Power Electronics Market Overview

The production and sale of a variety of systems, including converters, substations, generators, control systems, transmission and distribution systems, and control systems, are a part of the Power Electronics Market. These systems are necessary for moving electrical power from the point of generation to end users. The dependability, stability, and efficiency of power transmission and distribution are all but guaranteed by these goods, which are essential parts of power systems. As electricity demand rises, the market for power electronics is anticipated to expand, especially in emerging economies where there is a significant demand for dependable and effective power infrastructure.

Applications of Power Electronics in Electric Power Systems

Power electronics are used in many different types of electric power systems, including distributed renewable production energy storage systems and conventional grid-connected systems that rely on fossil fuel plants (DERESS). Power electronics are used for voltage regulation, frequency control, reactive power compensation, and power factor correction in conventional grid-connected systems. They are essential in increasing the stability and dependability of the system as well as managing the flow of power between various grid components. Power electronics are used in DERESS to manage and store energy produced by renewable energy sources like solar and wind in batteries or other energy storage systems. They are essential to the stability and dependability of the system as a whole as well as the integration of DERESS with a broader power grid. Overall, the use of power electronics in electric power systems is crucial for raising the grid's reliability and stability, lowering emissions, and enhancing energy efficiency.

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Industry Trends

Power Electronics Market was valued at USD 39.34 billion in 2022 and is projected to reach USD 46.3 billion by 2026 ,at a CAGR of 4.4% during 2023 to 2026, representing a considerable increase in market size. The rising demand for effective and dependable power transmission systems is one of the major factors influencing this expansion. The continuous demand for electronic goods and services, the expansion of renewable energy sources, and the introduction of new technologies like mobile computing and the Internet of Things are other factors influencing the market's expansion. The power electronics industry is anticipated to expand as a result of these trends even though macroeconomic problems could affect the world economy.

The Market in Europe

Power electronics are thought to have originated in Europe, where more than 100 businesses are devoted to this field. Three major companies, ABB Group, Emerson Electric, and Siemens, control the majority of the European power electronics market. These companies are able to offer their clients a broad range of power electronics products and services. This enables customers to select the ideal equipment for their unique requirements. The emphasis on renewable energy in the region, rising consumer demand for energy-efficient technology, and the existence of well-established competitors in the market all contribute to the growth of the power electronics market in Europe. The industry is anticipated to expand as European nations work to switch to more advanced power electronics in order to migrate to more sustainable and renewable energy sources.

The Market in China

Due to the rising need for automation in numerous industries and the desire for renewable energy, the Power Electronics Market in China is expanding significantly. The market is expanding as a result of elements such infrastructure development, rising sales of electric vehicles, and rising investments in smart cities. The demand for modern power electronics systems with attributes like EMI suppression, proactive safety and efficiency features, and dynamic thinking abilities is also being driven by the industrial sector in China. The market's miniaturisation section, too, is having trouble keeping up with the demand for cutting-edge technologies. Overall, China's focus on sustainability and the rising demand for automation and efficiency across a range of industries are projected to drive the growth of the power electronics market there.

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The Market in Japan

Japan's market for power electronics is expanding as a result of rising demand from sectors like renewable energy and electric vehicles. The emergence of new technologies, such as machine learning and artificial intelligence, which are upending power electronics businesses' traditional revenue sources, is also causing market disruptions. Notwithstanding these difficulties, the development of these new technologies is also presenting power electronics companies with new market prospects. The Japanese power electronics industry is anticipated to expand further as the nation strives to switch to more advanced power electronics in order to migrate to more sustainable and renewable energy sources.

Major vendors in the power electronics market include Infineon Technologies (Germany), ON Semiconductor (US), STMicroelectronics (Switzerland), Mitsubishi Electric (Japan), Vishay Intertechnology (US), Fuji Electric (Japan), NXP Semiconductors (Netherlands), Renesas Electronics (Japan), Texas Instruments (US), Toshiba (Japan), ABB (Switzerland), GaN Systems (Canada), Littelfuse (US), Maxim Integrated (US), Microchip (US), ROHM (Japan), SEMIKRON (Germany), Transphorm (US), UnitedSiC (US), and Wolfspeed, A Cree Company (US), Euclid Techlabs (US), GeneSiC (US), EPC (US), Analog Devices (US), and Hitachi (Japan).

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