LONDON--(BUSINESS WIRE)--Technavio market research analysts have forecasted the global MOCVD equipment market for power electronics to grow at a CAGR of approximately 35% during the period 2018-2022, according to their latest report.
One of the major trends being witnessed in the market is the growing focus on renewable energy sources. Many countries are focusing on renewable energy sources due to the increasing environmental concerns and government regulations. The EU has established many policies to reduce its dependence on fossil fuels and make its production more sustainable. The EU is promoting the use of electricity produced from renewable energy sources in the internal electricity market. Power devices are crucial components of renewable energy systems. They convert and process electrical energy from one form to another.
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In this report, Technavio analysts highlight the adoption of power electronic devices for energy generation as a key factor contributing to the growth of the global MOCVD equipment market for power electronics:
Adoption of power electronic devices for energy generation
The need to generate power from renewable energy sources is increasing rapidly across the globe. According to a research, the global energy consumption is expected to increase by 28% by 2040. This is expected to drive the adoption of power electronics for energy generation from different renewable sources such as solar and wind energy. The common sources of energy are solar energy, wind energy, biomass, hydropower, and geothermal resources.
According to a senior analyst at Technavio for semiconductor equipment, “Power electronics, including power devices, diodes, thyristors, are vital components of renewable energy systems. These devices are used in wind turbine converters, grid converters, and inverters in solar panels to increase the power efficiency and switching speed. The growing need for improved thermal capacity and power cycling capacity will play an important role in driving the use of power electronics in the renewable energy sector.”
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Global MOCVD equipment market for power electronics – segmentation analysis
This market research report segments the global MOCVD equipment market for power electronics by type of power electronics (power discrete devices, power modules, and power ICs) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The power discrete devices segment held the highest market share in 2017, accounting for over 65% of the market. However, the market share for this segment is expected to decrease by nearly 1% by 2022. But, this segment will dominate the global market throughout the forecast period.
APAC held the highest share of the global MOCVD equipment market for power electronics in 2017, accounting for a market share of nearly 42%. The market share of this region is anticipated to increase by more than 4% through 2022.
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