LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the global thyristor market is expected to record a CAGR of over 7% until 2020.
This report titled ‘Global Thyristor Market 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, Technavio researchers have considered revenues generated from different thyristors applications such as industrial electronics, consumer electronics, communications, and automotive electronics.
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APAC is expected to record the fastest growth during 2016-2020. This market accounted for close to USD 1.09 billion in revenue in 2015 and is expected to reach USD 1.6 billion (44.21% of the market's total revenue) in revenues by 2020. As investments in power applications are growing in APAC, the thyristor market in the region will likely expand at a CAGR of 7.96% during the forecast period.
“Asian countries exhibit a strong demand for energy-efficient consumer goods that employ thyristors as switching devices. This region has a strong impact on the global thyristor market due to its large consumer base. Moreover, it is a valuable outsourcing destination for North American and European manufacturers,” said Asif Gani, one of Technavio’s lead industry analysts for embedded systems research.
Some of the other driving forces behind the growth of the global thyristor market are as follows:
- Aging power infrastructure
- Growing penetration of HVDC lines
- Establishment of offshore wind farms
Aging power infrastructure
Power grids in countries such as the US and China are facing infrastructure-related challenges in their day-to-day operations. With an increase in population and rapid technological advances in the electronics industry (particularly in consumer electronics and industrial electronics), the rate of power consumption has increased. This consequently necessitates an increase in the construction of power grids.
Power grids in the US are more than 100 years old, and were designed to carry much smaller loads than they do today. It has led to an urgent need for power grid upgradation, which is expected to be facilitated by the adoption and incorporation of smart grid technologies like phasor measurement units, FACTS, and smart sensors. Adoption of the new smart technologies will therefore drive the global thyristor market in the years to come.
Growing penetration of HVDC lines
HVDC technology is used for long-distance transmission of large amounts of electricity from its source of generation to its destination in an efficient manner. Thyristor valves are used at converter stations at either the end of the transmission link to effectively switch from AC to DC at the source and from DC to AC at the destination. AC electricity is thereafter used to run motors, lights, and other high-power applications.
HVDC systems can transmit more electrical power over long distances than AC transmission systems. HVDC systems also involve fewer transmission lines, require less land to set up these transmission lines, and fewer transmission losses. Besides this, HVDC technology is also very stable, easily controllable, and can be interconnected with AC power networks that are otherwise incompatible. Thus, the penetration of HVDC systems in the power sector is growing. With the emergence of HVDC transmission lines, global thyristor vendors will direct their R&D expenditures to the manufacture of high-power thyristors for HVDC applications during the forecast period.
Establishment of offshore wind farms
Offshore wind resources generate more energy by using fewer turbines than traditional electricity grids. More than 91% of the world's offshore wind power generation capacity is installed in northern Europe, in the North Sea, Baltic and Irish Seas, and the English Channel. Offshore wind is an essential component of Europe's binding target to source 20% of its final energy consumption from renewables by 2020.
Europe's total installed offshore wind capacity reached 10.4 gigawatts in the first six months of 2014. This power was generated by 82 wind farms in 11 European countries. The quantum of electricity thus generated equals the power produced by 10 large nuclear power plants.
Similarly, China has set itself a target of 30 gigawatts of installations by 2020. In 2014, China added 61 offshore wind power units that have the capacity to generate 229.3 megawatts of electricity. At the end of 2014, the total capacity of China’s offshore wind power stood at 657.9 megawatts, which represented 0.58% of the country’s combined wind power capacity.
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- Global Electric Drives Market 2015-2019
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