The main market drivers for power electronics are anticipated to be the rising usage of power electronics in consumer products, the rapid development of EVs, and increased deployment of renewable energy sources. Furthermore, it is anticipated that increased production of wide bandgap semiconductors would present potential for market expansion over the long run. The Power Electronics Market is projected to grow from USD 37.4 billion in 2021 to USD 46.3 billion by 2026; it is expected to grow at a CAGR of 4.4% from 2021 to 2026.

The Power Electronics Market is a matured market and is competitive among the players within the market. Key strategies adopted by top players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and deals. For instance, In July 2020, STMicroelectronics (Switzerland) launched 26 new Schottky diodes in low-profile SMA and SMB Flat packages, covering voltage ratings from 25 to 200V and current ratings from 1 to 5A. These low-profile surface-mount Schottky diodes boost power density and efficiency. In March 2020, Infineon (Germany) expanded its CoolSiC Schottky diode 1200V portfolio by adding six devices in a D²PAK real 2-pin package. The diodes are perfect for applications such as industrial power supplies and DC charging stations, uninterruptable power supplies, and solar string inverters. In March 2020, GT Advanced Technologies (US) and ON Semiconductor (US) signed a 5-year agreement to produce and supply silicon carbide material valued at USD 50 million. With this agreement, GT Advanced Technologies will produce and supply its CrystX silicon carbide (SiC) material to ON Semiconductor, a global leader in driving energy-efficient innovations, for use in high-growth markets and applications.

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Infineon Technologies or Infineon is one of the primary players in the semiconductor solutions market. The company is dedicated to delivering smart and efficient energy generation, transmission, and consumption for the sustainability and empowerment of the energy market. Infineon operates through four major segments, namely, Automotive, Industrial Power Control, Power & Sensor Systems, and Connected Secure Systems, through which the company offers power electronics products, which play a vital role in increasing energy efficiency across the whole energy conversion chain. The company’s product offerings include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon offers a wide range of power electronics products, such as MOSFETs, IGBTs, Linear voltage regulators, DC-DC converters, Diodes & Thyristors, and Intelligent power modules, which serve a multitude of applications, including switched-mode power supplies (SMPS), computing, motor control and drives, consumer electronics, mobile devices, lighting solutions, and automobiles. The company also uses both Silicon and Gallium-based products to enhance the performance and efficiency of power electronics. The company markets its products to the automotive, industrial, communications, and consumer and security electronics sectors. Infineon Technologies operates globally, in the Americas, Europe, the Middle East, and Asia Pacific. The company has 54 research and development (R&D) and 21 manufacturing units located worldwide. A few subsidiaries of the company include Infineon Technologies Delta (Germany), Infineon Technologies Taiwan (Taiwan), and Infineon Technologies Holding (Netherlands).

ON Semiconductor is a spin-off company from Motorola (US). It is one of the major players in the Power Electronics Market, offering a comprehensive portfolio of energy-efficient power and signal management, logic, standard, and custom devices. ON Semiconductor operates through three major business segments, namely, Power Solutions Group, Analog Solutions Group, and Intelligent Sensing Group. The company is a leading supplier of semiconductor-based solutions, offering a comprehensive portfolio of energy-efficient power management, analog, sensors, logic, timing, connectivity, discrete, SoC, and custom devices. The Power Solutions Group segment offers a wide array of discrete, module, and integrated semiconductor products that perform multiple application functions, including power switching, power conversion, signal conditioning, circuit protection, signal amplification, and voltage reference functions. The Analog Solutions Group designs and develops analog, mixed-signal, and advanced logic application-specific integrated circuits (ASICs) and application-specific standard products (ASSPs), and power solutions for a broad base of end users in the automotive, consumer, computing, industrial, communications, medical, and aerospace & defense markets. ON Semiconductor operates a global supply chain through multiple manufacturing facilities and sales centers across North America, Europe, and Asia Pacific. Some of the subsidiaries of ON Semiconductor include Fairchild Semiconductor International (US), Semiconductor Components Industries (US), ON Semiconductor Holding (China), and ON Semiconductor Japan (Japan).

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