Global Power Electronics Market to Cross USD 27 Bn by 2024, Expects Variant Market Research in Its Report Available at MarketPublishers.com14 Jun 2017 • by Natalie Aster
LONDON – By 2024, the world’s market for power electronics is poised to amount to USD 27 billion, exhibiting a healthy CAGR of 8.6% during 2017-2024. The market growth is mainly fueled by factors like rising adoption of power electronics in the production of electric vehicles, enhancing need for power management devices and improved durability and increased efficiency of power electronics. Still, the market comes across a range of barriers to further growth, for instance, current leakage at high temperature. Favourable government initiatives in HVDC and smart grid are predicted to open novel business opportunities for the power electronics market in the offing.
Such beneficial advantages of power electronics as the ability to increase switching speed and prevent power loss has significantly driven its adoption in renewable energy plant systems and electric vehicles, which is poised to continue gaining traction in the coming years. Constantly escalating demand for electric vehicles and also for high voltage operating devices encourages an uptake of the demand for power electronics across different industries like energy & power, consumer electronics, and automotive, amid others.
Toshiba Corporation, Mitsubishi Electric, Texas Instruments, STMicroelectronics, ABB Group, Renesas Electronics Corporation are only a few of the top participants in the world’s market for power electronics.
Cutting-edge report by Variant Market Research, “Power Electronics Market (By Type, By Device, By Application) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024”, provides a detailed analysis of the power electronics market on the basis of major segments (by type, device, application). It also offers relevant qualitative and quantitative info on the historical and current market performance, includes an overview of the market dynamics, examines the main growth drivers, restraints, challenges and opportunities. Moreover, this publication explores the market scenario across the key geographies, comprises value chain analysis and Porter’s five forces analysis as well as identifies and discusses the most vital market development trends and emerging lucrative opportunities. The report reviews the competitive landscape and gives 8 granular profiles of the prominent market players. A future outlook through 2024 is available.
Many other in-demand reports prepared by Variant Market Research are available here.