructure and services. According to the findings of a study conducted by Microsoft and published in August 2020, 36% of the total 800 respondents said that the budget for cybersecurity had risen as a consequence of the pandemic outbreak. Additionally, 42 percent of those who answered the survey said that the company altered its personnel by adding more security experts.